Impex Ferro Tech CIRP: 100% CoC Clears Plan in 2026

Unanimous vote shifts CIRP towards resolution

Impex Ferro Tech Limited, which is undergoing the Corporate Insolvency Resolution Process (CIRP), has reported a decisive outcome from its Committee of Creditors (CoC). Creditors unanimously approved the resolution plan submitted by M/s Ankoor Distilleries Private Limited. At the same time, the CoC did not approve a separate resolution to initiate liquidation proceedings.

The 100% voting share in favour of the plan is notable because it signals creditor alignment on a going-concern revival. The rejection of liquidation with 0% support also reduces the likelihood of a break-up or fire-sale outcome at this stage of the process. The disclosure positions the case as moving into the next procedural step under the Insolvency and Bankruptcy Code (IBC).

What the CoC approved and what it rejected

According to the company’s CIRP update, the CoC approved the resolution plan submitted by Ankoor Distilleries with 100% voting share. The plan is dated May 25, 2026 and was amended on June 30, 2026. The company also noted that the plan met the statutory voting threshold of 51% required for approval.

In contrast, a separate motion seeking to initiate liquidation did not receive any support. The voting share for liquidation was 0%. The company further stated that all items that were approved received 100% votes in favour, while the liquidation motion received 0%.

This combination of outcomes is important in CIRP workflows because it clarifies creditor preference. It indicates that lenders want the insolvency process to move forward through a resolution plan rather than a liquidation route.

29th CoC meeting and voting window details

The approval was taken during the CoC’s 29th meeting, held over a period from July 8 to July 24, 2026. The company stated that voting for the resolution plan and related actions took place between these dates.

The update also notes that the authority to implement the next steps now rests with the Resolution Professional. This includes issuing a Letter of Intent (LoI) to Ankoor Distilleries and taking actions required to progress the plan.

What happens next under the CIRP process

With the CoC vote complete, the process typically moves to execution steps led by the Resolution Professional under the IBC framework. In Impex Ferro Tech’s case, the company stated that the Resolution Professional will issue the Letter of Intent to Ankoor Distilleries.

The disclosure does not provide details of the plan’s financial terms, treatment of creditor classes, or proposed operational changes. It only confirms the creditor vote and the procedural handover to the Resolution Professional for implementation-related actions.

Resolution timeline and speed of closure context

The company’s update states that the plan was approved within about 14 months of CIRP initiation, and compares that timeline against an industry average of 18 to 24 months. This framing suggests the company views the process as relatively faster than typical cases.

Separately, the CIRP itself was initiated by the NCLT Kolkata Bench on May 2, 2024, based on an application filed by a financial creditor. Ashok Kumar Sarawagi was appointed as Resolution Professional by the CoC on June 14, 2024.

Key facts table: voting outcome and plan dates

Prior CoC meetings and procedural milestones

Before the 29th meeting, the company had disclosed several CoC meetings as part of the CIRP timeline. The 24th CoC meeting was held on February 19, 2026 from 12:00 hours to 13:30 hours, with minutes circulated on February 21, 2026 at 13:20 hours. In that meeting, the committee finalised the provisional list of eligible resolution applicants under Regulation 36(A) of the CIRP Regulations, 2016.

The 25th CoC meeting was held on March 6, 2026 from 16:00 to 16:30 hours. It finalised eligible prospective resolution applicants, discussed the information memorandum and the Request for Resolution Plan (RFRP) format, and approved CIRP costs up to February 26. The committee also noted approval for filing a CIRP timeframe extension application with the Hon’ble NCLT, Kolkata.

The company also disclosed that its 26th CoC meeting was scheduled for May 29, 2026 at 12:00 Hrs IST in hybrid mode, to be held at A.K. Sarawagi & Co., Poddar Court, Kolkata. The intimation was signed on May 27, 2026 by Ashok Kumar Sarawagi.

Creditor claims snapshot and disclosure channels

The company disclosed that its creditor claims include secured financial creditors with admitted claims of ₹91,068.97 lakhs. It also referenced various operational creditors with amounts under verification, without detailing the full category-wise table in the same excerpt.

For CIRP-related correspondence, the company has indicated a dedicated email channel: cirp.iftl@gmail.com. It also stated that Ashok Kumar Sarawagi’s authorisation for the assignment remains valid until December 31, 2026.

Company operations and sector context

Impex Ferro Tech Ltd operates in the ferro alloys and metals segment. It is engaged in manufacturing Silico Manganese and Ferro Manganese. The company’s product range includes Silico Manganese, High Carbon Ferro Manganese, and Medium Carbon Ferro Manganese, and it is also engaged in the business of iron and steel and ferro alloys.

The CIRP process and the resolution plan outcome are therefore relevant not just for lenders and shareholders, but also for customers and supply-chain partners who depend on continuity of operations. The unanimous vote, as disclosed, signals that creditors see greater value in a resolution-led path rather than liquidation.

Market impact: what the 100% vote means for stakeholders

The disclosed 100% approval and 0% liquidation support are straightforward indicators of creditor intent. A resolution-plan path typically focuses on preserving the enterprise as a going concern, while liquidation generally involves asset sales and closure. By rejecting liquidation, the CoC has, for now, prioritised continuation through a structured plan.

The company’s updates do not disclose share-price movement, cash recovery expectations, or the distribution mechanics under the plan. Still, the voting outcome itself removes uncertainty around whether creditors were split between revival and liquidation, at least at the CoC stage.

Why the decision matters in IBC outcomes

CIRP outcomes often hinge on whether creditor groups align behind a viable plan in time. In this case, the company has disclosed complete alignment on the plan and complete rejection of liquidation. That reduces procedural friction inside the CoC and gives the Resolution Professional a clear mandate to move the plan forward.

The plan’s dates and amendment history also indicate that the proposal was formalised and updated in 2026 before being placed for voting. The next set of disclosures is likely to relate to steps taken by the Resolution Professional, including issuance of the Letter of Intent and subsequent filings and approvals under the CIRP framework.

Conclusion

Impex Ferro Tech’s CoC has approved Ankoor Distilleries’ resolution plan with 100% voting share and rejected liquidation with 0% support, marking a clear shift toward a going-concern resolution. The plan is dated May 25, 2026 and amended on June 30, 2026, with voting conducted between July 8 and July 24, 2026 during the 29th CoC meeting. The company has stated that the Resolution Professional will now issue a Letter of Intent and take the steps required to progress implementation under the CIRP process.