Spectra Industries Limited , a company currently undergoing Corporate Insolvency Resolution Process (CIRP), has seen further developments in its resolution process. The Committee of Creditors (CoC) held a significant meeting on September 3 to address key matters related to the company's insolvency resolution.

Key Developments

• Resolution Plans Review: The CoC reviewed resolution plans submitted by resolution applicants.
• Extension Approval: The committee approved a further extension of the Corporate Insolvency Resolution Process for Spectra Industries Limited.
• Cost Approvals: The CoC approved the insolvency resolution process costs and legal costs for filing the extension application before the Adjudicating Authority.
• Meeting Details: The meeting lasted for 20 minutes, from 4:00 PM to 4:20 PM.

Background

Spectra Industries Limited has been under the Corporate Insolvency Resolution Process following an order from the National Company Law Tribunal (NCLT), Mumbai bench, dated June 16, 2023. This process is governed by the Insolvency and Bankruptcy Code, 2016, which aims to resolve insolvency in a time-bound manner.

Recent CoC Activities

The latest meeting builds upon previous CoC activities:

• On June 26, the CoC deliberated on crucial matters including:
  • Feasibility and viability of resolution plans
  • Evaluation matrix for resolution plans
  • Potential sale of the company as a going concern
  • Ratification of costs related to due diligence and legal vetting of resolution plans
  • Consideration of submitted resolution plans
  • Appointment of a liquidator in case of liquidation

Implications

The approval for further extension of the CIRP and the review of resolution plans indicate that the resolution process for Spectra Industries is progressing, albeit requiring additional time. This extension provides the Resolution Professional and the CoC with more time to evaluate and implement potential resolution strategies, aiming to maximize value for all stakeholders involved.

The approval of insolvency resolution process costs and legal costs for the extension application suggests that the CoC is committed to seeing the process through and ensuring all necessary steps are taken in compliance with legal requirements.

Stakeholders, including shareholders and creditors of Spectra Industries Limited, will be keenly watching the developments in this extended period, as the outcome of the CIRP will significantly impact the company's future and their interests.

As the insolvency resolution process continues, further updates are expected regarding the company's path forward, potential resolution plans, or any other significant decisions made by the Committee of Creditors.

Spectra Industries Limited , a company currently undergoing insolvency proceedings, held a crucial Committee of Creditors (CoC) meeting on June 11, 2025, as part of its ongoing Corporate Insolvency Resolution Process (CIRP). The meeting, which lasted from 12:00 PM to 2:30 PM, focused on conducting inter se bidding for negotiation with Resolution Applicants on their proposed Resolution Plans.

Key Highlights of the CoC Meeting

• Purpose: The primary objective of the meeting was to facilitate inter se bidding among Resolution Applicants, a critical step in the insolvency resolution process.
• Duration: The meeting commenced at 12:00 PM and concluded at 2:30 PM.
• Scope: No other matters were discussed during the meeting apart from the inter se bidding process.

Background of Insolvency Proceedings

Spectra Industries Limited has been under insolvency proceedings following an order by the National Company Law Tribunal (NCLT), Mumbai bench, dated June 16, 2023. The company's affairs are currently being managed by a Resolution Professional appointed by the NCLT.

Corporate Details

Compliance with Regulatory Requirements

The company has duly informed the BSE Limited about the outcome of the CoC meeting, in compliance with Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Resolution Professional Details

The Resolution Professional overseeing Spectra Industries Limited's insolvency process is registered with the Insolvency and Bankruptcy Board of India (IBBI) under the registration number IBBI/IPA-001/IP/P-01463/2018-2019/12338. Their Authorization for Assignment (AFA) is valid until December 31, 2025.

This meeting marks a significant step in Spectra Industries' insolvency resolution process, as the company works towards finding a viable solution for its financial difficulties. Stakeholders and investors will be keenly watching the outcomes of these negotiations and the potential impact on the company's future.