Intelligence note
Admitted to insolvency on 20 Jul 2022 by the Mumbai bench, on a petition by Bank of India (a financial creditor). Liquidation was ordered on 29 Jul 2024, 740 days after admission (median for concluded cases: 485 days). Admitted claims stand at Rs 28,452.15 Cr.
Claims at a glance
FC 69%
OC 31%
Total admitted Rs 28,452.15 Cr · as on 30 Sep 2024
Case details
CIN
L51909MH2007PLC268269
Incorporated
2007
Registered State
Maharashtra
NCLT Bench
Mumbai
Petition
Interlocutory Application No. 2468 of 2023 in CP(IB) No. 527(MB)-2022
Initiated by
FC — Bank of India
Commencement
20 Jul 2022
Liquidation Order
29 Jul 2024
Admitted Claims
Rs 28,452.15 Cr
NCLT Mumbai: median 553 days admission → verdict · 34% of concluded matters ended in plan approval (n=1,250, full record) · all benches →
The liquidation order
No resolution plan approved within the process — order under Section 33(1)
Maximum period of the CIRP expired (last date 30.09.2023 after extension and exclusions) and no Resolution Plan was approved by the CoC - the only plan considered failed to secure the requisite voting percentage, and the CoC in its meeting held on 26.10.2023 decided to liquidate the Corporate Debtor (p.6, p.8)
Liquidator
Sanjay Gupta IBBI/IPA-002/IP-N00982-C01/2017-2018/10354
◆ not the RP
◆ not the RP
Petition
Bank of India (described in the cause title as 'Financial Creditor') · admitted 20 Jul 2022
Bench & coram
National Company Law Tribunal, Mumbai Bench, Court - II
Mr. Anil Raj Chellan, Member (Technical) · Mr. Kuldip Kumar Kareer, Member (Judicial)
Mr. Anil Raj Chellan, Member (Technical) · Mr. Kuldip Kumar Kareer, Member (Judicial)
No claim figures are printed. The order records only that Form A public announcement was issued on 23.07.2022 inviting claims on or before 03.08.2022 and that the claims received were verified and collated by the Applicant (p.3).
Going concern
CoC Agenda 4 - that the liquidator may first explore the sale of the Corporate Debtor as a going concern under clause (e) of Regulation 32 of the IBBI (Liquidation Process) Regulations, 2016 or sale of the business of the Corporate Debtor as a going concern under clause (f) thereof - was voted with 51.92% (p.6-p.7). Operative direction: 'To maximise the value of the Corporate Debtor, the Liquidator shall endeavour the sale of the Corporate Debtor as a going concern under Regulation 32A clause (e) of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulation, 2016.' (p.9)
Time in the process
180-day CIRP due to expire 16.01.2023; 6th CoC (06.12.2022) decided to seek 90 days extension, granted by Tribunal order dated 13.01.2023 extending CIRP by 90 days till 16.04.2023 (plan-submission date extended from 16.01.2023 to 06.02.2023 and subsequently to 20.02.2023) (p.4). CoC then sought exclusion of 90 days and further 33 days; 'vide Order dated 13.04.2023 and 17.07.2023 this Tribunal allowed exclusion of 90 days respectively and in view of the exclusion, the CIRP period stood extended till 15.07.2023 and later till 17.08.2023' (p.5). Application for exclusion of 29 days - Tribunal by order dated 07.09.2023 'excluded the period of 27 days' and CIRP stood extended till 15.09.2023 (p.5). A further 15-day exclusion agenda was approved by majority voting share of the CoC and allowed vide Order dated 15.09.2023, extending the last date of CIRP till 30.09.2023 (p.6).
Market test
2 (Form G dated 04.10.2022 published in Financial Express and Jansatta, EOI due 20.10.2022, extended to 03.11.2022 by the 4th CoC - 13 EOIs received; fresh Form-G published 23.03.2023, EOI due 07.04.2023 - 49 EoIs received)
Resolution plans that did not survive · 3
Applicant not named · rejected by CoC
Of the 6 Resolution Plans received after the second Form-G round, three were left for consideration; the PRAs were called for discussions and revised their Resolution Plans. 'In the 20th CoC meeting held on 13.07.2023, the members of the CoC decided to consider one Resolution Plan for further consideration as it proposed the Resolution of the Corporate Debtor as a going concern while the other Resolution Applicants submitted their bids for one or more assets of the Corporate Debtor.' (p.5) 'Further, the only Resolution Plan which was considered by the members of the CoC, was put to vote but it failed to secure the requisite voting percentage. In view of the same, the members of the CoC in a subsequent meeting held on 26.10.2023, decided to liquidate the Corporate Debtor.' (p.6) No PRA name, plan value or voting percentage is printed.
Applicant not named · withdrawn
'out of 6 Plans received by the Applicant, two Applicants had withdrawn their interest from the process' (p.5). Two unnamed resolution applicants; captured as one entry because the order names neither and gives no separate particulars.
Applicant not named · lapsed
'one Applicant did not submit a financial proposal and hence was not considered by the members of the CoC' (p.5). Unnamed.
From the bench, verbatimAs per Section 33(1) of the Code, where the Adjusting Authority does not receive a Resolution Plan within the timelines specified in Section 12 of the Code, the Adjudicating Authority shall pass an order requiring the Corporate Debtor to the liquidated in the manner laid down therein. Thus, the Adjudicating Authority is bound to order liquidation of the Corporate Debtor in the facts and circumstances of the case. (p.8) | Looking at the application and averments made therein, it is evident that the maximum period of the CIRP has expired and no Resolution Plan has been approved by the CoC. We are of the considered opinion that this is a fit case for liquidation. (p.8)
Dates the order recites · 24
20.07.2022CP No. (IB)-527(MB)/2022 admitted, CIRP initiated, Mr. Vijaykumar V. Iyer appointed IRP
23.07.2022Form A public announcement, claims invited on or before 03.08.2022
18.08.20221st CoC confirms IRP as RP
04.10.2022Form G published in Financial Express and Jansatta, EOI due 20.10.2022
20.10.20224th CoC extends EOI date to 03.11.2022
10.11.2022provisional list of PRAs issued; 13 EOIs received
15.11.2022RFRP published, plans due 15.12.2022
02.12.2022Tribunal order confirming appointment of the RP
06.12.20226th CoC decides to seek 90-day extension of CIRP
13.01.2023Tribunal grants 90-day extension; CIRP extended till 16.04.2023, plan date to 06.02.2023 then 20.02.2023
20.02.2023no Resolution Plan received from the PRAs
21.02.202310th CoC decides on fresh Form-G
24.02.202311th CoC (reconvened 03.03.2023) decides on fresh Form-G
23.03.2023fresh Form-G published, EOI due 07.04.2023; 49 EoIs received
13.04.2023Tribunal order allowing exclusion; CIRP stood extended till 15.07.2023
14.04.2023RFRP published inviting Resolution Plans by 15.05.2023; 6 Resolution Plans received
13.07.202320th CoC decides to consider only the one going-concern plan
17.07.2023Tribunal order allowing exclusion; CIRP stood extended till 17.08.2023
07.09.2023Tribunal excludes 27 days (29 sought); CIRP extended till 15.09.2023
15.09.2023Tribunal allows 15-day exclusion; last date of CIRP extended till 30.09.2023
26.10.2023CoC decides to liquidate; Agenda 3 voted 64.11% and Agenda 4 voted 51.92%
09.11.2023joint lenders meeting (lenders constituting 77.37% voting share of the CoC) unanimously recommends Mr. Sanjay Gupta as liquidator
13.12.2023written consent of the proposed liquidator placed on record by affidavit
29.07.2024IA No. 5293/2023 allowed; liquidation ordered and Mr. Sanjay Gupta appointed liquidator u/s 34
E-auction record
Reserves between Rs 0.50 L and Rs 17.01 L across the notices below.
AUCTION DATE
RESERVE · NOTICE · EMD
13 May 2026
Reserve Rs 15.31 L · Issue of Auction Notice · Inventory- Clothes, Accessories, Footwear & Miscellaneous (except PPE) in scrap or damaged condition · New Delhi · noticed 22 Apr 2026 · EMD closed 11 May 2026 · notice PDF
13 May 2026
Reserve Rs 0.50 L · Issue of Auction Notice · Honda Civic- 1.8LI-VTEC VMT (PETROL) Reg No. HR26BD8223 · New Delhi · noticed 22 Apr 2026 · EMD closed 11 May 2026 · notice PDF
26 Mar 2026
Reserve Rs 17.01 L · Issue of Auction Notice · Inventory- Clothes, Accessories, Footwear & Miscellaneous (except PPE) in scrap or damaged condition · DELHI · noticed 11 Mar 2026 · EMD closed 23 Mar 2026 · notice PDF
26 Mar 2026
Reserve Rs 0.56 L · Issue of Auction Notice · Honda Civic- 1.8LI-VTEC VMT (PETROL) Reg No. HR26BD8223 · New Delhi · noticed 11 Mar 2026 · EMD closed 23 Mar 2026 · notice PDF
26 Mar 2026
Reserve Rs 0.84 L · Issue of Auction Notice · PPE – Scrap of Furniture & Miscellaneous in Scrap or damaged condition · Kolkata, West Bengal · noticed 11 Mar 2026 · EMD closed 23 Mar 2026 · notice PDF
06 Mar 2026
Reserve Rs 2.62 L · Issue of Auction Notice · PPE – Scrap of Furniture & Miscellaneous in Scrap or damaged condition · Kotputli, Rajasthan · noticed 22 Feb 2026 · EMD closed 03 Mar 2026 · notice PDF
06 Mar 2026
Reserve Rs 2.27 L · Issue of Auction Notice · PPE – Scrap of Furniture & Miscellaneous in Scrap or damaged condition · Kotputli, Rajasthan · noticed 22 Feb 2026 · EMD closed 03 Mar 2026 · notice PDF
27 Jan 2026
Reserve Rs 1.43 L · Issue of Auction Notice · SCRAP · HYDERABAD · noticed 11 Jan 2026 · EMD closed 24 Jan 2026 · notice PDF
Recent movement
29 Jul 2024
Liquidation order passed
No resolution plan approved — assets liquidated
EoI / Form-G detail
Plan submission by
13 Apr 2023
Case timeline
20 Jul 2022
CIRP commenced
Insolvency proceedings began · NCLT Mumbai
07 Apr 2023
Expressions of interest invited
RP: Mr. Vijay Kumar V Iyer
23 Apr 2024
Allowed - i.a. no. 89 of 2024 in company appeal (at) (insolvency) no. 27 of 2024
NCLAT appeal read the order ↗
29 Jul 2024
Liquidation order passed
No resolution plan approved — assets liquidated
Company
Type
Public · Company limited by shares
Listing
Listed
Incorporated
07 Feb 2007
Authorised capital
Rs 2,500.00 Cr
Paid-up capital
Rs 108.46 Cr
Industry (MCA)
Trading
ROC
ROC Mumbai
Company status
Under CIRP
Registered address
2nd Floor, Future Group Office, SOBO Brand Factory Pt. Madan Mohan Malviya Marg,Cross Road,HaiTardeo,,Mumbai,Mumbai City,Maharashtra,400034-India
Claims filing history
| Creditor class | Claimed | Admitted | Admitted % |
|---|---|---|---|
| Other stakeholders (list printed NIL) | Rs 0 | Rs 0 | — |
v17 · latest
as on 30 Sep 2024 · filed by Mr. Sanjay Gupta
v16
as on 14 Jun 2024 · filed by Mr. Vijay Kumar V Iyer
v15
as on 15 Mar 2024 · filed by Mr. Vijay Kumar V Iyer
v14
as on 31 Dec 2023 · filed by Mr. Vijay Kumar V Iyer
v13
as on 31 Oct 2023 · filed by Mr. Vijay Kumar V Iyer
Show all 17 versions
v12
as on 30 Sep 2023 · filed by Mr. Vijay Kumar V Iyer
v11
as on 24 Aug 2023 · filed by Mr. Vijay Kumar V Iyer
v10
as on 06 Jul 2023 · filed by Mr. Vijay Kumar V Iyer
v9
as on 19 Jun 2023 · filed by Mr. Vijay Kumar V Iyer
v8
as on 12 May 2023 · filed by Mr. Vijay Kumar V Iyer
v7
as on 15 Mar 2023 · filed by Mr. Vijay Kumar V Iyer
v6
as on 16 Feb 2023 · filed by Mr. Vijay Kumar V Iyer
v5
as on 24 Jan 2023 · filed by Mr. Vijay Kumar V Iyer
v4
as on 03 Jan 2023 · filed by Mr. Vijay Kumar V Iyer
v3
as on 30 Nov 2022 · filed by Mr. Vijay Kumar V Iyer
v2
as on 27 Sep 2022 · filed by Mr. Vijay Kumar V Iyer
v1
as on 02 Sep 2022 · filed by Mr. Vijay Kumar V Iyer
Claims profile
Admitted claims by creditor class
FC 69%
OC 31%
CLASS
ADMITTED
Financial creditors
Rs 19,773.03 Cr
Operational creditors
Rs 8,679.12 Cr
Total
Rs 28,452.15 Cr
Sources, basis and disclaimers → ·
report an error
This case vs Trading & Distribution
Time to liquidation order740 days
typical for this sector 378 days · median of 413
Size rank in sector#1 of 417
Key parties
Liquidator
12 IBBI mandates · 101.2% of liquidation value realised across concluded work
IRP at commencement · replaced
VijayKumar V Iyer · Jul 2022
◆ RP changed during CIRP — IRP was replaced
CIRP initiated by
Bank of India FC
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