In a significant development in the corporate insolvency proceedings of Jagatjit Cotton Textile Mills (JCT) Ltd, Insolvency professional Hasti Mal Kachhara officially assumed charge of the company’s affairs on Friday at its Phagwara premises.
Appointed by the National Company Law Tribunal (NCLT), Mr. Kachhara arrived with his resolution team, marking the formal start of efforts to revive or restructure the financially troubled textile manufacturer.
This takeover follows a National Company Law Tribunal (NCLT) ruling dismissing multiple applications from the previous management due to continued defaults and non-compliance with tribunal directives. With this legal clearance, the insolvency resolution process under the…
