GANGOTRINSEGangotri Textiles Limited· Textiles - CottonCriticalNegative
Announced Wed, 14 Oct, 2026 · 12:29 IST
NCLT admits insolvency petition; Board of Directors suspended
Price reaction
Awaiting price reaction for this filing.
AI summary
NCLT Chennai admitted Gangotri Textiles' voluntary insolvency petition under Section 10 of the Insolvency and Bankruptcy Code on 7 Aug 2026. Mr. G. Gunasekaran has been appointed as Interim Resolution Professional. Powers of the Board of Directors stand suspended from the order date. The IRP will act as the new Compliance Officer, replacing the previous officer.
Likely market impact
Major negative event. Board suspended, IRP now controls the company. Expect high stock volatility as the IBC resolution process begins.