Legal10 Sept 2026, 06:30 pm
NCLT Approves Resolution Plan for VXL Instruments Ltd
AI Summary
The Hon'ble National Company Law Tribunal (NCLT), Mumbai Bench, has approved the Resolution Plan submitted by NG Organics Private Limited and Mr. Nitinbhai Govindbhai Patel for VXL Instruments Limited. The approval, dated September 09, 2026, follows the Corporate Insolvency Resolution Process initiated on November 26, 2024. The plan involves a capital reduction and issuance of new equity shares, significantly altering the shareholding pattern. The pre-CIRP net worth was negative INR 5.308 crore. The resolution plan aims to extinguish existing liabilities, with new promoters acquiring a 95% stake.
Key Highlights
- NCLT approves resolution plan for VXL Instruments Ltd.
- NG Organics and Nitinbhai Patel are the successful resolution applicants.
- Significant change in shareholding with new promoters taking 95%.
- Existing liabilities to be extinguished as per the plan.
- Company had a negative net worth of INR 5.308 crore pre-CIRP.
Price Impact
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