Kinetic Trust Resolution Plan Approval; Shares Fall 4.99%

Mumbai, May 18: Kinetic Trust Ltd said the National Company Law Tribunal (NCLT), Prayagraj Bench, has approved the company’s resolution plan in respect of Sibri Traders Private Limited under the Corporate Insolvency Resolution Process (CIRP), according to an exchange filing.

The company stated that the NCLT passed the order on May 6, approving the resolution plan submitted by Kinetic Trust Ltd to the Resolution Professional in the insolvency proceedings of Sibri Traders Private Limited.

According to the disclosure, the certified copy of the tribunal order was received by the company on May 15.

Kinetic Trust said it will proceed with implementation of the approved resolution plan in accordance with the directions issued by the NCLT and the Monitoring Committee.

The company added that necessary actions related to implementation will be undertaken in line with the approved plan and applicable laws. It also stated that further disclosures will be made to stock exchanges as required.

The disclosure was submitted under Regulation 30 read with Schedule III of the SEBI Listing Obligations and Disclosure Requirements Regulations, 2015.

Stock Market Snapshot

Kinetic Trust share price traded lower on May 18. The stock was trading at ₹34.11, down 4.99% from the previous close, as of 3:30 PM IST.

According to market data, the stock opened at ₹34.11 and remained at the same level during the observed trading session. The previous closing price stood at ₹35.90.

Market participants tracked the development amid continued focus on insolvency resolution transactions and implementation risks associated with approved plans.

Company Background

Kinetic Trust Ltd is engaged in financial and investment-related activities and is listed on the BSE under Scrip ID 531274.

The company participates in investment and restructuring opportunities and periodically undertakes transactions linked to distressed assets and insolvency proceedings.

Its regulatory disclosures are made in accordance with SEBI listing norms applicable to listed entities.

Conclusion

The NCLT approval marks a key procedural milestone for Kinetic Trust in the Sibri Traders insolvency resolution process, enabling the company to move toward implementation of the approved plan.

The company said it will continue to update stock exchanges regarding material developments associated with execution of the resolution plan.

Source:

• https://www.bseindia.com/stock-share-price/kinetic-trust-ltd/kinetru/531274
• https://www.bseindia.com/xml-data/corpfiling/AttachLive/6dfa4564-fda6-4818-8326-8f8b4ce20372.pdf