Vaxtex Cotfab Limited — Others, 15-11-2024: Corporate Insolvency Resolution Process

Vaxtex Cotfab Limited has disclosed the outcome of its seventh Committee of Creditors (CoC) meeting, conducted as part of its Corporate Insolvency Resolution Process (CIRP). The newly appointed Resolution Professional (RP) provided an update on the reinstatement of the CoC as per a recent tribunal order, outlining the current composition and claims admitted. Notably, total claims admitted include ₹2.80 crore from Shree Shyam Avenues Private Limited and ₹0.32 crore from the Gujarat State Tax Department. The RP plans to review additional creditor claims as part of ongoing procedural requirements.

This update suggests a cautious yet positive outlook for shareholders, as the new RP appears committed to resolving outstanding financial matters and progressing through the CIRP. However, the lack of current business operations poses potential risks for recovery and value restoration.