The Resolution Professional of Morarjee Textiles Limited has filed the Resolution Plan, as approved by the Committee of Creditors (COC), with the National Company Law Tribunal, Mumbai in accordance with the provisions of Insolvency Bankruptcy Code, 2016 on for its consideration and subsequent approval.
The COC of Morarjee Textiles Limited has approved the Resolution Plan submitted by Shriniwas Spintex Industries Private Limited.
The insolvency plea was inititatied after Axis Bank Limited filed an application under section 7 of Insolvency and Bankruptcy Code, 2016 (IBC) for initiating Corporate Insolvency Resolution Process (CIRP) in respect of the Company.
The claims provisionally admitted based on data provided by management as of December 31, 2023, suggested that Indian Bank and Axis Bank had claims of ₹237 crore and ₹204 crore, respectively.
Total financial indebtedness of the listed entity, including short-term and long-term debt as on December 31, 2024, was ₹900.88 crore.
KPMG Restructuring Services LLP also assisted the resolution professional during the resolution process.
