Approval of Resolution plan
MORARJEE · price
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Awaiting price reaction for this filing.
Morarjee Textiles Limited has received approval from the National Company Law Tribunal (NCLT) Mumbai Bench for its Resolution Plan submitted by Shriniwas Spintex Industries Private Limited. The approval was pronounced orally on May 11, 2026, under Section 31 of the Insolvency and Bankruptcy Code, 2016. The formal Approval Order is yet to be published. The company has been under Corporate Insolvency Resolution Process since February 2024, initiated via NCLT order in CP(IB) No. 1318/MB-VI/2022. Further disclosures regarding the plan's salient features will be submitted once the Approval Order is formally published.
This marks a significant milestone towards completing the insolvency process. The resolution plan approval means creditors can expect recovery of dues, and the company may exit insolvency with a new promoter. For shareholders, this signals the end of uncertainty around the company's future ownership structure.