CLC Industries Limited announced that Resolution Plan (?Plan?) as approved by the Hon'ble the National Company Law Tribunal, Principal Bench, New Delhi, vide its order dated May 12, 2023 (?NCLT Order?) in relation to the company, under Insolvency and Bankruptcy Code, 2016. In accordance with the provisions of the Plan as provided at clause 3.12, upon the NCLT Approval Date i.e. May 12, 2023, all the existing directors of the Company without any further action being required on the part of any person, shall be deemed to have resigned from the Board and its committees of the Company and the Board along with all the committees of the Company will be reconstituted to comprise of persons nominated by the Implementation and Monitoring Committee. Accordingly, the Implementation and Monitoring Committee at their meeting held on July 12, 2023 have approved the appointment of Mr. Bhupendra Singh Rajpal as an additional director of the company to hold office from July 12, 2023 till the upcoming annual general meeting of the company.

Mr. Bhupendra Singh Rajpal, aged 64 years is having extensive business background, long standing of over 30 years in Cotton Business and experience of working in multicultural environment. Mr. Rajpal has been successfully leading larger Ginning Company of the country with long track record of growth & success. Started with small Capacity in 1982, built larger ginning capacity of the country with 1.00 Million Cotton Bales per annum and now holding significant market share in the Domestic & Export Cotton Trade.

He has developed capabilities to assess market feelings, price trend and its possible impacts on the business, which enables the group companies to achieve their present status. He is considered to be a prudent cotton selector. Manjeet Cotton Private Limited (?MCPL?) was founded by Mr. Bhupendra Singh Rajpal and currently he is holding the position as Chairman and Managing Director in MCPL.

Manjeet Cotton Private Limited (?MCPL?) was one of the successful Resolution Applicant in respect of the Company where MCPL submitted Resolution Plan pursuant to an invitation by the Resolution Professional for the Corporate Insolvency Resolution Process initiated against the Company. Further, the Resolution Plan submitted by Resolution Applicant was approved by Hon'ble the National Company Law Tribunal, Principal Bench, New Delhi, vide its order dated May 12, 2023.