The National Company Law Tribunal (NCLT) at Chennai on 7 August admitted Gangotri Textiles Limited‘s application under Section 10 of the Insolvency and Bankruptcy Code, 2016 (IBC), thereby initiating Corporate Insolvency Resolution Process (CIRP) against it.
A Bench comprising Judicial Member Jyoti Kumar Tripathi and Technical Member Ravichandran Ramasamy observed:
“….this Tribunal is satisfied that the Corporate Debtor has established the existence of financial debt and default and that the application filed under Section 10 of the Code is complete in all respects. Accordingly, this Tribunal is of the considered view that the present application deserves to be admitted.”
Gangotri Textiles is a public limited company whose…