Approval of Resolution Plan of M/s Poddar Global Private Limited by the Committee of Creditors (CoC).
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Rama Paper Mills Ltd, which is under Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code 2016, has received approval of its Resolution Plan from the Committee of Creditors (CoC). The plan was submitted by M/s Poddar Global Private Limited and was approved with 99.38% voting share through e-voting conducted from April 25 to May 1, 2026. The approved plan will now be filed with the National Company Law Tribunal (NCLT), Prayagraj Bench for final approval under Section 31 of the Code. Once approved by NCLT, the plan will become binding on all stakeholders including the company, employees, members, and creditors.
This is a positive development for creditors as the near-unanimous approval (99.38%) suggests a smooth path to resolution. Once NCLT approves the plan, the company will exit insolvency proceedings with a new promoter taking over, which could be a turning point for the stock.