Ankit Metal & Power Limited has convened its Twelfth Meeting of the Committee of Creditors, where a key resolution was approved by the majority to appoint an agency for 29A evaluation and due diligence services.

Additionally, lease agreements with Sova Electrocasting Limited and Kunj Bihari Steel Private Limited, dated April 20, 2024, have been terminated.

This development is part of the ongoing Corporate Insolvency Resolution Process (CIRP) and suggests a strategic move to streamline operations and potentially enhance recovery prospects.

Investors may view this as a cautious step towards financial restructuring, warranting a neutral impact on sentiment amid ongoing challenges.