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 NCLT Ahmedabad Bench has admitted an Interlocutory Application filed by Mr. Gautam Deswal, erstwhile Resolution Professional and Chairman of Monitoring Committee, alleging breach of the approved Resolution Plan by the Successful Resolution Applicant (SRA) Mr. Devenkumar Patel. The resolution plan for Rs 6 crore was approved by NCLT on 30.10.2025 after being voted upon with 100% approval by the Committee of Creditors on 09.01.2025. The SRA failed to make payments as per the timeline: the 30-day installment (Rs 2.50 crore) due on 29.11.2025 was partially paid, but the 90-day installment (Rs 6 crore for Secured Financial Creditors) due on 28.01.2026 was not paid. Despite multiple reminders and extensions granted until 20.02.2026, no payment was received. The Monitoring Committee resolved on 26.02.2026 to file for breach of resolution plan and re-initiate CIRP. The applicant is seeking cancellation of the plan, re-run of CIRP with Form-G issuance, and prosecution of the SRA under Section 74(3) of IBC 2016 which provides for imprisonment up to 5 years and fine up to Rs 1 crore.
This is a significant negative development for Ambition Mica Ltd shareholders. The breach allegation and potential cancellation of the resolution plan means the company may return to insolvency proceedings, its listed status and revival plans are jeopardised, and creditors may seek liquidation instead of resolution.