The RP has filed the final resolution Plan with the Hon''ble NCLT, Ahmedabad Bench on 22.03.2025.
Awaiting price reaction for this filing.
The Resolution Professional (Gautam Deswal) for Ambition Mica Ltd has filed the final resolution plan with the NCLT, Ahmedabad Bench on 22.03.2025. A successful resolution applicant, Devenkumar Rameshbhai Patel, has already been identified, indicating that the Committee of Creditors has voted in favour of the plan. The filing fee of Rs. 1,000 was paid as part of the Interlocutory Application under the IBC process. This filing is the last procedural step before NCLT formally approves the plan, after which the company can exit the Corporate Insolvency Resolution Process (CIRP).
Positive development for shareholders as the company moves closer to exiting insolvency. The eventual outcome — whether shareholders get any recovery — will depend on the terms of the approved resolution plan and the structure of the resolution applicant's offer.