Minutes of 10th CoC held on 9th January, 2025.
Awaiting price reaction for this filing.
The 10th CoC meeting for Ambition Mica Limited, which is undergoing Corporate Insolvency Resolution Process (CIRP) under IBC, was held on January 9, 2025, via video conferencing with 100% quorum. Five resolution plans were received; only Mr. Deven Patel's plan, with a total offer of Rs. 14.50 crore (including Rs. 5.80 crore to secured financial creditors), was approved with 100% creditor voting. The other four plans (Kalyan Toll Infrastructure, Shashank Mishra, Sonal Shah, and Swetsam Stock Holding) were not approved. CIRP costs of Rs. 4,67,030 were ratified. NCLT Ahmedabad had already granted a 90-day extension to the CIRP timeline, now ending March 3, 2025. As a backup, the CoC also approved liquidation-related resolutions including appointment of a liquidator and estimated liquidation cost of Rs. 35 lakh. One applicant (Shivpriya Infrastructure) withdrew and was refunded its EMD. The Transaction Audit Report remains pending.
The CoC has selected Deven Patel's resolution plan, but it still requires NCLT approval before becoming final. Existing equity shareholders should note that in CIRP, equity typically gets minimal recovery, and the concurrent passing of liquidation contingency resolutions signals the creditors are keeping a fallback option open. The outcome for shareholders depends on the final NCLT ruling and the structure of the approved plan.