Techindia Nirman Limited, currently undergoing Corporate Insolvency Resolution Process (CIRP), held its ninth Committee of Creditors (CoC) meeting on June 20, 2025, through audio-visual conferencing. The meeting was conducted under the supervision of Resolution Professional Vallabh Narayandas Sawana and focused on a series of critical decisions concerning the company's financial restructuring.

The meeting was held in compliance with Regulations 17, 18, and 19 of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, and as per Regulation 30 of SEBI (LODR) Regulations, 2015, read with Schedule III. The company formally disclosed the outcome to BSE and NSE under Scrip Code 526576 and Symbol TECHIN, respectively.

Key Highlights of the 9th CoC Meeting

The Resolution Professional (RP) presented multiple items for discussion, ranging from procedural formalities to the approval of the final resolution plan. The following major resolutions and decisions were made:

✅ Resolution Plan Evaluation and Approval

The central highlight of the meeting was the discussion and approval of the resolution plan submitted by the highest scoring Prospective Resolution Applicant (PRA) among the five received. After reviewing the feasibility, viability, and compliance status of each resolution plan under the IBC framework:

• The CoC unanimously approved the resolution plan with 100% majority.

• This decision automatically nullified any need for liquidation, making item 8 and 9 on the agenda—related to filing for liquidation under Section 33 of IBC—irrelevant and rejected/not considered.

✅ Rejection of Liquidation Proposal

Since the resolution plan was approved, the proposal to initiate liquidation proceedings under Section 33 of the Insolvency and Bankruptcy Code (IBC), 2016, was rejected with 100% consensus. The CoC reiterated its support for the resolution process over liquidation.

✅ Approval of Legal and Financial Processes

Several procedural and legal items were approved, ensuring compliance and smooth continuation of the resolution process:

• Approval to obtain independent legal opinion on alleged shareholder irregularities.

• Approval of Resolution Professional's expenses as per Regulation 34 of CIRP Regulations.

• Finalization of escrow account for managing liquidation costs (if required in future).

• Fixation of future cash flows and expenses in anticipation of NCLT's order on the resolution plan.

✅ Exploration of Additional Recovery Options

Despite resolution plan approval, the CoC also proactively:

• Approved option to explore compromise or arrangement with the corporate debtor under Regulation 39BA.

• Recommended the potential sale of the corporate debtor as a going concern under Regulation 32(e) of IBBI Liquidation Regulations.

• Approved appointment of Advocate Vallabh Sawana as the proposed Liquidator (contingent scenario), and ratified liquidation cost estimates under Regulation 39B.

✅ Regulatory and Compliance Updates

The meeting also covered routine compliance and disclosures:

• Minutes of the 8th CoC meeting (held June 10, 2025) were formally noted.

• The CoC took note of the fair value and liquidation value of the corporate debtor.

• RP presented an update on avoidable transactions under Sections 43, 45, 50, and 66 of the IBC, which was duly noted by CoC members.

Strategic Implications

This development marks a pivotal milestone in the CIRP of Techindia Nirman. The approval of a resolution plan offers a ray of hope for operational continuity and stakeholder value protection. With unanimous rejection of liquidation, the CoC has signaled strong intent to rehabilitate the company through viable restructuring.

The RP confirmed that all resolution plans were scrutinized for mandatory content compliance under the IBC and CIRP regulations, and the highest-ranked plan was selected as per the evaluation matrix.

The meeting demonstrated a clear consensus across all creditor classes, showcasing confidence in the resolution mechanism.

About the Company

Techindia Nirman Limited, a listed entity under BSE (526576) and NSE (TECHIN), is currently under CIRP. The case is being handled by Vallabh Narayandas Sawana, an Insolvency Professional with IP Registration No. IBBI/IPA-001/IP-P-02652/2022-2023/14114. The company has gone through multiple rounds of resolution planning and is now entering a transformative phase.

The disclosures also highlight the transparent governance structure, with comprehensive deliberations on legal, financial, and regulatory aspects being recorded during the CoC proceedings.

Conclusion

With this decisive step, Techindia Nirman Limited moves closer to achieving corporate revival, safeguarding the interests of financial creditors, operational creditors, and shareholders. The approval of the resolution plan and the rejection of liquidation underline the CoC’s strategic focus on recovery and continuity.

This is a post-facto intimation as required under the SEBI and IBBI regulations and will remain accessible for public view through stock exchange platforms and the company’s official communication channels.

If you’d like this article repurposed for a press release, investor bulletin, or CIRP summary report, let me know—I can provide formatted versions.

The Upcoming IPOs in this week and coming weeks are Supertech EV, Valencia India, Neetu Yoshi, Abram Food, PRO FX Tech, Suntech Infra Solutions, Shri Hare-Krishna Sponge Iron, Icon Facilitators, Ace Alpha Tech, Globe Civil Projects, Sambhav Steel Tubes, Ellenbarrie Indutrial Gases, Kalpataru, HDB Financials, AJC Jewel.

The Current active IPO are  Aakaar Medical Technologies, Safe Enterprises Retail Fixtures, Mayasheel Ventures.

Start your Stock Market Journey and Apply in IPO by Opening Free Demat Account in Choice Broking FinX.

Join our Trading with CA Abhay Telegram Channel for regular Stock Market Trading and Investment Calls by CA Abhay Varn - SEBI Registered Research Analyst.