Intimation Under Regulations 30 of SEBI LODR 2015, Regarding initiation of Corporate Insolvency Resolution Process.
Awaiting price reaction for this filing.
JCT Ltd, a Punjab-based textile manufacturer from the Thapar Group, has been admitted into the Corporate Insolvency Resolution Process (CIRP) by the NCLT Chandigarh Bench. The petition was filed by Phoenix ARC Private Limited, a financial creditor, over a default of approximately Rs. 118.25 crore (principal and interest). The original admission order was passed on October 25, 2024, but a suspended director's challenge briefly halted the process via NCLAT; the CIRP was reinstated on June 10, 2025 after a Section 12A application was disposed of. Mr. Hasti Mal Kachhara has been appointed as the Interim Resolution Professional (IRP), and the powers of the Board of Directors now stand suspended. A moratorium under Section 14 of the IBC has also been declared, restricting asset transfers and recovery actions against the company.
This is a significant negative event for shareholders — the company's management has been taken over by an insolvency professional and the Board has been suspended. Existing equity will likely be heavily diluted or wiped out depending on the resolution plan or liquidation outcome. Shareholders should expect high volatility and possible trading restrictions on the stock.