Outcome of the first meeting of monitoring committee held on 15.10.2025.
Awaiting price reaction for this filing.
The NCLT New Delhi approved the company's Resolution Plan on 9th October 2025, and the first Monitoring Committee meeting was held on 15th October 2025. The Committee comprises the erstwhile Resolution Professional as Chairman, a nominee of the Successful Resolution Applicant, and a representative of the Committee of Creditors (Union Bank of India). The Committee authorised the Chairman to operate bank accounts and oversee day-to-day business operations during the resolution plan implementation period. Audited financial statements for FY 2022-23, 2023-24, and 2024-25 were noted, and the renewal of an MOU for job work with JTL Industries Limited was deferred to the next meeting. M/s R. Bansal & Co., Chartered Accountants, was re-appointed as Statutory Auditor for a five-year term from FY 2025-26 to FY 2029-30.
Positive: the company has emerged from NCLT insolvency proceedings with a successful resolution plan, and a monitoring committee is now overseeing the transition back to normal operations, signalling stability and a fresh start for shareholders.