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Insolvency proceedings update
As filed · In accordance with the Approved Resolution Plan and order of the Adjudicating Authorities, the Board has approved the following:1. Cancellation of all the existing equity shares held by the existing P
DistressCriticalmateriality 98 out of 100
What happened
FactIn accordance with the Approved Resolution Plan and order of the Adjudicating Authorities, the Board has approved the following:1. December 06, 2024 approving the Resolution Plan, subsequent IA No. 1255/2025 filed on January 22, 2025. With the Approved Resolution Plan and order of the Adjudicating Authorities have approved the following.
Why it matters
CapitSignal interpretationOnce an insolvency process is admitted, control of the company passes from the board to a resolution professional and equity ranks last in any recovery.
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Fact- Admission or rejection of the application by the tribunal
- Appointment of a resolution professional
- Claims admitted against the company
Evidence
How CapitSignal classified this
- Reasoning:
- INSOLVENCY base 93; +5 quantified amount; explicit insolvency/default evidence present; matched on subject
- Matched on:
- the filing's own subject line
- Confidence in the event type:
- 75%