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NCLT approves resolution plan of Garden Silk Mills Limited, shareholders to get nothing
Posted On: 2021-01-02 22:47:09 (Time Zone: Arizona, USA)
Garden Silk Mills Limited had earlier announced the approval of Resolution Plan submitted by Resolution Applicant ( RA ) by the Committee of Creditors ( COC ) of Garden Silk Mills Limited ( GSML or Company ) in terms of the provision of Insolvency and Bankruptcy Code, 2016 ( IBC ) and e-filing of the same with the NCLT Ahmedabad Bench on 28th September, 2020 for its subsequent approval thereupon.
The Company (through its Resolution Professional, Mr Kuresh Khambati) has been informed by their legal counsel (Vaish Associates, Advocates) that pursuant to the Interlocutory Application No. 661 of 2020 filed for approval of the Resolution Plan before the Hon ble NCLT Ahmedabad Bench ( NCLT ) the Hon ble NCLT was pleased to approve the Resolution Plan submitted to the said Adjudicating Authority by MCPI Private Limited ( Resolution Appl