15-Oct-2026      16:14

VXL Instruments’ Resolution Plan involving NG Organics Private Limited received NCLT approval

VXL Instruments Limited announced an update regarding the implementation of a Resolution Plan approved by the Hon’ble National Company Law Tribunal, Mumbai Bench -I, involving NG Organics Private Limited and Mr. Nitinbhai Govindbhai Patel. The original plan contemplated a merger of NG Organics Private Limited with VXL Instruments Limited, but a direction from the Approval Order made the merger dependent on procedures under the Companies Act, 2013, prompting NG Organics Private Limited to file an application under Section 60(5) of the Insolvency and Bankruptcy Code before the Hon’ble NCLT for approval of modified clauses, which do not alter the financial or commercial terms approved by the Committee of Creditors, and the Successful Resolution Applicant has funded the entire consideration contemplated under the Resolution Plan.

News source: Capital Market - Live News