Suruchi Fabrics Limited (SFL) availed term loan of ₹ 10 Crore and cash credit facility of ₹ 2 Crore from A-One Bank Ltd. Since the SFL was unable to service the loan, the Board of Directors of the company passed a resolu

Suruchi Fabrics Limited (SFL) availed term loan of ₹ 10 Crore and cash credit facility of ₹ 2 Crore from A-One Bank Ltd. Since the SFL was unable to service the loan, the Board of Directors of the company passed a resolution to initiate Corporate Insolvency Resolution Process (CIRP) and proposed the name of Aneri, an Insolvency Professional to act as Interim Resolution Professional (IRP). Apart from the credit facility from the A-One Bank, SFL have no other financial creditor. However, SFL have outstanding dues towards its operational creditors amounting to ₹ 25 Crore. Mathew is the Company Secretary of A-One Bank. Mathew's younger brother Thomas is the Chief Financial Officer in the SFL. Although Mathew and Thomas are brothers in relation, they are not in talking terms. Thomas joined the SFL after the loan was disbursed by the Bank. In the first meeting of the Committee of Creditors (CoC) it was decided to change the existing IRP and to appoint Brijesh as Resolution Professional. The Information Memorandum was prepared and expression of interest was invited for resolution plan. Two Resolution Proposals were submitted, details of which are as under : (i) A company named as Dinesh Textiles Private Limited, submitted the resolution plan. Dinesh who is the Managing Director of the company holds 90% of the equity and rest 10% is in the name of his wife Neeta. Dinesh Textiles Private Limited has availed loan from another bank and his account has been classified as Non-performing Account by that bank. (ii) Harsh, another Resolution Applicant was convicted and remained in imprisonment for two years under the provisions of the Prevention of Money Laundering Act, 2002. He was released in December 2021. On the above background, referring relevant case laws, provisions of the Insolvency and Bankruptcy Code, 2016 and Regulations made by IBBI, answer the following questions: On the basis of the information given in the case whether SFL can initiate the corporate insolvency resolution process (CIRP) ? Refer relevant provisions of the Code.