Gangotri Textiles Ltd Enters Corporate Insolvency Resolution Process

Gangotri Textiles Ltd has been admitted into the Corporate Insolvency Resolution Process (CIRP) by the National Company Law Tribunal (NCLT), Chennai Bench. The company filed the application under Section 10 of the Insolvency and Bankruptcy Code, 2016, citing adverse financial conditions and severe cash flow constraints leading to defaults in repayment of financial obligations. The total debt in default towards financial creditors, including corporate guarantees, aggregates to ₹240.47 Crores. The NCLT allowed the petition, initiating the CIRP.