Morarjee Textiles Limited has informed the Exchange about Corporate Insolvency Resolution Process
MORARJEE · price
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Morarjee Textiles Limited has disclosed the constitution of an Implementation and Monitoring Committee (IMC) following NCLT approval of the Resolution Plan on May 11, 2026. The IMC comprises three members: Mr. Ravi Sethia (Erstwhile Resolution Professional), Advocate Jatin Kumar representing Resolution Applicant Shriniwas Spintex Industries Private Limited, and a representative from Indian Bank (Secured Financial Creditors). The company remains under Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code 2016, with Mr. Ravi Sethia serving as the Resolution Professional since February 2024.
The formation of the IMC marks a significant step towards implementation of the approved resolution plan, indicating progress in the insolvency process. This is a positive development for creditors as it signals active monitoring of the plan execution, though the stock remains under insolvency-related regulatory focus.