Outcome of first Monitoring committee Meeting after the approval of Resolutiion pLan.
Awaiting price reaction for this filing.
Manjeera Constructions Ltd, currently under the Corporate Insolvency Resolution Process (CIRP), reported the outcomes of its first Monitoring Committee meeting held on April 16, 2025, following the NCLT's approval of its Resolution Plan on March 26, 2025. The Monitoring Agent (Birendra Kumar Agrawal) has been appointed as Chairperson of the Committee. Key items discussed include recording of the NCLT approval order, constitution and quorum of the Committee, voting rights, current cash balance, manner of infusion of the settlement amount by the Successful Resolution Applicant (SRA), setting up of dedicated bank accounts for receiving funds and share subscription monies, pending Interim Applications (IAs) by/against the company, and approval of fees for the Monitoring Agent, legal consultant, and Practicing Company Secretary.
This is a positive development for shareholders as the company is moving from the insolvency resolution phase to post-resolution implementation. The active Monitoring Committee and the planned infusion of settlement funds by the SRA signal that the revival process is on track, though key details such as the identity of the acquirer and final settlement amount remain to be confirmed.