VXL Instruments has informed regarding post approval of resolution plan: The Resolution Plan contemplated merger of NG Organics Private Limited (“Successful Resolution Applicant”/“SRA”) with VXL Instruments Limited as part of the implementation structure and shares of the Corporate Debtor were to be issued / allotted to the shareholders of NG Organics; Paragraph 43(m) of the Approval Order directed that the merger be subject to the prescribed procedure under the Companies Act, 2013. This rendered the merger-dependent implementation clauses incapable of being operated in their original form; Accordingly, the SRA has filed an application under Section 60(5) of IBC before the Hon’ble NCLT, seeking approval of the certain modified clauses of the Resolution Plan. The modified clauses in question do not disturb the financial or commercial terms approved by the Committee of Creditors. The SRA has also funded the entire consideration contemplated under the Resolution Plan.
The above information is a part of company’s filings submitted to BSE.
