NCLT approves Resolution Plan under CIRP

NCLT has approved the Resolution Plan of Jatalia Global Ventures under IBC, filed by M/s Norfolk Technology Services. The plan was approved by the Committee of Creditors with 100 percent voting on 11 Nov 2024. Financial creditors will receive 100 percent of admitted claims, while operational creditors will get about 1 percent based on liquidation value. Existing preference shares held by financial creditors stand extinguished at nil consideration. The company will be acquired by Norfolk Technology Services with a reconstituted board.