Minutes of 9th CoC meeting held on 18th December, 2024.
Awaiting price reaction for this filing.
Ambition Mica Ltd is undergoing Corporate Insolvency Resolution Process (CIRP) under IBC, and the 9th CoC meeting was held on December 18, 2024 with 100% voting share present via video conferencing. Five resolution plans were received from Prospective Resolution Applicants (Kalyan Toll Infrastructure, Shashank Mishra, Swetsam Stock Holding, Devenkumar Rameshbhai Patel, and Sonal Sumit Shah), and the RP will check them for compliance before sharing with CoC members. Asset valuations were presented showing total average fair value of about Rs. 6.52 crore and liquidation value of Rs. 4.66 crore. CIRP costs of Rs. 18.95 lakh were approved by 86.04% voting share, with Axis Bank voting in favor while Alpha Construction and Yuvatex Packaging abstained. NCLT Ahmedabad has allowed the extension application, giving more time to complete the resolution process. Listing compliances remain affected due to unpaid dues to NSDL, CDSL, and BSE.
The company remains in active insolvency proceedings with five resolution bids on the table and an NCLT-approved timeline extension, meaning shareholders continue to face uncertainty with no approved resolution plan yet. Listing compliance issues and pending financial finalization add operational risk, while creditor abstentions could slow decision-making on the final resolution.