Gangotri Textiles Ltd Files for Corporate Insolvency Resolution Process
Gangotri Textiles Limited has filed for Corporate Insolvency Resolution Process (CIRP) under Section 10 of the IBC, 2016. The company defaulted on financial obligations totaling ₹240.47 crore. The NCLT Chennai admitted the application on August 7, 2026, and appointed an IRP. A moratorium has been imposed.
The initiation of CIRP and the imposition of moratorium significantly impact the company's operations, management, and all stakeholders, leading to a high impact.
The company is undergoing the Corporate Insolvency Resolution Process due to financial distress and default on its obligations, indicating a negative financial situation.
Gangotri Textiles Limited has filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Corporate Insolvency Resolution Process (CIRP) against itself. The application was approved by the Board of Directors on November 8, 2023, and by the shareholders on December 15, 2023.
The company, incorporated on July 26, 1989, has a nominal share capital of ₹122,00,00,000 and a paid-up share capital of ₹106,72,73,170. The application details that the Corporate Debtor has availed various financial facilities from lenders, including State Bank of India (Consortium of banks) and IDBI Bank. Due to adverse financial conditions and severe cash flow constraints, the company defaulted in repayment of its financial obligations, leading to loan accounts being classified as Non-Performing Assets and recovery proceedings being initiated by lenders.
As of the petition filing date, the total amount in default towards financial creditors aggregates to ₹240,46,84,989 (Rupees Two Hundred and Forty Crores forty-six Lakhs Eighty-four Thousand Nine hundred and Eighty-nine only). The company also owes statutory dues to various government authorities. The National Company Law Tribunal (NCLT), Chennai Bench, has admitted the application on August 7, 2026, and has appointed Mr. G. Gunasekaran as the Interim Resolution Professional (IRP). A moratorium under Section 14 of the Code has been imposed, which will remain in effect until the completion of the CIRP.
What to do with a filing like this
Gangotri Textiles Limited filed this with the NSE as a statutory disclosure, categorised under corporate insolvency resolution process. It is a primary document, not a recommendation, and the desk marks it high impact, which is the band that most often changes something.
That call is the part a filing cannot make for you. On RealCase, SEBI-registered research analysts and investment advisers read announcements like this one and turn the ones that matter into actions inside their model portfolios: a change in weight, a hold, or nothing at all. You are not left working out which of the roughly 250 filings published each day needs a response. The portfolio you follow is updated when a filing actually warrants it, with the reason written down.
See the model portfoliosA plain-language summary of a public exchange filing by Gangotri Textiles Limited. Read the original for the full detail.