Oswal Spinning and Weaving Mills Ltd was incorporated in the year 1955.The Company has a Cotton Spinning Unit at G.T. Road, Doraha in Ludhiana in the State of Punjab with a capacity of 26,000 spindles from Rieter, Switzerland. It is about 20 km from Ludhiana City. The unit had been awarded with ISO 9001-2000 certification. The Company's Products were within the top 5% of uster Range. The export performance of the company was recognized as Star Export House by the Government of India.
The authorised capital of the Company is Rs. 400,000,000 and the paid-up capital is Rs. 261,960,630. The Company is registered at the ROC (Chandigarh) having its registered address at #92, Industrial Area- A, near Kwality Chowk, Ludhiana, Punjab. The Company’s work office is located at G.T. Road, Ludhiana, Punjab.
The application for initiation of CIRP is filed under section 7 of the Insolvency and Bankruptcy Code, 2016. by UCO Bank against Oswal Spinning and Weaving Mills vide Company Petition No 136/Chd/pb/2018. Mr Hemanshu Jetley having registration number IBBI/IPA-001/IP-P00219/2017-18/10457was duly appointed as the Interim Resolution Professional.
However, no resolution plan was received during the CIRP and as the statutory period of 330 days also expired the resolution application filed an application under section 33 of the Insolvency and Bankruptcy Code, 2016 seeking commencement of liquidation proceedings against the company. Hon'ble Adjudicating Authority admitted the said application and passed an order dated 13.12.2019 for initiation of liquidation proceedings and appointed Mr. Hemanshu Jetley as Liquidator.