The National Company Law Tribunal (NCLT) has allowed the application by Gangotri Textiles Limited to initiate the Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code, 2016.
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Key takeaway
NCLT initiates insolvency proceedings for Gangotri Textiles.
- Step 1 · The triggerNCLT allows Gangotri Textiles to initiate CIRP.
- Step 2 · Knock-onCreditors, including State Bank of India, assess recovery prospects.
- Step 3 · Knock-onSuppliers may face delayed payments, impacting their operations.
- Step 4 · Reaches youOverall supply chain in the textile sector may experience disruptions.
The trigger is reported by the source below. The steps that follow are Branch²’s traced reasoning — how the shock could reach a business like yours, not a prediction.
Source: NSE
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