NCLT Approves Morarjee Textiles Resolution Plan

NCLT Mumbai approves Shrinivas Spintex's INR 156 crore resolution plan for Morarjee Textiles, approved by 75.61% of CoC.
Plan provides INR 130.02 crores to secured creditors and only INR 0.39 crores to unsecured financial creditors against claims of INR 128.46 crores.
ACT Fininvest's objection, claiming discrimination against unsecured creditors, was dismissed by the tribunal.
The resolution process involved multiple extensions, culminating in a 360-day implementation schedule under a monitoring committee.