The Canara Bank Limited, a Financial Creditor, filed an application under Section 7 of the IBC against Shrivallabh Pittie Enterprises Private Limited, the Corporate Debtor, for initiating Corporate Insolvency Resolution Process (CIRP). The Corporate Debtor had provided a corporate guarantee for credit facilities availed by its Principal Borrower, M/s Shrivallabh Pittie South West Industries Limited. The Principal Borrower defaulted, leading to its account being classified as Non-Performing Asset (NPA). The Financial Creditor invoked the corporate guarantee, demanding Rs. 43,80,97,048.70, but the Corporate Debtor failed to pay, resulting in a default date of 13.03.2023. The application was filed on 09.03.2026.
C.P. (IB) No.263/MB/2026 (Application) was filed on 09.03.2026 by Canara Bank, the Financial Creditor (FC), under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC).
The application seeks to initiate Corporate Insolvency Resolution Process (CIRP) in respect of M/s Shrivallabh Pittie Enterprises Private Limited, the Corporate Debtor.
The Application was affirmed by Mr. Dheerendra Kumar Chaudhary, authorised signatory of the Applicant, authorized vide letter of Authority dated 02.09.2025.
As per Part IV of the Application, the amount claimed to be in default is Rs.75,93,98,670.05/-.
As per Part IV of the Application, the date of default is stated as 13.03.2023.
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The Canara Bank Limited, a Financial Creditor, filed an application under Section 7 of the IBC against Shrivallabh Pittie Enterprises Private Limited, the Corporate Debtor, for initiating Corporate Insolvency Resolution Process (CIRP). The Corporate Debtor had provided a corporate guarantee for credit facilities availed by its Principal Borrower, M/s Shrivallabh Pittie South West Industries Limited. The Principal Borrower defaulted, leading to its account being classified as Non-Performing Asset (NPA). The Financial Creditor invoked the corporate guarantee, demanding Rs. 43,80,97,048.70, but the Corporate Debtor failed to pay, resulting in a default date of 13.03.2023. The application was filed on 09.03.2026.
C.P. (IB) No.263/MB/2026 (Application) was filed on 09.03.2026 by Canara Bank, the Financial Creditor (FC), under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC).
The application seeks to initiate Corporate Insolvency Resolution Process (CIRP) in respect of M/s Shrivallabh Pittie Enterprises Private Limited, the Corporate Debtor.
The Application was affirmed by Mr. Dheerendra Kumar Chaudhary, authorised signatory of the Applicant, authorized vide letter of Authority dated 02.09.2025.
As per Part IV of the Application, the amount claimed to be in default is Rs.75,93,98,670.05/-.
As per Part IV of the Application, the date of default is stated as 13.03.2023.
…Financial Creditor…
Copy of B…