VXL Instruments517399CIRP or IBC
Resolution Plan update: SRA seeks NCLT approval for modified clauses
Resolution Plan update for a company under CIRP.
By ScoutQuest · · 1 min read
- NCLT Approval Order Date
- order dated September 09, 2026, NCLT Mumbai Bench-I
- Application Shared Under
- Section 60(5) of the IBC
- Plan Consideration Status
- The SRA has funded the entire consideration contemplated under the plan
What happened
- The company is under Corporate Insolvency Resolution Process. The Resolution Plan of NG Organics Private Limited and Mr. Nitinbhai Govindbhai Patel was approved by the Hon'ble NCLT, Mumbai Bench-I, by order dated September 09, 2026.
- As approved, the plan contemplated a merger of NG Organics Private Limited (the Successful Resolution Applicant, or SRA) with the company, and shares of the company were to be issued or allotted to the shareholders of NG Organics Private Limited.
Why a fresh application was shared
- Paragraph 43(m) of the Approval Order directed that the merger be subject to the prescribed procedure under the Companies Act, 2013.
- The company states that this rendered the merger-dependent implementation clauses incapable of being operated in their original form.
- The SRA has therefore shared an application under Section 60(5) of the IBC before the Hon'ble NCLT, seeking approval of certain modified clauses of the Resolution Plan.
What the SRA says about the modified clauses
- The modified clauses do not disturb the financial or commercial terms approved by the Committee of Creditors.
- The SRA has funded the entire consideration contemplated under the Resolution Plan.
What happens next
- The company will keep the Exchange informed on receipt of directions from the NCLT.
- Until those directions are received, the management of the company rests with the Monitoring Committee.
How to read this update
- This is a step in implementing an already approved Resolution Plan, not a fresh approval of the plan itself. The change sought relates to implementation clauses, and the financial and commercial terms approved by the Committee of Creditors are stated to remain undisturbed.
- The next visible trigger is the NCLT's directions on the modified clauses, since management continues to vest with the Monitoring Committee until then.
Also from VXL Instruments
Fourth Implementation and Monitoring Committee Meeting Scheduled for September 30, 2026
28 Sep 2026
Third Monitoring Committee Meeting Held Under Resolution Plan Implementation
25 Sep 2026
Source: BSE · 15 Oct 2026
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