Minutes of the 5th CoC meeting held on 16th August, 2024
Awaiting price reaction for this filing.
Ambition Mica Ltd, currently under Corporate Insolvency Resolution Process (CIRP) at NCLT Ahmedabad (C.P.(I.B.) No. 16/AHM/2023), held its 5th CoC meeting on 16 August 2024 with 100% voting share present. Seven resolution plans were opened, with offers to secured financial creditors ranging from about Rs. 1 crore (Shivpriya/Rolence Option A) to Rs. 6.97 crores (Shashank Mishra), and total settlements up to Rs. 7.5 crores. Axis Bank holds 86.04% voting share as the dominant financial creditor. CIRP costs of Rs. 3.04 lakhs for July 2024 were ratified, third-party legal vetting under Section 29A was approved (capped at Rs. 40,000 per plan), and EMD refunds to non-bidding applicants were authorised. Since the 180-day CIRP period expires on 2 September 2024 and resolution evaluation is ongoing, the CoC approved filing a 90-day extension application with NCLT. A suspended management appeal is also pending before NCLAT Delhi, with the next hearing on 5 September 2024.
Equity shareholders face a high risk of minimal or zero recovery, as the resolution plans offer relatively small payouts to creditors and no specific allocation to equity. The stock remains under severe stress; resolution timeline may extend beyond September 2024, keeping uncertainty elevated.