The Mumbai bench of the National Company Law Tribunal (NCLT) has admitted a Section 9 insolvency plea against Baggit India Private Limited, initiating the corporate insolvency resolution process (CIRP) over an alleged operational debt of ₹1.11 crore.
The petition was filed by Sunrise Global Tradelinks, a proprietary concern engaged in sourcing and supplying raw materials used in handbags and purses. The operational creditor claimed that Baggit had defaulted on payments for goods supplied under four purchase orders dated March 15, 2025. The materials included PVC leathercloth, embroidery strips, metal chains, magnetic buttons and polyester knitted fabrics.
According to the order pronounced on February 27, 2026, the…