The National Company Law Tribunal (NCLT), Chandigarh Bench, has ordered the liquidation of debt-ridden textile manufacturer Venus Garments (India) Limited (VGIL), bringing an end to the company’s Corporate Insolvency Resolution Process (CIRP) that began in 2022. The ruling, delivered on July 22, 2025, dismissed a last-ditch effort by the company’s promoter to invite fresh bids and revive operations.
The insolvency proceedings against Venus Garments were initiated by State Bank of India (SBI), the largest financial creditor with a 98.08% voting share, who filed a petition under Section 7 of the Insolvency and Bankruptcy Code (IBC) in 2019. The NCLT admitted the case on November 24, 2022. SBI’s admitted claim against…