Minutes of 11th CoC Meeting held on 28th February, 2025.
Awaiting price reaction for this filing.
The 11th CoC meeting of Ambition Mica Ltd, currently under CIRP (C.P.(I.B.) No. 16/AHM/2023), was held on 28 February 2025 with 100% voting share present. The CoC authorized issuing a Letter of Intent (LOI) to Mr. Devenkumar Patel as the Successful Resolution Applicant, who must furnish a performance bank guarantee of Rs. 1.45 crore within 10 business days. EMD refunds will be processed for unsuccessful resolution applicants. CIRP costs of Rs. 1.59 lakh for January 2025 were approved. Two late submission attempts by resolution applicants after the e-voting deadline were rejected. The CIRP period extension expires on 3 March 2025. The final transaction audit report identified fraudulent transactions under Section 66, and the RP has been authorized to file a PUFE (fraudulent transaction reversal) application with NCLT Ahmedabad.
Selection of a successful resolution applicant and issuance of the LOI signals the company is moving closer to exiting the insolvency process, which could benefit creditors. The detection of fraudulent transactions under Section 66 may lead to additional asset recoveries for creditors and potential action against the erstwhile management, though final NCLT approval of the resolution plan is still pending.