Workers at JCT Ltd, one of Punjab’s oldest textile manufacturers, have welcomed the National Company Law Tribunal’s (NCLT) decision to initiate the Corporate Insolvency Resolution Process (CIRP) against the debt-ridden company.
The ruling, issued by the Chandigarh bench of the Tribunal on Tuesday, marks a significant shift in the company’s management and raises hopes for long-awaited financial and operational stability.
The Tribunal’s order removes executive authority from the existing management, including Chairman and Managing Director Samir Thapar and Full-Time Director Mukulika Sinha. Control of the company has been handed over to an interim resolution professional (IRP), who will oversee daily operations and…
