MBL Infra stock jumps ~5% after update on resolution plan approved under IBC, 2016

18 Jan 2022 , 02:00 PM

MBL Infrastructures Ltd stock zooms around 5% during early trading hours on Sensex, following the update on Resolution Plan approved under IBC, 2016.

In a regulatory filing, the Company said, "The Resolution Plan of MBL Infrastructures was approved under IBC, 2016 by Hon'ble NCLT, Kolkata by order dated April 18, 2018. Appeals filed by some of the Banks against the order dated 18.04.2018 were dismissed by Hon'ble NCLAT by order dated 16.08.2019 finding them without any merit.

Further, the civil appeal filed against the Hon'ble NCLAT order dated 16.08.2019 has been dismissed by Hon'ble Supreme Court today and the approved Resolution Plan of MBL Infrastructures Ltd. has been upheld."

"We shall now start bidding for the new projects and shall endeavour to win 4-5 large ticket size projects. With the completion/handing over of several public interest projects since the approval of the Resolution Plan on 18.04.2018, the qualification/bidding capacity of the Company has enhanced. With the approval of fund raising upto Rs300cr, affairs of the Company being professionally managed and impetus of the government on infrastructure sector, the Company with the support of all stakeholders is poised for growth trajectory," said A K Lakhotia, Chairman & Managing Director, while addressing the Company officials. 

On Tuesday trading deals, at around 1:00 PM, MBL Infrastructures was trading at Rs39.65 per piece up by Rs1.85 or 4.89% against previous closing of Rs37.80 per piece on the BSE. So far today, the scrip touched an intraday high and intraday low at Rs39.65 per share and Rs39.15 per share respectively.