Intelligence note
Liquidation value & realisable revised down vs prior newsletter following invitation of fresh resolution plans (source note).
◆ Flagged as the dominant case of the quarter — 68.94% of resolved claims.
Claims at a glance
FC 98%
OC 2%
Total admitted ₹12,847.69 Cr
Case details
CIN
L27230HR1988PLC030333
Incorporated
1988
Registered State
Haryana
NCLT Bench
Chandigarh
Initiated by
FC — Corporation Bank
Defunct / BIFR
0
Commencement
24 Jul 2017
Outcome Date
09 Jul 2020
Admitted Claims
₹12,641.18 Cr
Liquidation Value
₹1,543.49 Cr
Realisable Amount
₹2,614.72 Cr
Recovery vs Claims
20.68%
Recovery vs LV
169.4%
NCLT Chandigarh: median 593 days admission → verdict · 37% of concluded matters ended in plan approval (n=203, full record) · all benches →
Recent movement
09 Jul 2020
Resolution plan approved
Acquired by Deccan Value Investors L.P. and DVI PE (Mauritius) Ltd. (in short 'DVI')
Haircut 79.32%
Haircut 79.32%
18 Dec 2024
Dismissed - company appeal (at) (insolvency) no. 729 of 2020
NCLAT appeal read the order ↗
Valuations & recovery
Liquidation value
₹1,543.49 Cr
Recovery vs liquidation value
169.4%
The plan
Successful applicant
Deccan Value Investors L.P. and DVI PE (Mauritius) Ltd. (in short 'DVI')
CoC approval
70.07% voting share · 30th meeting · 07 Feb 2020
How the plan pays
·Successful Resolution Applicant to hold 90% of the share capital of the Corporate Debtor and acquire control as a going concern
·Successful Resolution Applicant DVI submitted part Performance Bank Guarantee of Rs 150 Crores against requirement of Rs 300 Crores; balance Performance Bank Guarantee to be furnished within 15 days from receipt of certified copy of the order
·Resolution Professional directed not to deduct Rs 34 Crore from final payment to applicant under the scheme of distribution under the Resolution Plan; Committee of Creditors consented to deduction of Rs 33.34 Crores
Curated verbatim from the NCLT plan-approval order - the authoritative per-case record. Contingent components pay only if their conditions occur.
Case timeline
24 Jul 2017
CIRP commenced
Insolvency proceedings began · NCLT Chandigarh
13 Oct 2017
NCLT order
CA NO 142 2017 IN CP IB NO 42 CHD HRY 2017 2017 11
09 Jul 2020
Resolution plan approved
Acquired by Deccan Value Investors L.P. and DVI PE (Mauritius) Ltd. (in short 'DVI')
Haircut 79.32%
Haircut 79.32%
18 Dec 2024
Dismissed - company appeal (at) (insolvency) no. 729 of 2020
NCLAT appeal read the order ↗
2 years 11 months elapsed · admission → resolution
Company
Type
Public · Company limited by shares
Listing
Unlisted
Incorporated
04 Aug 1988
Authorised capital
₹12,035 Cr
Paid-up capital
₹560.9 Cr
Industry (MCA)
Manufacturing (Metals and Chemicals, and products thereof)
ROC
ROC Delhi
Company status
Active — company survived resolution
Registered address
UNIT-II, BEGUMPUR KHATAULA P.O..- KHANDSA,GURGAON,Gurgaon,Haryana,122004-India
Source: MCA Company / LLP Master Data — registry snapshot; figures are as on the stated date, not live.
Claims profile
Admitted claims by creditor class
FC 98%
OC 2%
CLASS
ADMITTED
Financial creditors
₹12,641.18 Cr
Operational creditors
₹206.51 Cr
Total
₹12,847.69 Cr
admitted total/FC/OC from IBBI outcome file (crores); claimed & 9-category pending /claims scrape
Source: IBBI outcome data / Reg 31(5)(d) claims list · crores as filed · admitted "pending" = under collation or verification, not zero.
Committee of creditors
CoC composition not yet recorded for this case. Sourced from NCLT filings — added over time.
About this data: Case data is assembled from NCLT/NCLAT orders, IBBI public announcements, quarterly outcome records and the MCA registry. See how every number is sourced, checked and corrected →.
Report an error →
This case vs Steel & Metals
Haircut79.3%
typical for this sector 79.3% · median of 155
Recovery vs liquidation value169.4%
typical for this sector 120.5% · median of 152
77% of resolutions in this sector recovered more than their liquidation value — this one did.
Time to resolution1,081 days
typical for this sector 555 days · median of 157
Size rank in sector#4 of 157
Medians across every recorded Steel & Metals resolution in stressed.in's IBBI universe — the median, not the average, because these distributions are skewed and the average of the recovery ratio is not a meaningful number. The Code sets a 330-day outer limit; 72% of concluded cases exceed it (n=4,557). How these are computed →
Key parties
Resolution Professional
8 IBBI mandates · 165.9% of liquidation value realised across concluded work
IRP at commencement
Dinkar Tiruvannadapuram Venkatasubramnian → · Jul 2017
CIRP initiated by
Corporation Bank FC
Resolution applicant
Deccan Value Investors L.P. and DVI PE (Mauritius) Ltd. (in short 'DVI')
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