Minutes of the 6th CoC meeting held on 19th September, 2024.
Awaiting price reaction for this filing.
The 6th meeting of the Committee of Creditors (CoC) for Ambition Mica Ltd was held on 19 September 2024 via video conferencing, chaired by Resolution Professional Gautam Deswal. All three financial creditors (Axis Bank 86.04%, Alpha Construction 6.21%, Yuvatex Packaging 7.75%) attended, representing 100% voting share. Key items discussed included valuation methodology by six registered valuers across plant & machinery, securities/financial assets, and land & building; refund of Rs. 10 lakh EMD to Shubhlaxmi Investment Advisory after they withdrew their resolution plan; and an operational creditor claim of Rs. 7.91 lakh from Sanjay Chemicals (India) Pvt Ltd. The NCLT Ahmedabad has extended the CIRP period by 90 days, now ending 1 December 2024. Notably, all four resolutions tabled for voting — including CIRP costs of Rs. 3.34 lakh, insurance premium approval, EMD refund, and the operational creditor claim — were NOT approved because creditors holding 100% of voting rights abstained.
The blanket abstention by all creditors on every resolution indicates serious process paralysis, raising the risk of liquidation if no progress is made before the 1 December 2024 CIRP deadline. Existing shareholders face near-total loss as the company continues under insolvency with no resolution plan currently in place and one applicant already having withdrawn.