Intimation regarding second meeting of Monitoring Committee
Awaiting price reaction for this filing.
The company is informing BSE about its second Monitoring Committee meeting held on October 28, 2025, under Section 30(2)(d) of the Insolvency and Bankruptcy Code, 2016. This follows the Hon'ble NCLT's approval of its Resolution Plan via order dated October 9, 2025. The meeting discussed implementation steps including the payment schedule under the Plan, extending a job-work MOU with JTL Industries Limited, replacing existing directors with new ones per the approved Plan, and extending the Performance Bank Guarantee. The company is currently in the post-resolution implementation phase of the insolvency process.
This is a procedural update confirming the company is moving forward with its approved insolvency resolution plan. Shareholders should expect changes in board composition, a defined payment timeline under the plan, and continuation of key business contracts. Successful implementation could lead to the company's exit from insolvency proceedings and a clean slate for operations.