Operational creditor files Rs 40.70 crore insolvency application
VARDMNPOLY · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
On the reaction day the stock moved 0.9 pts less than its Other Textile Products peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
Minute windows have no benchmark: there is no intraday index history to compare against.
Bhagwati Cotton Company, through proprietor Sushil Kumar, applied to the National Company Law Tribunal in Chandigarh to begin insolvency proceedings against Vardhman Polytex. The claim is Rs 40.70 crore, including Rs 28.08 crore principal and Rs 12.62 crore interest. The application has not yet been admitted.
If accepted, the case may start insolvency proceedings and raise uncertainty for shareholders over debt recovery, management control and stock price.