Morarjee Textiles Limited has informed the Exchange about Corporate Insolvency Resolution Process

Morarjee Textiles Limited has informed the stock exchange that a Corporate Insolvency Resolution Process (CIRP) has been initiated against the company, likely following admission by the National Company Law Tribunal (NCLT) under the Insolvency and Bankruptcy Code (IBC). This indicates the company is unable to pay its debts and has been admitted into formal insolvency proceedings. An insolvency resolution professional will now take charge of the company's operations and assets. The existing board's powers are typically suspended, and lenders will work to recover dues through restructuring or liquidation. Shareholders are likely to face significant dilution or total loss depending on the resolution plan approved.