Gangotri Textiles Limited is quietly transitioning into a formal insolvency framework as the National Company Law Tribunal in Chennai admitted its petition under Section 10 of the Insolvency and Bankruptcy Code and appointed an interim resolution professional to steer the process. The move comes after the company’s board, in resolutions dated 8 November 2023 and 15 December 2023, authorised its Managing Director Manoj kumar Tibrewal to file for corporate insolvency resolution, signaling a shift from potential voluntary wind-down to a structured effort to preserve value while lenders seek recovery. The petition, filed by the corporate debtor through Tibrewal, underscores the toll of mounting liabilities that have left the business unable to service debts in the ordinary course.