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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

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