Business Update11 May 2026, 12:16 pm
Morarjee Textiles Resolution Plan Approved
AI Summary
The Resolution Plan submitted by Shriniwas Spintex Industries Private Limited for Morarjee Textiles Limited has been approved by the Adjudicating Authority (Mumbai Bench) on May 11, 2026, under Section 31 of the Insolvency & Bankruptcy Code, 2016. The official order is awaited, and further disclosures regarding the plan's salient features will be made as per regulatory requirements upon its publication.
Key Highlights
- Resolution Plan for Morarjee Textiles approved by Adjudicating Authority.
- Shriniwas Spintex Industries' plan approved under Section 31 of IBC.
- Official Approval Order is awaited for further disclosures.
- Disclosures will be made as per Regulation 30, 37(7) of LODR and Clause 16(l) of Schedule III.
- Approval is subject to publication of the order on the Adjudicating Authority’s website.