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Latest filing: 2026-06-18 19:01
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13 announcements match the current filters (relevance ≥ 5).
Morarjee Textiles Reconstitutes Board; 4 Directors Cease Office Post NCLT Resolution Plan
Morarjee Textiles Limited has announced the cessation of four directors, including two Whole Time Directors and two Independent Directors, effective June 09, 2026. This board overhaul is a direct consequence of the Resolution Plan approved by the NCLT Mumbai Bench on May 11, 2026, under the Insolvency and Bankruptcy Code (IBC). The outgoing members include Mr. Harshvardhan Piramal and Mr. Kishor Dhage. This reconstitution marks a significant phase in the company's restructuring and transition under the approved resolution framework.
Key Highlights
Cessation of 4 directors effective June 09, 2026, following NCLT order dated May 11, 2026.
Outgoing Whole Time Directors are Mr. Harshvardhan Ashok Piramal and Mr. Kishor Krushnaji Dhage.
Independent Directors Mr. Devesh Dadheech and Mr. Archit Jayakar have also ceased their roles.
The board changes are mandatory under the terms of the Approved Resolution Plan pursuant to IBC proceedings.
The Implementation and Monitoring Committee (IMC) recommended these changes to facilitate board reconstitution.
👀 What to Watch
Investors should closely monitor the appointment of the new board and the subsequent steps in the implementation of the Resolution Plan. While management changes are standard in IBC resolutions, the company's future performance depends on the new leadership's ability to execute the turnaround strategy.
Morarjee Textiles Appoints 3 New Directors Following NCLT-Approved Resolution Plan
Morarjee Textiles has appointed Govind Gopaldas Rathi, Pravin Ratanlal Jain, and Sandeep Ramesh Joshi as Non-Executive Directors effective June 4, 2026. This move follows the NCLT Mumbai Bench's approval of a Resolution Plan on May 11, 2026, marking a critical step in the company's transition out of insolvency proceedings. The new board members bring diverse expertise, including Mr. Jain, whose business group reported a consolidated turnover of ₹169.88 Cr in FY26.
Key Highlights
Appointment of three new Directors pursuant to the NCLT order dated May 11, 2026, under the Insolvency and Bankruptcy Code.
New Director Pravin Ratanlal Jain leads a diversified group with a FY26 consolidated turnover of ₹169.88 Cr.
Govind Gopaldas Rathi brings over 20 years of specialized experience in the cotton, textile, and spinning industries.
Sandeep Ramesh Joshi, with 10 years of association with the company, will focus on factory management and statutory compliance.
The appointments are effective from June 4, 2026, as recommended by the Implementation and Monitoring Committee (IMC).
👀 What to Watch
Investors should view this as a positive step toward operational recovery post-insolvency; monitor the new management's ability to execute the Resolution Plan and improve financial performance.
Morarjee Textiles Forms Monitoring Committee Post NCLT Approval of Resolution Plan
Morarjee Textiles has announced the formation of an Implementation and Monitoring Committee (IMC) following the NCLT Mumbai's approval of a resolution plan on May 11, 2026. The plan was submitted by Shriniwas Spintex Industries Private Limited, marking a pivotal step in the company's exit from the Corporate Insolvency Resolution Process (CIRP) initiated in February 2024. The IMC includes the former Resolution Professional, a representative from the successful bidder, and a representative from Indian Bank to oversee the restructuring. This transition signals the start of the implementation phase to revive the company's operations under new ownership.
Key Highlights
NCLT Mumbai Bench approved the Resolution Plan for Morarjee Textiles on May 11, 2026.
Shriniwas Spintex Industries Private Limited has been identified as the successful Resolution Applicant.
A three-member Implementation and Monitoring Committee (IMC) has been constituted to oversee plan execution.
The company has been under the Corporate Insolvency Resolution Process (CIRP) since February 9, 2024.
👀 What to Watch
Investors should exercise extreme caution as resolution plans under IBC often involve significant equity dilution or delisting for existing shareholders. Monitor upcoming disclosures for the specific terms of the plan and its impact on the current share capital.
Morarjee Textiles Forms Monitoring Committee Following NCLT Approval of Resolution Plan
Morarjee Textiles Limited has announced the constitution of an Implementation and Monitoring Committee (IMC) following the NCLT Mumbai Bench's approval of a resolution plan on May 11, 2026. The resolution plan was submitted by Shriniwas Spintex Industries Private Limited, marking a critical step in the company's insolvency process. The IMC consists of the erstwhile Resolution Professional, a representative from the resolution applicant, and a representative from Indian Bank. This committee will oversee the execution of the plan to revive the company's operations.
Key Highlights
NCLT Mumbai Bench approved the Resolution Plan for Morarjee Textiles on May 11, 2026
Shriniwas Spintex Industries Private Limited identified as the successful Resolution Applicant
Implementation and Monitoring Committee (IMC) formed to oversee plan execution as per NCLT order
IMC includes representatives from Indian Bank (Secured Financial Creditor) and the Resolution Applicant
Company has been under the Corporate Insolvency Resolution Process since February 9, 2024
👀 What to Watch
Investors should exercise extreme caution and await details on the treatment of existing equity shares under the approved resolution plan. Insolvency resolutions frequently involve significant capital reduction or delisting, which could negatively impact minority shareholders.
NCLT Approves Morarjee Textiles Resolution Plan; Shriniwas Spintex to Infuse ₹156 Crore
The NCLT Mumbai Bench has approved a resolution plan for Morarjee Textiles submitted by Shriniwas Spintex Industries, involving a total fund infusion of ₹156 crore. Existing promoter shares will be completely extinguished, while public shareholders face a massive capital reduction in a 1:30 ratio. Post-implementation, the new promoter group will hold 94.9% of the company, with public holding at 5.1%. The acquirer plans to infuse up to ₹25 crore in initial working capital to restart operations as a going concern.
Key Highlights
Shriniwas Spintex Industries to infuse ₹156 crore for creditor payments and plan implementation
Existing public equity shares to be reduced in a 1:30 ratio, meaning 1 share retained for every 30 held
Entire shareholding of the erstwhile promoter and promoter group to be cancelled and extinguished
Post-CIRP shareholding structure will be 94.9% for the new promoters and 5.1% for the public
Initial working capital infusion of up to ₹25 crore planned to scale up business to break-even level
👀 What to Watch
Existing shareholders face a near-total loss of value due to the 1:30 capital reduction and should monitor the implementation of the plan. While the company avoids delisting, the massive equity dilution makes this a high-risk situation for current retail holders.
NCLT Approves Shriniwas Spintex's Resolution Plan for Morarjee Textiles
The NCLT Mumbai Bench has approved the resolution plan submitted by Shriniwas Spintex Industries for Morarjee Textiles Limited. The plan, which received 75.61% approval from the Committee of Creditors, allocates approximately Rs. 130 Crores to secured creditors. In contrast, unsecured financial creditors with claims of Rs. 128.46 Crores will receive only Rs. 39 Lakhs, representing a recovery of just 0.07%. The company's management will be overseen by a Monitoring Committee during the implementation phase.
Key Highlights
Shriniwas Spintex Industries Private Limited's resolution plan approved by NCLT Mumbai.
Secured creditors allocated ~Rs. 130 Crores; Unsecured creditors receive only Rs. 39 Lakhs.
The resolution plan was passed with a 75.61% voting share by the Committee of Creditors.
Successful Resolution Applicant has furnished a Performance Security of Rs. 20 Crores.
Management control to vest in a Monitoring Committee until the plan is fully implemented.
👀 What to Watch
Existing shareholders should exercise extreme caution as IBC resolution plans typically involve significant equity dilution or cancellation. Monitor upcoming disclosures for the specific impact on public shareholding and potential delisting.
NCLT Approves Resolution Plan for Morarjee Textiles by Shriniwas Spintex Industries
The National Company Law Tribunal (NCLT), Mumbai Bench, has orally approved the Resolution Plan for Morarjee Textiles Limited on May 11, 2026. The plan, submitted by Shriniwas Spintex Industries Private Limited, was previously cleared by the Committee of Creditors in April 2025. This approval marks a significant milestone in the company's Corporate Insolvency Resolution Process (CIRP) which commenced in February 2024. Detailed financial implications and the treatment of existing equity will be disclosed once the written order is published.
Key Highlights
NCLT Mumbai Bench orally approved the Resolution Plan on May 11, 2026, under Section 31 of the IBC.
Shriniwas Spintex Industries Private Limited is the successful Resolution Applicant for the company.
The company has been under the Corporate Insolvency Resolution Process since February 9, 2024.
The Resolution Plan was filed with the NCLT on April 20, 2025, following approval by the Committee of Creditors.
Salient features of the plan and impact on shareholders are awaited pending the publication of the official order.
👀 What to Watch
Investors should exercise extreme caution as resolution plans under IBC often involve significant equity dilution or delisting of existing shares. Wait for the detailed NCLT order to understand the recovery value, if any, for public shareholders.
NCLT Approves Shriniwas Spintex's Resolution Plan for Morarjee Textiles
The Mumbai Bench of the National Company Law Tribunal (NCLT) has orally approved the Resolution Plan for Morarjee Textiles Limited, submitted by Shriniwas Spintex Industries Private Limited. The company has been under the Corporate Insolvency Resolution Process (CIRP) since February 9, 2024, following an NCLT order. This approval follows the Committee of Creditors' endorsement of the plan on April 3, 2025. Investors are now awaiting the detailed written order to understand the specific terms of the restructuring and its impact on existing equity.
Key Highlights
NCLT Mumbai Bench orally approved the Resolution Plan on May 11, 2026
Resolution Applicant is Shriniwas Spintex Industries Private Limited
Company has been under CIRP since February 9, 2024, managed by a Resolution Professional
The Resolution Plan was previously approved by the Committee of Creditors on April 3, 2025
Detailed disclosures regarding the plan's features are pending the publication of the written order
👀 What to Watch
Investors should remain cautious as IBC resolution plans often involve significant equity dilution or delisting of existing shares. Await the official written order to determine if there is any residual value for current shareholders.
Morarjee Textiles Schedules 35th Committee of Creditors Meeting Under CIRP
Morarjee Textiles Limited has scheduled its 35th Committee of Creditors (CoC) meeting for March 10, 2026. The company has been undergoing the Corporate Insolvency Resolution Process (CIRP) since February 9, 2024, following an order from the NCLT Mumbai. Currently, the company's business and assets are managed by Resolution Professional Ravi Sethia. This meeting is a continuation of the long-standing insolvency proceedings aimed at resolving the company's outstanding debts.
Key Highlights
35th Meeting of the Committee of Creditors (CoC) to be held on March 10, 2026
Company has been under Corporate Insolvency Resolution Process since February 9, 2024
Resolution Professional Ravi Sethia was confirmed by the CoC on May 22, 2024
Meeting is conducted under the provisions of the Insolvency and Bankruptcy Code, 2016
👀 What to Watch
Investors should remain highly cautious as the company is in a deep insolvency process where equity shareholders typically face significant risk of total loss. Monitor for any announcements regarding the approval of a resolution plan or potential liquidation.
Morarjee Textiles Conducts 34th Committee of Creditors Meeting Under Insolvency Process
Morarjee Textiles Limited has successfully conducted its 34th Committee of Creditors (CoC) meeting on February 16, 2026. The company has been under the Corporate Insolvency Resolution Process (CIRP) since February 9, 2024, following an order by the NCLT Mumbai. Currently, the company's business and assets are managed by Resolution Professional Ravi Sethia. These ongoing meetings are critical for determining the future of the company and the potential recovery for stakeholders.
Key Highlights
34th meeting of the Committee of Creditors (CoC) held on February 16, 2026
Company remains under Corporate Insolvency Resolution Process since February 9, 2024
Ravi Sethia confirmed as Resolution Professional since May 22, 2024
Disclosure made under Regulation 30 of SEBI (LODR) and Insolvency and Bankruptcy Code 2016
👀 What to Watch
Investors should remain highly cautious as equity value is typically significantly diluted or erased during insolvency resolutions. Monitor for any updates regarding the approval of a final resolution plan by the NCLT.
Morarjee Textiles to Hold 33rd Committee of Creditors Meeting on January 16, 2026
Morarjee Textiles Limited has scheduled the 33rd meeting of its Committee of Creditors (CoC) for January 16, 2026. The company has been undergoing the Corporate Insolvency Resolution Process (CIRP) since February 9, 2024, following an NCLT Mumbai order. Currently, the company's operations and assets are managed by Resolution Professional Ravi Sethia, who was confirmed by the CoC on May 22, 2024. This meeting is a critical step in the ongoing insolvency proceedings to determine the company's future and debt resolution.
Key Highlights
33rd meeting of the Committee of Creditors (CoC) scheduled for January 16, 2026, at 12:00 p.m.
Company has been under Corporate Insolvency Resolution Process (CIRP) since February 9, 2024.
Ravi Sethia was confirmed as the Resolution Professional by the CoC on May 22, 2024.
The meeting is conducted under the provisions of the Insolvency and Bankruptcy Code, 2016.
👀 What to Watch
Investors should remain extremely cautious as equity shareholders typically face significant value erosion or total loss during insolvency resolutions. Monitor for any announcements regarding the approval of a resolution plan by the CoC and NCLT.
Morarjee Textiles Conducts 31st Committee of Creditors Meeting Amid Insolvency Process
Morarjee Textiles Limited held its 31st Committee of Creditors (CoC) meeting on October 16, 2025, as part of its ongoing Corporate Insolvency Resolution Process (CIRP). The company has been under insolvency since February 9, 2024, following an order by the NCLT Mumbai. Currently, the company's affairs and assets are managed by Resolution Professional Ravi Sethia, who was confirmed in the role on May 22, 2024. These proceedings are critical as they will determine the eventual fate of the company and its debt obligations.
Key Highlights
31st meeting of the Committee of Creditors (CoC) was held on October 16, 2025
Company has been under CIRP since the NCLT order dated February 9, 2024
Ravi Sethia was confirmed as the Resolution Professional by the CoC on May 22, 2024
The meeting was conducted in compliance with SEBI LODR Regulation 30 and IBC 2016 provisions
👀 What to Watch
Investors should exercise extreme caution as equity value is typically significantly diluted or completely wiped out during insolvency resolutions. It is advisable to monitor for any approved resolution plans that might impact the company's listing status.
Morarjee Textiles Conducts 31st Committee of Creditors Meeting for Insolvency Resolution
Morarjee Textiles Limited, which has been under the Corporate Insolvency Resolution Process (CIRP) since February 2024, held its 31st Committee of Creditors (CoC) meeting on October 16, 2025. The company's affairs and assets continue to be managed by Resolution Professional Mr. Ravi Sethia following the NCLT Mumbai order. This meeting is a part of the ongoing legal process to determine the future of the company and its debt obligations. Equity shareholders remain at high risk as the insolvency process prioritizes creditor recoveries.
Key Highlights
The 31st Meeting of the Committee of Creditors (CoC) was successfully held on October 16, 2025.
Company has been under the Corporate Insolvency Resolution Process (CIRP) since the NCLT order dated February 9, 2024.
Mr. Ravi Sethia remains the confirmed Resolution Professional as of May 22, 2024.
The meeting was conducted in accordance with Regulation 30 and Schedule III of SEBI LODR regulations.
👀 What to Watch
Investors should exercise extreme caution as insolvency proceedings often result in significant equity dilution or total loss for retail shareholders. Monitor for any updates regarding the approval of a resolution plan or potential liquidation.
