The resolution plan is approved by the Hon''ble NCLT Ahmedabad Bench in the matter of M/s. Ambition Mica Limited.
Awaiting price reaction for this filing.
The NCLT Ahmedabad Bench has approved the resolution plan for Ambition Mica Limited under the Insolvency and Bankruptcy Code on 30 October 2025. Mr. Devenkumar Rameshbhai Patel has been named the Successful Resolution Applicant after receiving 100% approval from the Committee of Creditors. Total admitted claims stand at around Rs. 54.28 crore, with the resolution plan offering a total payout of Rs. 6 crore. Secured financial creditor Axis Bank (with ~86% voting share) will receive Rs. 5.80 crore (22.79% of admitted claims) plus Rs. 8 crore against mortgaged guarantor land. Unsecured financial creditors and operational creditors will receive less than 1% of their admitted claims, while statutory dues will get ~47.71%. The company will issue new equity shares — 1 lakh to secured creditors and 2.55 lakh to existing public shareholders — and will apply to BSE to resume trading of its shares.
Existing shareholders face significant dilution and will receive no cash consideration; the stock may resume trading on BSE after share restructuring. Creditors recover only a small fraction of dues, but the company avoids liquidation and continues operating under new management.