The National Company Law Tribunal (NCLT) in Mumbai has admitted a corporate insolvency resolution process (CIRP) against over a century-old textile maker ShriVallabh Pittie (SVP) groups affiliate Shrivallabh Pittie Industries Ltd in an application filed by the State Bank of India.
The lender had approached the tribunal after the company defaulted on its dues of about Rs 90 crore. The tribunal has also appointed Mukesh Verma as resolution professional.
Mumbai-headquartered Shrivallabh Pittie Industries manufactures polyester, polyester & cotton blend, and 100% cotton yarn.
The application made by the financial creditors is complete in all respects as required by law, said the division bench of Justice VG Bisht and a technical member Prabhat …
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