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Latest filing: 2026-10-14 12:29
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Note: These are AI-generated, educational summaries of public NSE
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7 announcements match the current filters (relevance ≥ 5).
Gangotri Textiles Admitted to CIRP Under IBC; IRP Appointed and Board Powers Suspended
NCLT Chennai has admitted Gangotri Textiles into Corporate Insolvency Resolution Process (CIRP) under Section 10 of the IBC vide order dated August 7, 2026. The powers of the Board of Directors stand suspended, and Interim Resolution Professional (IRP) Mr. G. Gunasekaran has taken control of the company and compliance duties from Manoj Kumar Tibrewal. Gangotri Textiles has non-operational units, zero TTM revenue, negative net worth of Rs -237 Cr, and debt obligations of Rs 246 Cr.
Confidence: HIGH
What changedNCLT admitted the company's Section 10 insolvency petition, replacing board management and the existing Compliance Officer with an Interim Resolution Professional.
Why it mattersManagement control is handed to the IRP to resolve or liquidate Rs 246 Cr in debt liabilities against discontinued operations and zero revenue.
NCLT Order Date: 7-8-2026Insolvency Petition Number: CP(IBC) 310/CHE/2025Company Total Debt: Rs 246 CrDebt vs Market Cap: 123x
📅 Short termOperations remain halted; creditor claims will be collated by the IRP, leading to formation of the Committee of Creditors (CoC).
📈 Long termThe company faces resolution or liquidation under the IBC, posing high risk of total equity dilution or delisting.
⚠ Risk flags
- Corporate Insolvency Resolution Process (CIRP) initiated
- Suspended board powers
- Negative net worth of Rs -237 Cr and total debt of Rs 246 Cr
Key Highlights
NCLT Chennai admitted insolvency petition CP(IBC) 310/CHE/2025 via order dated 7-8-2026
Powers of the Board of Directors suspended with effect from 7-8-2026
Mr. G. Gunasekaran appointed as Interim Resolution Professional (IRP Regn No IBBI/IPA-001/IP-P00681/2017/2018/11178)
IRP replaces Manoj Kumar Tibrewal to act and sign as the Compliance Officer
👀 What to Watch
Track announcements regarding the CIRP timeline, resolution plans submitted to the IRP/Committee of Creditors, or potential liquidation proceedings given the negative net worth of Rs -237 Cr.
NCLT Chennai Admits Gangotri Textiles Under Section 10 CIRP for Rs 240.47 Cr Default
The National Company Law Tribunal (NCLT), Chennai Bench, has admitted the voluntary insolvency petition filed by Gangotri Textiles Limited under Section 10 of the IBC, 2016. The petition follows a total default of Rs 240,46,84,989 (Rs 240.47 Cr) owed to financial creditors including State Bank of India consortium and IDBI Bank, with defaults dating back to October 2005. The company's operations have been discontinued since its entire manufacturing assets and windmills were sold by lenders in 2015, leaving tangible assets of only Rs 2.25 lakh against negative net worth.
Confidence: HIGH
What changedNCLT has officially initiated the Corporate Insolvency Resolution Process (CIRP) against Gangotri Textiles under Section 10 of the IBC, transferring management control to the resolution professional.
Why it mattersThe company has zero operating revenue and an unsustainable debt load of Rs 240.47 Cr against virtually no tangible assets, making liquidation or substantial equity dilution almost certain under CIRP.
Debt in default: Rs 240,46,84,989Default vs Market Cap (Rs 2 Cr): ~120xTangible assets: Rs 2,25,237Order date: 07.08.2026
📅 Short termManagement powers stand suspended and are vested with the Interim Resolution Professional; trading in equity shares may face regulatory restrictions or suspensions.
📈 Long termUnless an external resolution applicant acquires and revives the shell company through a resolution plan, the company faces liquidation given the absence of operational assets.
⚠ Risk flags
- Insolvency/CIRP admission under IBC
- Total operational shutdown and zero revenue generation
- Substantial unserviced debt of Rs 240.47 Cr and severe negative net worth
Key Highlights
NCLT Chennai allowed CIRP application CP(IB)/310(CHE)/2025 under Section 10 of IBC on 07.08.2026
Total financial debt in default stands at Rs 240,46,84,989 (Rs 240.47 Cr) with initial default dated 24.10.2005
Proposed Interim Resolution Professional is Mr. G. Gunasekaran
Current tangible assets stand at Rs 2,25,237 against negative reserves and surplus of Rs (343.54) Cr
All primary operating assets (9 manufacturing units, 5 windmills, 3 land parcels) were liquidated by lenders in 2015
👀 What to Watch
Track announcements regarding the appointment of the Interim Resolution Professional (IRP), moratorium commencement, and public notices inviting claims under the Corporate Insolvency Resolution Process (CIRP).
NCLT Chennai Admits Gangotri Textiles Under Section 10 IBC Over ₹240.47 Cr Default
The NCLT Chennai Bench has allowed Gangotri Textiles Limited's voluntary insolvency application under Section 10 of the IBC, 2016, initiating the Corporate Insolvency Resolution Process (CIRP). The company reported a total default of ₹240,46,84,989 (₹240.47 Cr) towards financial creditors, dating back to October 24, 2005. Operations have been discontinued after lenders liquidated the company's operating assets (including 9 manufacturing units and 5 wind mills) in 2015. An Interim Resolution Professional (IRP), Mr. G. Gunasekaran, has been proposed to take over management control.
Confidence: HIGH
What changedNCLT Chennai Bench has formally admitted Gangotri Textiles into Corporate Insolvency Resolution Process (CIRP) under Section 10 of the IBC.
Why it mattersManagement control shifts to the Resolution Professional, and the company enters a moratorium; equity shares face significant risk of total write-down or delisting depending on the CIRP outcome.
Total Default Amount: Rs.240,46,84,989Default Amount vs Market Cap: ~120x (₹240.47 Cr default vs ₹2 Cr market cap)JDGFT Statutory Demand: 55,90,28,760Income Tax Penalty: 7,30,48,153Order Pronouncement Date: 7th August 2026
📅 Short termThe stock is likely to face severe pressure and trading restrictions/suspension as the CIRP process begins under the appointed IRP.
📈 Long termHigh probability of liquidation or total capital reduction given the lack of operational assets, zero revenue, and negative net worth of ₹-237 Cr.
⚠ Risk flags
- Admission into Corporate Insolvency Resolution Process (CIRP)
- Potential delisting or 100% equity capital reduction
- Zero active business operations or operating assets
Key Highlights
NCLT Chennai Bench allowed the Section 10 petition CP(IB)/310(CHE)/2025 on August 7, 2026
Total financial debt in default stands at ₹240,46,84,989 (₹240.47 Cr)
Default date listed as 24.10.2005, with major lenders including SBI Consortium and IDBI Bank
Company disclosed outstanding statutory liabilities, including ₹55.90 Cr to JDGFT and ₹7.30 Cr income tax penalties
Board and shareholders approved the voluntary insolvency filing on 08.11.2023 and 15.12.2023 respectively
👀 What to Watch
Track the appointment of the Interim Resolution Professional (IRP) and public announcement for creditor claims, followed by updates on the Committee of Creditors (CoC) formation and resolution plan submissions.
Gangotri Textiles Admitted to CIRP by NCLT; Board Suspended and IRP Takes Control
Gangotri Textiles Limited announced that the NCLT Chennai Bench admitted an application for the initiation of Corporate Insolvency Resolution Process (CIRP) against the company on 7 August 2026. As a result, the powers of the Board of Directors stand suspended, and management has been transferred to Interim Resolution Professional (IRP) CA. G. Gunasekaran. The scheduled 37th Annual General Meeting on 21 August 2026 will proceed under the supervision and chairmanship of the IRP.
Confidence: HIGH
What changedNCLT admitted the company into insolvency (CIRP); the board is suspended, and the IRP has taken over management control.
Why it mattersThe company has zero operating revenue, negative net worth of ₹-237 Cr, and debt of ₹246 Cr; CIRP puts equity shareholders at severe risk of total capital loss or extreme dilution depending on resolution or liquidation outcomes.
NCLT Order Date: 7 August 2026Order Receipt Date: 19 August 2026AGM Date: 21 August 2026Total Debt (from Financial Context): Rs 246 Cr
📅 Short termThe IRP will run the AGM on 21 August 2026 and initiate creditor claims verification and CoC formation under IBC timelines.
📈 Long termHigh likelihood of either liquidation or massive equity restructuring/delisting given deep insolvency, zero operating revenue, and discontinued operations.
⚠ Risk flags
- Insolvency/CIRP admission leading to potential total equity write-off or delisting
- Discontinued operations with ₹0 TTM revenue and ₹-237 Cr negative net worth
- Board powers completely suspended under Section 17 of IBC
Key Highlights
NCLT Chennai Bench admitted CIRP application under Case No: CP(IB)/310(CHE)2025 vide order dated 7 August 2026
Powers of the Board of Directors suspended with effect from 7 August 2026 pursuant to Section 17 of the IBC
Company management transferred to Interim Resolution Professional (IRP) CA. G. Gunasekaran
37th Annual General Meeting on 21 August 2026 will be chaired and conducted under the authority of the IRP
👀 What to Watch
Track updates regarding the CIRP process, including the submission of claims by creditors, formation of the Committee of Creditors (CoC), and any potential resolution plans or liquidation proceedings.
Gangotri Textiles Reports Zero Revenue and ₹6.71 Lakh Net Loss for FY26
Gangotri Textiles Limited reported zero revenue from operations for the financial year ended March 31, 2026, as all company assets have been seized and sold by lenders. The company recorded a net loss of ₹6.71 lakhs for the full year, primarily due to administrative expenses and depreciation. It continues to report under 'discontinued operations' and has not provided for interest on its ₹246.18 crore borrowings since September 2015. The company's net worth is deeply negative with accumulated losses of ₹343.56 crores.
Key Highlights
Revenue from operations remained at zero for the entire financial year ended March 31, 2026.
Net loss for FY26 stood at ₹6.71 lakhs, slightly lower than the ₹7.16 lakh loss in the previous year.
The company has total borrowings of ₹246.18 crores but has stopped providing for interest since September 2015.
Accumulated losses (Other Equity) have reached a staggering negative ₹343.56 crores against a share capital of ₹106.73 crores.
All assets have been taken over and sold by lenders, leaving the company with no active business operations.
👀 What to Watch
Investors should avoid this stock as the company is non-operational and insolvent with no assets remaining. There is virtually no prospect of recovery for equity shareholders given the massive debt and negative net worth.
Gangotri Textiles Approves FY26 Audited Results; No Dividend Declared; Responds to NSE/BSE SCN
Gangotri Textiles Limited held a board meeting on May 15, 2026, to approve the audited financial results for the fiscal year ended March 31, 2026. The board has decided not to recommend any dividend for the year, reflecting potential liquidity constraints or reinvestment needs. Significantly, the board addressed Show Cause Notices (SCN) received from both NSE and BSE, indicating ongoing regulatory scrutiny. The 36th Annual General Meeting is scheduled for August 21, 2026, with book closure starting from August 15, 2026.
Key Highlights
Audited financial results for the quarter and year ended March 31, 2026, were approved.
No dividend was recommended for the financial year 2025-2026.
The 36th Annual General Meeting (AGM) is scheduled for August 21, 2026.
Book closure for the purpose of the AGM is set from August 15, 2026, to August 21, 2026.
The Board discussed and recorded Show Cause Notices received from NSE and BSE and the company's subsequent replies.
👀 What to Watch
Investors should exercise caution and review the specific details of the audited financials and the nature of the Show Cause Notices from the exchanges. The lack of dividend and regulatory notices suggest potential underlying operational or compliance risks.
Gangotri Textiles Reports Zero Revenue and ₹1.24 Lakh Net Loss in Q3 FY26
Gangotri Textiles Limited reported zero revenue for the quarter ended December 31, 2025, as the company has no active operations. The net loss for the quarter stood at ₹1.24 lakhs, primarily driven by minimal administrative expenses. Crucially, the company disclosed that all its assets have been seized and sold by lenders, and it has stopped providing for interest since September 2015.
Key Highlights
Revenue from operations remained at ₹0 for the quarter and nine-month period ended December 31, 2025.
Net loss for Q3 FY26 was ₹1.24 lakhs, compared to a loss of ₹1.98 lakhs in the previous quarter.
All company assets have been seized and sold by lenders; interest provisions have been suspended since September 2015.
Promoter holding stands at 24.53%, with 75% of the promoter stake (18.36% of total capital) currently pledged.
The company operates in a single segment (Textiles) but currently reports results under discontinued operations.
👀 What to Watch
With no assets and zero revenue, the company is effectively defunct and in a state of liquidation by lenders. Investors should avoid this stock as there is no fundamental basis for valuation or business recovery.
