Uniply Industries Limited — Others, 25-12-2024: Corporate Insolvency Resolution Process

Uniply Industries Limited's Stakeholders Consultation Committee held the ninth meeting, chaired by the Liquidator, to discuss several key updates. The committee approved a revised auction price for Brand Uniply at ₹3.24 crore. They acknowledged a counterclaim from KKN Holdings related to legal matters and noted that a counteroffer had been sent to Artmatrix shareholders, awaiting a response in January 2025. No bids were received for other receivables, prompting advice to relist these for stakeholder consideration, with a potential write-off if no buyers are found. The committee also approved a one-year extension of the liquidation period due to ongoing legal proceedings and lack of cooperation from promoters. The audited Receipt and Payment Account for 2023-2024 was approved as well.

This update highlights ongoing challenges in asset liquidation but offers potential opportunities as new offers are anticipated and stakeholders remain engaged. Overall, this reflects a proactive approach to navigating the liquidation process, suggesting a neutral impact for investors as they await further developments.