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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 that it received a mail communication dated 27-12-2025 from the legal counsel of Union Bank of India. The communication relates to the service of a proposed petition to be filed before the NCLT Amaravati Bench under Section 7 of the Insolvency and Bankruptcy Code (IBC) against the company. Section 7 petitions are filed by financial creditors (banks) to initiate corporate insolvency resolution proceedings against defaulting borrowers. The company has stated it will keep the exchange updated on further developments.
This is a significant negative development for shareholders. If Union Bank of India formally files and the NCLT admits the Section 7 IBC petition, it could trigger insolvency proceedings against Kallam Textiles, potentially impacting stock price, share value, and the company's ability to continue operations as a going concern. Investors should closely monitor further updates from the company on this matter.