The National Company Law Appellate Tribunal on Monday set aside the order of the Kolkata bench of NCLT, which had rejected the plea of Asset Reconstruction Company to initiate insolvency proceedings against Uniworth...
Five bidders in race for textile manufacturer Sumeet Industries
Five bidders have expressed interest in taking over the debt-laden Surat-based textile company Sumeet Industries. These bidders are UP-based Bhola Ram Papers & Power, Bhilosa Industries and Bhumi Tex Industries of...
GHCL completes demerger of its spinning business into GHCL Textiles
Chemicals major GHCL has completed the demerger of its spinning business into GHCL Textiles. The demerger became effective from April 1 and the new entity GHCL Textiles will be listed on NSE and BSE after receiving...
Reliance Industries completes Sintex Textiles acquisition
Mukesh Ambani-promoted Reliance Industries, India’s biggest company by market value, has completed its Rs 3,567-crore acquisition of textile company Sintex Industries exactly a year after banks had approved the...
NCLT allows insolvency proceedings against National Textiles Corp
The National Company Law Tribunal (NCLT) has ordered to initiate insolvency proceedings against state-run National Textile Corporation (NTC) after admitting a plea by one of its operational creditors claiming default of...
NCLT admits plea against Modella Textile Industries
A dedicated bankruptcy court has admitted a plea filed by Beacon Trusteeship Ltd against Mumbai-based Modella Textile Industries Ltd after the company defaulted on its dues to the tune of about Rs 502 crore...
Indo Count soars 10% on completing acquisition of home textile biz of GHCL
Shares of Indo Count Industries soared 10 per cent to Rs 186 on the BSE in Monday’s intra-day trade, gaining as much as 17 per cent in the past two trading sessions after the company completed the acquisition of the...
Indo Count buys GHCL’s home textiles business, IP, inventory for Rs 576 cr
In a Rs 576 crore deal, home textile major Indo Count Industries Ltd (ICIL) and its subsidiary will acquire the home textile business of GHCL Ltd in India and identified assets (inventory and intellectual property) of...
NCLT admits insolvency petition against textile company Sintex Industries
The Ahmedabad bench of the National Company Law Tribunal (NCLT) has admitted an insolvency petition against textile company Sintex Industries after it failed to pay more than Rs 7000 crore to a group of creditors led by...
Asahi inks JV with UK’s Tennants Textile Colours
Asahi Songwon Colors Limited, a global leader in blue pigments, announced a 51:49 joint venture agreement with Tennants Textile Colours (TTC) Limited of the United Kingdom to set up a state of the art red and yellow...
RIL ties up with Turkey’s Kivanç Tekstil to manufacture, market eco-friendly textile
Reliance Industries has tied up with Turkey’s textile manufacturer Kivanç Tekstil, to manufacture and market its sustainable and eco-friendly fabric brand R|Elan’s GreenGold fabric in the country, the Mukesh...
PNB takes Tarapur Textiles Park to DRT for $13-million loan default
With investigations into Nirav Modi scam in full swing, Punjab National Bank (PNB) has unearthed yet another default from its London branch. The bank has moved the Debt Recovery Tribunal (DRT) against Tarapur Textiles...