SVP Global Subsidiary Faces Insolvency Proceedings

SVP Global Textiles Ltd announced that its subsidiary, Shrivallabh Pittie Enterprises Private Limited, has been admitted into Corporate Insolvency Resolution Process (CIRP) by the National Company Law Tribunal (NCLT), Mumbai Bench. The admission follows an application by Canara Bank Limited, citing a default of ₹75.94 crore. The NCLT has initiated CIRP, declared a moratorium, and appointed an Interim Resolution Professional (IRP). The management of the subsidiary will now vest with the IRP. SVP Global is monitoring the situation and will provide further disclosures as required.