Resolution Plan was approved by Adjudicating Authority, pursuant to which a monitoring committee was formed to oversee the implementation of resolution plan. However, because of non payment ....
Awaiting price reaction for this filing.
Ambition Mica Ltd's approved Resolution Plan has been breached by the Successful Resolution Applicant (SRA) Mr. Devenkumar Rameshbhai Patel. The Resolution Plan for Rs 6 crore was approved by NCLT Ahmedabad on 30.10.2025, with payment timelines: 30 days for CIRP cost, unsecured creditors and operational creditors; 90 days for secured financial creditors; and 180 days for remaining secured FC. Despite multiple reminders and extensions granted by the Monitoring Committee, the SRA failed to make payments due from 29.11.2025 onwards. The Resolution Professional has filed an Interlocutory Application under Section 74(3) of IBC seeking directions against the SRA for breach, including re-initiation of CIRP, issuance of Form-G, and seeking punishment including imprisonment and fine. The Monitoring Committee has resolved to re-run the CIRP process.
This is a negative development for shareholders as the company may face re-initiation of insolvency proceedings, causing further delays in revival. The stock may face uncertainty as the resolution plan that was supposed to revive the company has failed due to the SRA's non-compliance.