Intelligence note
Admitted 24 Jul 2017 by the Chandigarh bench on a petition by Corporation Bank (a financial creditor). Plan from Deccan Value Investors L.P. and DVI PE (Mauritius) Ltd. approved 9 Jul 2020, 1,081 days after admission (resolved-case median: 630 days). Creditors realise 20.38% of ₹12,847.69 Cr admitted; haircut 79.6% (median 78.0% across resolutions). That is 169.7% of liquidation value (₹1,543.49 Cr), better than a break-up sale.
IBBI revised the liquidation value and plan value down after fresh resolution plans were invited. When DVI tried to back out of its plan citing COVID-19, the Supreme Court found its conduct 'lacking in bona fides' (23 Feb 2021), and on 01 Dec 2021 ordered the plan implemented within four weeks. The RP reports it fully implemented on 08 Dec 2021.
IBBI revised the liquidation value and plan value down after fresh resolution plans were invited. When DVI tried to back out of its plan citing COVID-19, the Supreme Court found its conduct 'lacking in bona fides' (23 Feb 2021), and on 01 Dec 2021 ordered the plan implemented within four weeks. The RP reports it fully implemented on 08 Dec 2021.
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
Petition
CP (IB) No. 42/Chd/Hry/2017
Initiated by
FC — Corporation Bank
Commencement
24 Jul 2017
Outcome Date
9 Jul 2020
Admitted Claims
₹12,847.69 Cr
Liquidation Value
₹1,543.49 Cr
Realisable Amount
₹2,618.56 Cr
Recovery vs Claims
20.38%
Recovery vs LV
169.7%
NCLT Chandigarh: median 622 days admission → verdict · 37% of concluded matters ended in plan approval (n=212, full record) · all benches →
Plan at a glance
Winning plan
Deccan Value Investors L.P. and DVI PE (Mauritius) Ltd., with 70.07% of the CoC vote
Dissenting lenders
The Bench held the CoC's 70.07% majority decision binding on Corporation Bank/Union Bank of India and dismissed its IA seeking payment modification.
Monitoring
A 5-person monitoring committee operates from NCLT approval until the effective date and dissolves on acquisition by the resolution applicants.
Recent movement
9 Jul 2020
Resolution plan approved
Acquired by Deccan Value Investors L.P. and DVI PE (Mauritius) Ltd.
Haircut 79.62%
Haircut 79.62%
18 Dec 2024
Dismissed - company appeal (at) (insolvency) no. 729 of 2020
NCLAT appeal read the order ↗
6 Jan 2026
Former promoter's bail appeal (criminal case, outside the CIRP)
Supreme Court order read the order ↗
Valuations & recovery
Liquidation value
₹1,543.49 Cr
Recovery vs liquidation value
169.7%
The plan
Successful applicant
Deccan Value Investors L.P. and DVI PE (Mauritius) Ltd.
CoC approval
70.07% voting share · 31st meeting · voted 7 Feb 2020
How the plan pays
·The applicant, DVI, will hold 90% of the company and take control as a going concern. It gave a part performance bank guarantee of ₹150.00 Cr against the ₹300.00 Cr required; the balance is due within 15 days of receiving the certified order copy.
Case timeline
24 Jul 2017
CIRP commenced
Insolvency proceedings began · NCLT Chandigarh
17 further events in between
13 Oct 2017
NCLT order
CA NO 142 2017 IN CP IB NO 42 CHD HRY 2017 2017 11
9 Jul 2020
Resolution plan approved
Acquired by Deccan Value Investors L.P. and DVI PE (Mauritius) Ltd.
Haircut 79.62%
Haircut 79.62%
18 Dec 2024
Dismissed - company appeal (at) (insolvency) no. 729 of 2020
NCLAT appeal read the order ↗
6 Jan 2026
Former promoter's bail appeal (criminal case, outside the CIRP)
Supreme Court order read the order ↗
2 years 11 months elapsed · admission → resolution
Company
Type
Public · Company limited by shares
Listing
Unlisted
Incorporated
4 Aug 1988
Authorised capital
₹12,035.00 Cr
Paid-up capital
₹560.90 Cr
Industry (MCA)
Manufacturing (Metals and Chemicals, and products thereof)
ROC
ROC Delhi
Company status
Active
Registered address
Unit-II, Begumpur Khataula P.O..- Khandsa, Gurgaon, Gurgaon, Haryana, 122004, India
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
Sources, basis and disclaimers → ·
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This case vs Auto & Components
Haircut79.6%
typical for this sector 76.3%
Recovery vs liquidation value169.7%
typical for this sector 106.0%
76% of resolutions in this sector recovered more than their liquidation value — this one did.
Time to resolution1,081 days
typical for this sector 850 days
Size rank in sector#1 of 17
Key parties
Resolution Professional
15 IBBI mandates · 5 of 6 resolved plans beat the liquidation floor
IRP at commencement
Dinkar Tiruvannadapuram Venkatasubramnian → · Jul 2017
Per IBBI's register of insolvency professionals, read 5 Oct 2026
CIRP initiated by
Corporation Bank FC
Resolution applicant
Deccan Value Investors L.P. and DVI PE (Mauritius) Ltd.
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