Baggit India invites EoI from bidders; last day for submission 14 May

Handbag and lifestyle accessories brand Baggit India Private Limited has formally invited expressions of interest (EOIs) from prospective resolution applicants as part of its ongoing corporate insolvency resolution process (CIRP), following admission of the company into insolvency earlier this year.

Insolvency admission and key dates

The Mumbai bench of the National Company Law Tribunal admitted the company under the Insolvency and Bankruptcy Code (IBC) on February 27, 2026, in case number CP(IB)/764(MB)/2025.

Following the admission:

• Amit Vijay Karia was appointed as the Interim Resolution Professional (IRP).
• The Committee of Creditors (CoC), at its first meeting held on March 24, 2026, confirmed Karia as the Resolution Professional (RP) with 100% voting share.
• The voting results were formally published on March 28, 2026.

EOI invitation and timeline

Pursuant to Regulation 36A of the CIRP regulations, Form G inviting EOIs was published on April 29, 2026 in newspapers including Business Standard (English and Hindi) and Lakshdeep (Marathi).

Interested bidders have been asked to submit their EOIs by May 14, 2026 (5:00 PM).

About the company

Incorporated on November 4, 2008, Baggit India is a well-known Indian consumer brand engaged in the design, manufacture, and retail of handbags, accessories and lifestyle products.

The company’s registered office is located in Lalbaug, Mumbai, and it also operates a warehouse facility in Bhiwandi, Maharashtra.

Eligibility criteria for bidders

The CoC has laid down financial eligibility thresholds for prospective resolution applicants:

• Corporate applicants must have a minimum net worth of ₹15 crore (based on latest audited financials not older than March 31, 2025).
• Financial investors and institutions must have:
  • Assets under management (AUM) of at least ₹100 crore, or
  • Committed deployable funds of at least ₹50 crore in relevant sectors.

Applicants must also comply with Section 29A of the IBC, ensuring they are not ineligible to submit a resolution plan.

Deposit and process requirements

Interested bidders are required to submit a refundable process participation deposit of ₹2.5 crore, either through banking instruments or a bank guarantee valid for at least 180 days.

Shortlisted applicants will be granted access to the data room and information memorandum upon submission of confidentiality undertakings, after which they can proceed to submit resolution plans.

Assets, revenues

Baggit reported revenue from operations of Rs. 101.77 crore in FY2024, with total revenue at Rs. 102.52 crore. The company posted a net loss of Rs. 34.82 crore for the same year. FY2025 financials are still being audited and are not yet available.

The asset picture is thin and largely unverified at this stage of the CIRP:

• Inventory held at two warehouses — Bhiwandi (Thane, Maharashtra) and Lalbaug (Mumbai, Maharashtra)
• No quantified or verifiable inventory base is currently available; physical verification is in progress
• Inventory is described as untagged and unsegregated, requiring detailed assessment
• Machinery is located at both warehouse sites
• Total claims admitted stand at Rs. 64.43 crore against claims received of Rs. 79.25 crore

The creditor breakdown: Axis Bank is the dominant secured financial creditor at 77.64% of the CoC, followed by Yes Bank at 21.73%. Kotak Mahindra Bank holds a small unsecured position at 0.63%.

Operations

By the time CIRP commenced on February 27, 2026, Baggit had already significantly pulled back from direct operations:

• The company had transitioned to a largely licensee-led model prior to insolvency
• Brand licensed out to third-party licensees; manufacturing fully outsourced
• A royalty structure of 2%–5% exists but is currently under examination for validity and sustainability
• Underlying commercial agreements are unverified
• Around 119 stores identified across India, operating under three formats: COCO (Company Owned-Company Operated), COFO (Company Owned-Franchise Operated), and FOFO (Franchise Owned-Franchise Operated)
• Product range covers handbags, slings, wallets, totes, laptop bags and backpacks

Also Read: Baggit India to undergo insolvency process after failing to pay Rs 1.11 cr