VXL Instruments Ltd

Meeting details and outcome

• Fourth Monitoring Committee meeting held via audio-visual mode on September 30, 2026.
• Committee approved the Annual Reports for FY 2024-25 and FY 2025-26.
• Authorized Mr. Jayanti Lal Jain, Chairman of MC, to finalize, sign, and undertake actions to give effect.
• Meeting commenced at 11:30 AM and concluded at 11:54 AM.
• Company is under implementation of Resolution Plan.

IMC meeting schedule

• Notice of 4th IMC meeting on Sept 30, 2026 at 11:30 AM via virtual mode.

Closure details

• Trading window closed from Oct 1, 2026 until 48 hours after Monitoring Committee meeting approving unaudited results.

Monitoring Committee update

• CIRP ongoing under implementation of the resolution plan.
• Third Monitoring Committee meeting held Sep 25, 2026, 11:30–12:30 IST via AV; chair: Jayanti Lal Jain.

Monitoring Committee update

• Second Monitoring Committee meeting held on 19 September 2026 via audio-visual mode.
• Meeting duration: 11:30 A.M. to 12:30 P.M.
• Phase: under implementation of the Resolution Plan.
• Chairman of MC: Jayanti Lal Jain; IP valid till 30 June 2027.
• Filing does not report post-meeting decisions.

Monitoring Committee update

• First Monitoring Committee meeting held on 17 Sep 2026 via AV from 12:30 to 13:30.

Meeting details

• First Monitoring Committee meeting scheduled for 17 Sep 2026, 12:30 PM via audio-visual in virtual mode.
• Chairman of MC is Jayanti Lal Jain.

Resolution Plan Approval & Post-Approval Governance

• NCLT approves the Resolution Plan for VXL Instruments Ltd, dated 16 May 2026.
• Plan envisages revival via merger with NG Organics and shift to agriculture-related activities.
• Post-approval, management and control vest with SRA; merger with CD contemplated.
• Monitoring Committee to oversee implementation; includes one financial creditor rep, one SRA rep, and RP as chair.
• 70,000,000 new shares to SRA; 3,68,421 new shares to public; board reconstituted with SRA nominees.
• Equity liquidation value NIL; listing on BSE to continue, subject to law.
• Effective Date equals NCLT approval; Closure Date seven days after; implementation to complete quickly.
• Moratorium under Section 14 ceases; CoC dissolves on completion; SRA waives conditionalities per 29 Aug 2026 affidavit.

Tribunal approval

• Resolution plan approved and binding on the company and stakeholders.

Promoters and governance

• New promoters: NG Organics Private Limited and Mr. Nitinbhai Govindbhai Patel.
• Board to be reconstituted with nominees of the Successful Resolution Applicant.

Capital structure and ownership

• 70,00,000 new equity shares issued to promoters.
• 3,68,421 new equity shares issued to existing public shareholders.
• Post-CIRP promoters hold 95%, public 5% of 73,68,421 shares.
• Pre-CIRP paid-up capital stood at ₹13.3248 Cr.

Financing and plan funding

• Total bid value of ₹7.00 Crore under the Resolution Plan.
• Resolution Applicant deposited ₹1.41 Crore to date against ₹1.05 Crore requirement.
• Funding will come from internal resources, including equity, unsecured loans, convertible instruments, and director contributions.
• Alternative sources available if required, subject to law.
• ₹6.50 Crore will be distributed to admitted claims with CIRP costs prioritized.
• No additional liabilities arise, except those expressly assumed by the SRA.

Assets, encumbrances, and liabilities

• All encumbrances will be released upon plan payments; guarantees continue until release deeds.
• Enforcement proceedings against assets will be withdrawn or terminated.
• Prior to CIRP, no fixed assets; Hosur factory on rent; post-plan asset details not provided.

Financial impact

• Pre-CIRP net worth stood at negative ₹5.308 Crore.
• Post-CIRP net worth to be determined after implementation.
• Recovery rates for creditors are not disclosed.
• Revised P/E and RONW ratios will be updated post-implementation.

Implementation and governance

• Plan becomes effective and binding on the company and stakeholders.
• Management and control vest with the Successful Resolution Applicant; board reconstituted.
• New governance monitoring will be via SRA nominees.

Regulatory and other material

• Funding and approvals remain subject to applicable law; Section 29A considerations noted.
• Plan provides for avoidance of fresh liabilities; no new liabilities beyond those assumed.