New Delhi, Jul 7 (PTI) Borosil Renewables on Monday announced that its German subsidiary GMB Glasmanufaktur Brandenburg GmbH has filed for insolvency under German Insolvency Code (InsO) before the jurisdictional court at Cottbus.

Borosil Renewables Ltd is listed on the BSE as well as the NSE.

The decision follows a prolonged period of deteriorating market conditions in the European solar manufacturing ecosystem and reflects the company’s intent to sharpen strategic focus on the rapidly growing Indian solar sector, the company said in a statement.

Borosil Renewables Ltd has announced that its German subsidiary, GMB Glasmanufaktur Brandenburg GmbH, has filed for insolvency under German Insolvency Code (InsO) before the jurisdictional…

Insolvency & Bankruptcy Code cannot override the Prevention of Money Laundering Act (PMLA), said appellate tribunal NCLAT, adding assets of an debt-ridden firm once attached by the Directorate of Enforcement (ED) and confirmed by competent authority cannot be released for its resolution.

Under section 14 of IBC, a moratorium is applied on those assets for the purpose of resolution. However, if the property is alleged to be “proceeds of crime” and is already under adjudication by competent authority under a penal statute, such property cannot be deemed to be part of the freely available resolution estate, the National Company Law Appellate Tribunal…

The decision follows a prolonged period of deteriorating market conditions in the European solar manufacturing ecosystem. and reflects the company’s intent to sharpen strategic focus on the rapidly growing Indian solar sector.

GMB, with a capacity of 350 tonnes per day (TPD), had served European manufacturers of solar modules for their requirements of solar glass. However, demand erosion became drastic last year,  as Chinese manufacturers flooded the European market with severely underpriced solar modules. European solar…

The decision follows a prolonged period of deteriorating market conditions in the European solar manufacturing ecosystem. and reflects the company’s intent to sharpen strategic focus on the rapidly growing Indian solar sector.

GMB, with a capacity of 350 tonnes per day (TPD), had served European manufacturers of solar modules for their requirements of solar glass. However, demand erosion became drastic last year,  as Chinese manufacturers flooded the European market with severely underpriced solar modules. European solar…

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CHENNAI: Shares of Borosil Renewables Ltd., jumped 4.30% to Rs 518.50 a unit on Monday (July 7) at 10.56 AM, following the announcement that its German subsidiary, GMB Glasmanufaktur Brandenburg GmbH, has filed for insolvency in a German court.

The move follows months of operational challenges. GMB had cooled down its furnaces in January 2025 due to poor demand and deteriorating market conditions across the European Union. A key reason cited for the slump was Chinese manufacturers dumping solar panels and solar glass at cheaper prices, significantly impacting demand for German-made products. Despite efforts to seek assistance from authorities, no measures were introduced, forcing GMB to seek legal insolvency protection.

Impact on Borosil…

Butlers Chocolate Cafe has been placed into liquidation, with four of its five New Zealand stores already closed.

The remaining store, located at Queensgate, Wellington, will continue to trade for a short time to sell its remaining stock.

Liquidators Jessica Kellow and Iain Shephard of BDO were appointed to
Chocolate Cafes (New Zealand) last week.

The company, which had operated in New Zealand for 18 years, had been struggling with increased raw material costs and a decline in sales, the liquidators said.

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