Pursuant to Regulation 30 read with Schedule III of SEBI LODR Regulations, 2015, update on CIRP of the Company is attached herewith.
Awaiting price reaction for this filing.
JBF Industries, which is currently under the Corporate Insolvency Resolution Process (CIRP), has reported that the Committee of Creditors (CoC) has approved one Resolution Plan for the company. This approval is subject to final clearance from the National Company Law Tribunal (NCLT). The update was filed by the appointed Resolution Professional, Mr. Mukesh Verma, under SEBI Listing Regulations. The company continues to remain under CIRP and is working towards a resolution of its insolvency proceedings.
CoC approval of a resolution plan is a positive milestone, but NCLT sanction is still required before it becomes effective. Existing shareholders should note that resolution plans typically involve significant restructuring, and equity value may be heavily diluted or written down.