Gangotri Textiles Enters CIRP After NCLT Admits Section 10 Petition

NCLT Chennai admitted Gangotri Textiles’ Section 10 insolvency petition, commencing CIRP over reported financial defaults of Rs.240.47 crore. G. Gunasekaran was appointed Interim Resolution Professional, the board’s powers were superseded, and a statutory moratorium commenced, including protection against creditor recovery actions.