NCLT admits insolvency petition, CIRP begins against Kallam Textiles

Nclt Insolvency AdmittedRegulatory & Legal View source PDF

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▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.

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AI summary

NCLT Amaravati admitted Union Bank of India's insolvency petition against Kallam Textiles under Section 7 of IBC, 2016. Default of Rs. 210.49 crore. CIRP commenced, moratorium declared, Board suspended. Mr. Chillale Rajesh appointed as Interim Resolution Professional.

Likely market impact

Company enters insolvency resolution. Board suspended, IRP takes control. Shareholders face high risk of dilution or liquidation value.