Morarjee Textiles Limited has informed the Exchange about Corporate Insolvency Resolution Process
MORARJEE · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Awaiting price reaction for this filing.
Morarjee Textiles Limited has informed the stock exchanges that the company has entered the Corporate Insolvency Resolution Process under the Insolvency and Bankruptcy Code (IBC). This typically means the National Company Law Tribunal (NCLT) has admitted an insolvency petition against the company due to its inability to repay outstanding debts. An Insolvency Resolution Professional (IRP) is likely to be appointed to manage the company's affairs and identify a resolution plan. A 180-day (extendable by 90 days) window will now run during which a revival plan or liquidation decision must be made. Trading in the company's shares has typically been moving to the 'T' (trade-to-trade) or 'Z' category on the exchanges following such announcements.
Very negative for existing shareholders — equity value may be completely wiped out if a resolution plan is not approved or if the company goes into liquidation. Expect sharp stock price decline and very high trading risk; speculative trading only.