Unitech International Ltd

- First Committee of Creditors meeting set for July 25, 2025 via video call. - Interim Resolution Professional appointed with fees INR 1.5 lakh/month. - CIRP timeline of 180 days initiated from June 26, 2025. - Activities include claims verification, site visits, and appointment of legal and valuation experts.

🔎 Overview of News:

• Unitech International Ltd is undergoing Corporate Insolvency Resolution Process (CIRP) as per the Insolvency and Bankruptcy Code, 2016.
• The first meeting of the Committee of Creditors (CoC) is scheduled on July 25, 2025, via Microsoft Teams.

👥 Committee of Creditors (CoC):

• Composed only of secured financial creditors.
• Meeting quorum requires at least 33% voting share attendance.
• Agenda includes appointment approvals and fee discussions.

👔 Interim Resolution Professional (IRP):

• Mr. Mayur Rajendrakumar Popat appointed as IRP.
• Remuneration proposed at INR 1,50,000 per month plus expenses and taxes.
• IRP chairs the CoC meeting.

⏱️ CIRP Timeline Highlights:

• CIRP commenced: June 26, 2025.
• Public claim announcement: June 29, 2025 (deadline July 11, 2025).
• Claims verification by July 18, 2025.
• Resolution plan submissions by November 11, 2025.
• Final approval expected by December 24, 2025.

📄 Key Actions Taken:

• Public notices issued in multiple newspapers.
• IRP has taken control of company premises and bank accounts.
• Intimations sent to ex-directors, creditors, banks, regulators.
• Security at factory includes guards; CCTV non-functional.

⚖️ Professionals & Costs:

• Appointment of MV Law Partners as legal advocate with fees of INR 50,000 plus fees.
• Registered valuers to be appointed for valuation.
• Estimated CIRP cost included in annexures.

💡 Investor Perspective:

• Company undergoing regulated insolvency resolution.
• Structured timeline and professional appointments indicate formal recovery process.
• Update provides clarity on upcoming steps and expected timeline.

This update highlights the company’s financial restructuring under legal supervision, which investors might find important for understanding ongoing corporate events.