Amazon Great Indian Festival 2020 - Electronics
Mutual Funds Commodities Research Tax Planning IPO Our Team Contact Us  
Amazon Great Indian Festival 2020 - Electronics
Stock Report

| More

CoC approves resolution plan for Garden Silk Mills Ltd

Posted On: 2020-09-24 00:24:44

The Sixth Meeting of Committee of Creditors (CoC) of Garden Silk Mills Limited (Corporate Debtor) was successfully convened on Tuesday, 22 September 2020, which was subsequently adjourned for further deliberations and reconvened on 23 September 2020, wherein, the CoC has approved the Resolution Plan along with other ancillary items related thereto the resolution plan submitted by the Prospective Resolution Applicant, for the revival of the Corporate Debtor, by a vote of 100.00% of the voting share of the sole CoC member, pursuant to Section 30(4) of the Insolvency and Bankruptcy Code, 2016 (IBC).

In accordance with the aforesaid and pursuant to Section 30(6) of IBC, the undersigned is in the process of filing the Resolution Plan as approved by the CoC, with the Hon'ble National Company Law Tribunal, Ahmedabad Bench (Hon'ble NCLT). However, upon filing of the said resolution plan with Hon'ble NCLT, the same shall be separately intimated to your good self.

Garden Silk Mills Limited (the "Corporate Debtor" or the "Company"), incorporated in 1979, is engaged in designing and creating textile prints, fabrics and textile intermediates for consumers and businesses. The Company manufactures a range of polyester chips, polyester filament yarns (PFY), preparatory yarns and woven (grey) fabrics, as well as dyed and printed sarees and dress materials. The Company products include polyester yarn, nylon yarns, woven and printed fabric. The registered & corporate office of the Company is in Surat, Gujarat (as set out below). The manufacturing units of the Company are located in Vareli (Fabrics) and Jolwa (Chips and Yarn) villages near Surat. The Company has spinning and continuous polymerization plants at Jolwa, Surat, which is a manufacturing hub to produce Semi Dull, Bright, Cationic and Full Dull Polyester yarns, such as Partially Oriented Yarn (POY), Fully Drawn Yarn (FDY), Draw Texturized Yarn (DTY), Air Tex, Air Covered Yarn (ACY), Mono, Draw Warping, and Sized Beam and Polyester Chips, such as Super Bright, Film Grade and Cationics. It manufacturers Woven (Grey) Fabrics, as well as Dyed and Printed Sarees and Dress Materials in its Varelli unit, Surat and offers various collections, such as Sarees, Salwar Kameez and Elly Copter Kids Collection. The Company is one of the largest producers of polyester chips in India with installed capacity of 5,06,000 MTPA. The total PFY capacity of the Company is 2,21,063 MTPA - comprising of 1,58,611 MTPA of Partially Oriented Yarn (POY) and 62,452 MTPA of Fully Drawn Yarn (FDY) and 1204 looms. GSML also has yarn preparatory capacity of 74,525 MTPA.

Due to financial distress the Company was unable to service its scheduled debt obligations and was subsequently admitted under corporate insolvency resolution process on June 24, 2020 by National Company Law Tribunal, Ahmedabad Bench ("NCLT").

Shares of GARDEN SILK MILLS LTD. was last trading in BSE at Rs.10.24 as compared to the previous close of Rs. 9.81. The total number of shares traded during the day was 3094 in over 29 trades.

The stock hit an intraday high of Rs. 10.3 and intraday low of 9.5. The net turnover during the day was Rs. 30400.

Source: Equity Bulls

Click here to send ur comments or to

Amazon Great Indian Festival 2020 - Mobiles

Other Headlines:

Deepak Nitrite Limited reports earnings for Q2FY21, H1FY21

Zuari Agro Chemicals Ltd board to consider Q2FY21 results on Nov 9, 2020

Chalet Hotels Ltd board to announce Q2FY21 results on Nov 10, 2020

Aarti Drugs Ltd to expand Metformin Capacity to 3000 TPM

Nectar Lifesciences Ltd posts consolidated loss of Rs. 7.31 crore in Q2FY21

Wheels India Ltd Q2FY21 consolidated PAT at Rs. 6.84 crore

Quess Corp Ltd reports Q2FY21 consolidated PAT of Rs. 45.68 crore

Ador Multiproducts Ltd Q2 consolidated PAT zooms to Rs. 3.31 crore

Edelweiss Financial Services Ltd Q2FY21 consolidated loss at Rs. 48.50 crore

Wheels India Ltd commissions new plant at Thervoykandigai

Grasim Industries Limited and Lubrizol Partner for India's largest CPVC Resin Plant

WEP Solutions Ltd board to consider Q2FY21 results, rights issue on Nov 6, 2020

Motilal Oswal Financial Services Ltd posts consolidated net profit of Rs. 296.46 crore in Q2

Deepak Nitrite Ltd Q2FY21 consolidated net profit rises to Rs. 170.19 crore

Voith Paper Fabrics India Ltd reports net profit of Rs. 7.94 crore in Q2

RIL Q2FY21 consolidated net profit declines to Rs. 9567 crore

Emkay Global Financial Services Ltd posts Rs. 3.67 crore consolidated PAT in Q2FY21

Aarti Surfactants Ltd board to consider raising capital, Q2 results on Nov 5, 2020

DLF Ltd posts consolidated PAT of Rs. 232.14 crore in Q2

Dynamatic Technologies Ltd and CSIR-CSIO sign MoU

ATUL Auto Ltd to acquire 70% in Khushbu Auto Finance Limited

Jindal Stainless Limited records strong growth of 88% in Q2 PAT

RPG Life Sciences Ltd Q2FY21 net profit at Rs. 11.15 crore

Mahindra Logistics Ltd Q2 consolidated PAT at Rs. 14.85 crore

Jay Bharat Maruti Ltd posts Rs. 9.19 crore consolidated PAT in Q2

Sundaram-Clayton Ltd posts consolidated net profit of Rs. 110.79 crore in Q2

IndusInd Bank Ltd posts consolidated PAT of Rs. 663.08 crore in Q2FY21

Rain Industries Ltd board declares interim dividend of Rs. 1 for CY2020

V-Mart Retail Limited opens 7 new stores, closes down 2 stores

Kesar Enterprises Ltd commences crushing season 2020-21 of Sugar Division

Max Financial Services Ltd reports earnings for Q2FY21

CRISIL revises long-term rating of Aarti Industries Ltd

Pitti Engineering Ltd posts PAT of Rs. 10.09 crore in Q2FY21

Jenburkt Pharmaceuticals Ltd Q2FY21 PAT at Rs. 5.67 crore

Nucleus Software Exports Ltd Q2FY21 consolidated PAT drops QoQ to Rs. 29.45 crore

Rain Industries Ltd Q3CY2020 consolidated PAT at Rs. 118.16 crore

UPL Limited reports Q2FY21 consolidated net profit of Rs. 463 crore

Maral Overseas Ltd posts PAT of Rs. 3.71 crore in Q2

PAR Drugs and Chemicals Ltd H1FY2021 PAT at Rs. 5.11 crore

Just Dial Ltd Q2FY21 consolidated net profit drops to Rs. 47.34 crore

Mahindra Lifespaces achieves residential sales of Rs. 115 crores in Q2FY21

Arvind SmartSpaces announces Results for the quarter and half year ended Sep 30, 2020

LT Foods Ltd Board declares Inteirm Dividend of Rs. 0.50

Grindwell Norton Ltd Q2FY21 consolidated profit higher at Rs. 64.29 crore

Greenpanel Industries Ltd Q2FY21 consolidated PAT rises to Rs. 18.39 crore

Dr. Agarwals Eye Hospital Ltd continues to report loss in Q2FY21

NIIT Ltd Q2FY21 consolidated net profit at Rs. 26.03 crore

Eimco Elecon India Ltd Q2 consolidated net profit slides to Rs. 2.76 crore

Rishiroop Ltd posts PAT of Rs. 2.16 crore in Q2 FY2020-21

Indian Oil Corporation Ltd consolidated Q2 net profit at Rs. 6025.81 crore

Website Created & Maintained by : Chennai Scripts
West Mambalam, Chennai - 600 033,
Tamil Nadu, India

disclaimer copyright © 2005 - 2019