Minutes of the 7th meeting of CoC held on 15th October, 2024.
Awaiting price reaction for this filing.
Ambition Mica Limited is under the Corporate Insolvency Resolution Process (CIRP) and its 7th CoC meeting was held on 15th October 2024 with 100% voting share present. The Resolution Professional discussed resolution plans received from 6 prospective applicants, who were asked to substantially improve their offers. The suspended management has filed an appeal at NCLAT against the CIRP admission order dated 6 March 2024. Key approvals included CIRP costs of Rs. 5,28,820, insurance premium of Rs. 95,075, and refund of Rs. 10 lakh EMD to Shubhlaxmi Investment Advisory which withdrew its plan. A claim of Rs. 7.99 lakh from Sanjay Chemicals and EPFO was rejected by Axis Bank (86.04% voting share). Operations of the company remain halted due to adverse market conditions, and the factory land is owned by the mother of a suspended director and currently in Axis Bank's possession.
Equity shareholders remain at significant risk as the company is in active insolvency proceedings with operations stopped. The ongoing NCLAT appeal by suspended management adds uncertainty, and no resolution plan has been approved yet. Existing shareholders are likely to face dilution or near-total loss depending on the final resolution outcome.