Dear Team, In alignment with the NCLT Bangalore order dated 10-05-2019 (approving our resolution plan) and NSE''s recent decisions, we request your action on the following: * Following ....
Awaiting price reaction for this filing.
NCLT Bengaluru Bench has approved the resolution plan submitted by SPG Macrocosm Limited (through SPV-Vision Textile) for Indus Fila Limited. The Resolution Plan was approved by the Committee of Creditors with 69.04% voting share via e-voting on 15 January 2019, with modifications approved in the 16th CoC meeting on 15 April 2019 raising total consideration from Rs 50.50 Crores to Rs 50.70 Crores. The resolution plan covers secured financial creditors (~80%), unsecured financial creditors (~20%), operational creditors, government dues, and employees/workmen. A monitoring agency of 3 members will supervise implementation. Additionally, NSE has favorably considered Indus Fila's waiver application for fines levied due to delays in compliance with listing agreement clauses (Clause 31, 35, 41, 49) for quarters from December 2013 to March 2015.
The NCLT approval marks the end of the insolvency process, with management control to be handed over to the Resolution Applicant and the moratorium ceasing. The NSE fine waiver removes legacy compliance penalties, though the company remains in revival and monitoring phase under the resolution plan.