Resolution Plan was approved by the Adjudicating Authority, pursuant to which a monitoring committee was formed to oversee the implementation of resolution plan. However, because of non ....
Awaiting price reaction for this filing.
The National Company Law Tribunal (NCLT) has confirmed that the Resolution Plan for Ambition Mica Ltd was approved by the Adjudicating Authority, following which a Monitoring Committee was constituted to supervise implementation. An Interlocutory Application has been filed under the Insolvency and Bankruptcy Code (IBC) by Gautam Deswal, the Erstwhile Resolution Professional and Chairman of the Monitoring Committee, against Devenkumar Rameshbhai Patel (the Successful Resolution Applicant). The headline indicates issues arose due to non-compliance or non-implementation of the approved plan. This filing from April 2026 relates to a fee payment for the interlocutory application proceedings at NCLT Mumbai.
The approval of the resolution plan is a positive development indicating the company has found a buyer for its stressed assets. However, the interlocutory application suggests ongoing disputes or non-compliance with plan terms, which may delay final resolution and create uncertainty for shareholders until the matter is fully resolved by NCLT.