Change in Management

NATIONAL COMPANY LAW TRIBUNAL DIVISION BENCH, COURT - 11 CHENNAI ATTENDANCE CUM ORDER SHEET OF THE HEARING OF NATIONAL COMPANY LAW TRIBUNAL, CHENNAI BENCH, HELD ON 07.08.2026 AT 10.30 AM. THROUGH VIDEO CONFERENCING: : SHRI. JYOTI KUMAR TRIPATHI, HON'BLE MEMBER (JUDICIAL) SHRI. RAVICHANDRAN RAMASAMY, HON'BLE MEMBER (TECHNICAL) APPLICATION NUMBER : - PETITION NUMBER : CP(IB)/310(CHE)2025 NAME OF THE PETITIONER : Gangotri Textiles Ltd NAME OF THE RESPONDENT(S) : - UNDER SECTION : Sec 10 Rule 7 of IBC, 2016 ORDER Present : Ld. Counsel Mr. Chandrasekar for SBI. Vide separate order pronounced in open court, CP/(IBC)/310/CHE/2025 is allowed. -SD- -SD- RAVICHANDRAN RAMASAMY JYOTI KUMAR TRIPATHI Member (Technical) Member (Judicial) IN THE NATIONAL COMPANY LAW TRIBUNAL DIVISION BENCH - 11, CHENNAI CP(IBC)/310(CHE)/2025 (Filed under Section 10 of the Insolvency and Bankruptcy Code, 2016 r/w Rule 7 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016) In the matter of Gangotri Textile Limited GANGOTRI TEXTILES LIMITED, Represented by its Managing Director Manoj kumar Tibrewal, Having its Registered Office at No.25-a, Venkatachalam Co-Operative Colony, R.S. Puram, Coimbatore- 641002. ... Applicant/ Corporate Debtor Order Pronounced on 7% August 2026 CORAM SHRI JYOTI KUMAR TRIPATHI, MEMBER (JUDICIAL) SHRI. RAVICHANDRAN RAMASAMY, MEMBER (TECHNICAL) Present: For Applicant : Mr. Pranav Gopala Krishnan, Advocate For State Bank of India : Mr. K. Chandrasekaran, Mr. K. Muthukumar Advocates. ORDER (Heard through hybrid mode) The present application has been filed by Gangotri Textiles Limited (“the Corporate Debtor”) under Section 10 of the Insolvency and Bankruptcy Code, 2016 (“the Code”), read with Rule 7 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, seeking initiation of the Corporate Insolvency Resolution Process (CIRP) against it. The application has been filed through one of its Directors and CP(IBC)/310(CHE)/2025 In the matter of Gangotri textiles limited Page10f23 authorised signatory, Mr. Manoj kumar Tibreswal, by a Resolution of the Board of Directors of the Corporate dated 08.11.2023 and shareholders/ members resolution dated 15.12.2023. 2. SUBMISSIONS OF THE APPLICANT: 2.1. The Corporate Debtor is a public company incorporated under the provisions of the Companies Act, 1956. Part-I of the application sets out the particulars of the Corporate Debtor i.e. Gangotri Textiles Limited. It was incorporated on 26.07.1989 having its Office at Having its Registered Office at No.25-a, Venkatachalam Co-Operative Colony, R.S. Puram, Coimbatore- 641002 with Nominal share capital of 122,00,00,000/- in total and paid up share capital of 106,72,73,170/- in total. Part-II of the application sets out the particulars of the Proposed Interim Resolution Professional viz.,, Mr. G. Gunasekaran having Reg. No. IBBI/IPA-001/IP- P00681/2017-2018/11178. Part-III of the application lists the particulars of the Financial / Operational Creditors, amount of debt in default as Rs.240,46,84,989/- and date of default as 24.10.2005. 2.2. It is submitted that the Corporate Debtor had availed various financial facilities from several financial creditors, including State bank of India (Consortium of banks), IDBI bank for the purpose of carrying on its business operations. CP(IBC)/310(CHE)/2025 In the matter of Gangotri textiles limited Page2 of23 23. It is submitted that the loan facilities were sanctioned and disbursed by the aforesaid financial creditors under various loan agreements and loan specification letters. In particular, loan disbursement letters and loan specification documents issued by State Bank of India (Consortium of banks), IDBI bank evidence the financial facilities extended to the Corporate Debtor. 2.4. Itis further submitted that due to adverse financial conditions and severe cash flow constraints, the Corporate Debtor defaulted in repayment of its financial obligations to the lenders. Consequently, certain lenders issued recall notices and initiated recovery proceedings against the Corporate Debtor. 2.5. Itis also submitted that State Bank of India and its consortium classified the loan account as a non-performing asset and issued a demand notice dated 23.05.2022. 2.6. Itissubmitted that IDBI bank issued copy of letter dated 19.12.2023 and also issued a One Time Settlement (OTS) calling upon the Corporate Debtor to repay the outstanding dues under the financial facility granted. 2.7. Itis submitted that as on the date of filing of the petition, the total amount in default towards financial creditors, including amounts relating to corporate guarantees, aggregates to Rs. Rs.240,46,84,989 CP(IBC)/310(CHE)/2025 In the matter of Gangotri textiles limited Page 3 0f 23 (Rupees Two Hundred and Forty Crores forty-six Lakhs Eighty-four Thousand Nine hundred and Eighty-nine rupees only). 2.8. It is further submitted that the Corporate Debtor also owes Statutory dues/ Liabilities Which is extracted below: |8No ‘ Demand Received from 100 Reason |73 loint Divector General of Forege | 55.90.28.760 | Non. Trage. Coimbatore ultimentaft jatonnrespeciolés Licenseszsu T | AssstantC ommissionerof C ustoms| 153 Chennai | AssistantCommessionerafincameTa | 7.3048 152 | Penalty e < of the X CorporateCircie-2 income Tax relating The Cammissioner of Income Tax. Yoar2012-13 Appeal has vide his Order datod 26- 82016upheldinePenaty Against_this, the Company has, pefered _Appesi belore the Tribunal Chennai . The Tribural hss dismissed the Appesi vide s Order dated 2652017 The Company has preferied sn || Avoo before tne o Madras. | High Count and the mater is sub- |jvace. TheHighCourto udicaturesilacss. videitsOrderdateazs-5- 2020dismissediheAppesi Againsthi sthe Company s prefering an Agpeal in the Honble Supreme Gourof Indie, New Delty | The Asst. Commssionss. Corporate Gircle:2 , Commbatore has aso fled a Gimnal Case aganst the company i the Combstore Court| punisnmentiormonpaymentofdeman | dorks7.30,48,153 | | e matter s subjuace. | | [ 74| Deputy Commissiofo innceomre | 45,688,643 108 Defaut |75 | MaharasSahiets rTaax Department,| 32.48|, I0ss0ue0s representing reversal of Input Vat | Komapur Credil reiaing 1o the Assessmant Year 2005.06 and 2006-07 [7& | NatStiocko Exnchaangsi of 3473673 | Due1 o baiae India Limited, Mumbai Financial Result 30-9-2018 Tho confemed the pe 77STock Exclharge of |~ 863,073 Dua 1o belated submssion of fmancial [| India Limited. Mumba er Aes uly tloso r eu hnn add veo ard co3 nR1 ie .g3u2l ation h3 =3 Appf eef tati ang t1 eo Ponalty 21 6,66.0 | Bombay Sloc Exchange [ 90/0ie to noncompliance of 9| L, Mumbai Regulation17(1) of the SEBI(LODR) | Regulations, 201§ (10 NationalStock Exchangeof | 9.16.210 Aears of Annual Lising Fee | A_IMflledfdJ!rpgax 11| Bombay Stock Exchange 9,18,210 Arrears of Annual Lising Fee Ud, Mumbai | CP(IBC)/310(CHE)/2025 In the matter of Gangotri textiles limited Page 4 0f23 2.9. It is submitted that the financial position of the company has deteriorated to such an extent that it is no longer in a position to service its debts and continue its business operations in the ordinary course. 2.10. It is submitted that they have annexed various documents including loan disbursement letters, loan recall notice, loan statements, issued by State Bank of India and its consortium and IDBI Bank , notices issued by the lenders, copies of books of accounts evidencing default, audited financial statements of the company for the previous financial years, and the updated statement of affairs of the Corporate Debtor. 2.11. It is also submitted that a Special Resolution was passed by the shareholders on 15.12.2023 approving the initiation of the CIRP under section 10 of IBC, 2016, and a Board Resolution dated 08.11.2023 authorized Mr. Manoj kumar Tibrewal, Director of the Corporate Debtor, to file the present application. The Relevant portion is extracted below: CP(IBC)/310(CHE)/2025 In the matt [Showing first 8,000 characters — download PDF for full document]