NCLT approves resolution plan for VXL Instruments under CIRP
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▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
NCLT approved the resolution plan for VXL Instruments by consortium of NG Organics and Mr Nitinbhai Patel. Plan value Rs 7 crore against Rs 6.28 crore admitted claims from 76 creditors. CoC had approved with 100 percent voting. Equity shareholders get NIL liquidation payout but stock stays listed. Plan includes capital restructuring with 70 lakh new shares to new promoters and 3.68 lakh to existing public shareholders. Business pivots from electronic instruments to agriculture, with proposed merger of VXL into NG Organics. Implementation expected within 7 days of approval.
Existing shareholders get NIL liquidation payout but keep small share allotment. Stock stays listed but business shifts to agriculture. High uncertainty ahead.