The Fifth Meeting of the Committee of Creditors (CoC) of M/s. Ambition Mica Limited was convened on August 16, 2024, at 12:00 P.M. via video conferencing, chaired by Resolution Professional (RP) Gautam Deswal. The meeting, marking a critical point in the Corporate Insolvency Resolution Process (CIRP) for the corporate debtor, was attended by representatives from the RP team, financial creditors, and the suspended management of the corporate debtor.

The agenda covered several key aspects of the ongoing insolvency proceedings for M/s. Ambition Mica Limited. The RP began by welcoming the members and taking roll call. It was confirmed that the quorum for the meeting was achieved, with 100% of the voting share represented. The minutes of the Fourth CoC meeting held on July 22, 2024, were approved, with no comments or observations received.

Resolution Plan Review:
The RP presented the resolution plans received from various applicants, each outlining specific proposals for the repayment of creditors. The applicants and their respective offers included Kalyan Toll Infrastructure Private Limited, Shashank Mishra, Swetsam Stock Holding, Devenkumar Rameshbhai Patel, Sonal Shah, Subhlaxmi Investment Advisory Pvt Ltd, and a joint offer from Shivpriya Infrastructure Private Limited & Rolence Pharma And Chemicals LLP. The CoC reviewed these plans in detail, focusing on the financial terms, settlement amounts, and payment schedules for secured financial creditors, unsecured creditors, and operational creditors. The CoC agreed to initiate legal vetting and compliance checks as required under Section 29A of the Insolvency and Bankruptcy Code.

CIRP Cost and Approval:
The CoC members ratified the CIRP cost incurred by the Resolution Professional for July 2024, which amounted to Rs. 3,04,400.00. The breakdown of the costs included RP fees, security personnel expenses, insurance inspection, and various valuations for the corporate debtor’s assets.

Extension of CIRP Period:
With the CIRP period of 180 days set to expire on September 2, 2024, the CoC members discussed the need for an extension of the CIRP period by an additional 90 days. The RP outlined that an application for the extension would be filed before the Hon’ble NCLT Ahmedabad Bench. The extension is necessary as the evaluation of resolution plans is ongoing. The members approved the resolution to proceed with the extension application.

Insurance and Miscellaneous Matters:
The CoC also discussed the quotation for insurance premiums for the corporate debtor’s assets. This matter was deferred for further discussion at the next meeting. The meeting ended with a vote of thanks, acknowledging the participation of all members.

Resolutions Passed:
The following resolutions were passed with unanimous approval from all CoC members:

1. Approval of CIRP Costs for July 2024: The CIRP cost of Rs. 3,04,400.00 was ratified by the CoC.

2. Refund of EMD Amount: The Resolution Professional was authorized to refund the EMD amounts to applicants who did not submit resolution plans.

3. Legal Vetting of Resolution Plans: The CoC approved the appointment of a third-party agency for the legal vetting and compliance check of the submitted resolution plans under Section 29A.

4. Insurance of Assets: The Resolution Professional was authorized to proceed with the insurance of the corporate debtor’s assets, pending further approval of the premium.

5. CIRP Period Extension: The CoC authorized the filing of an application for an extension of the CIRP period by 90 days with the Hon’ble NCLT Ahmedabad Bench.

The meeting concluded with a vote of thanks to the members, and the RP reaffirmed the importance of the ongoing resolution process.

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