Morarjee Textiles Resolution Plan Approved by NCLT

The National Company Law Tribunal (NCLT), Mumbai Bench, approved the resolution plan of Shriniwas Spintex Industries Private Ltd for Morarjee Textiles Limited. As of March 31, 2024, prior to the Corporate Insolvency Resolution Process (CIRP), Morarjee Textiles had a net worth of ₹(47,975) lacs. Post-CIRP net worth is not available. The resolution plan involves an infusion of ₹156 Cr by the Successful Resolution Applicant (SRA) to pay off creditors and other stakeholders. Post-CIRP, the SRA will hold 94.9% of the company's shares, while public shareholders will hold 5.1%. Existing promoter shareholding will be cancelled.