Minutes of 12th CoC meeting held on 3rd March, 2025.
Awaiting price reaction for this filing.
Ambition Mica Limited is undergoing Corporate Insolvency Resolution Process (CIRP) under IBC at the NCLT Ahmedabad bench (C.P. (I.B.) No. 16/AHM/2023), with CA Gautam Deswal acting as Resolution Professional. The 12th CoC meeting was held on 3rd March 2025 with 100% voting share present, representing Axis Bank and two other financial creditors. The CoC approved filing a 30-day extension of the CIRP period with NCLT, as the extended 90-day window was expiring that same day. Two key tasks remain pending: filing the application for approval of the resolution plan, and filing an application for reversal of fraudulent transactions (PUFE - preferential, undervalued, fraudulent and extortionate transactions). Legal fees for filing the extension were capped at Rs. 25,000.
The company remains in active insolvency proceedings with no resolution plan yet approved. Shareholders face continued uncertainty and likely total loss of equity value, as the CIRP process prioritises creditor recovery over shareholder returns. The mention of fraudulent transaction reversal adds further risk to existing promoters and management.