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▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Awaiting price reaction for this filing.
Kallam Textiles Ltd has informed the stock exchange about receiving a notice from the NCLT Amaravati Bench dated February 18, 2026, in a case filed by Union Bank of India under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. Union Bank of India (Financial Creditor) has initiated insolvency proceedings against Kallam Textiles (Corporate Debtor), with the next hearing scheduled for March 11, 2026. The NCLT has directed Kallam Textiles to file a counter affidavit within four weeks of receiving the notice. In the previous hearing on February 11, 2026, the financial creditor was not represented, and the tribunal has now ordered notice to be issued to the company.
This is a significant negative development for shareholders, as a Section 7 IBC petition by a lender can lead to the initiation of corporate insolvency resolution proceedings against Kallam Textiles. If admitted, this could trigger restrictions on asset disposal, potential management changes, and dilution of existing shareholders. Investors should closely monitor the March 11, 2026 hearing and any resolution attempts between the company and Union Bank of India.