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.
Ambition Mica Ltd's Resolution Professional has filed an application with NCLT Ahmedabad alleging breach of the approved Resolution Plan by the Successful Resolution Applicant (SRA), Mr. Deven Patel. The resolution plan worth Rs 6 crore was approved by NCLT on 30.10.2025, with payment timelines of 30 days (29.11.2025) and 90 days (28.01.2026). Despite multiple reminders and extensions granted by the Monitoring Committee, the SRA failed to make the Rs 6 crore payment to Secured Financial Creditors. The Monitoring Committee held three meetings (14.11.2025, 12.02.2026, 26.02.2026) to address the non-compliance. The RP is seeking declaration of breach, criminal prosecution under Section 74(3), cancellation of the resolution plan, and re-initiation of CIRP with Form-G issuance for fresh resolution plans.
This is a highly negative development for shareholders as the company may face re-insolvency proceedings. The SRA's failure to comply with the approved resolution plan could lead to liquidation of Ambition Mica Ltd if NCLT accepts the breach application, resulting in significant loss for existing shareholders.