Intelligence note
Admitted to insolvency on 23 Feb 2018 by the Hyderabad bench, on a petition by a financial creditor. Liquidation was ordered on 26 Jul 2019, 518 days after admission (median for concluded cases: 485 days). Admitted claims stand at Rs 14,096.10 Cr.
Claims at a glance
FC 95%
OC 5%
Total admitted Rs 14,096.10 Cr
Case details
CIN
L45201TG1987PLC007959
Incorporated
1987
Registered State
Telangana
NCLT Bench
Hyderabad
Petition
Company Appeal No.101 of 2018 in CP (IB)
Initiated by
FC
Commencement
23 Feb 2018
Liquidation Order
26 Jul 2019
Admitted Claims
Rs 14,096.10 Cr
NCLT Hyderabad: median 439 days admission → verdict · 38% of concluded matters ended in plan approval (n=348, full record) · all benches →
The liquidation order
Committee of creditors resolved to liquidate — order under Section 33(2)
CoC rejected the Resolution Plan(s) of the Original/Reconstituted Consortium and, at the 14th CoC meeting pursuant to e-voting, directed the Resolution Professional to file an application for liquidation; no valid Resolution Plan was accepted by the members of the CoC and the CIRP ended on 27.11.2018. The Tribunal held it "is bound to pass an order of liquidation" once the CoC has exercised its commercial wisdom.
Liquidator
Sutanu Sinha
the resolution professional continued as liquidator
the resolution professional continued as liquidator
Petition
State Bank of India · Section 7 · admitted 23 Feb 2018
Bench & coram
National Company Law Tribunal, Hyderabad Bench, Hyderabad
K.ANANTHA PADMANABHA SWAMY, MEMBER JUDICIAL (printed in the order sheet as HON'BLE SHRI K ANANTHA PADMANABHA SWAMY - MEMBER JUDICIAL)
K.ANANTHA PADMANABHA SWAMY, MEMBER JUDICIAL (printed in the order sheet as HON'BLE SHRI K ANANTHA PADMANABHA SWAMY - MEMBER JUDICIAL)
Going concern
As corrected by the Corrigendum Order dated 31.07.2019, para 25(i) reads: liquidation of M/s. IVRCL Limited "as going concern". The RP's prayer (c) had sought leave "to continue as a liquidator for undertaking the liquidation process of the Corporate Debtor as going concern" so that "the business of the Corporate Debtor is sold as a going concern" (p.2, para 2(c)).
Time in the process
"the 270 days for the completion of the CIRP Period was initially ending on November 20, 2018. Thereafter, the Applicant applied for exclusion of the period and the CIRP Period was extended for 7 days viz., the CIRP ended on November 27, 2018 ("CIRP End Date")" (p.9, para 14); the intervenor further records that "the corporate insolvency resolution process period has been extended by the Adjudicating Authority vide its order dated 21.08.2018 in accordance with the requirements of Section 12 of the Code" (p.24, para 10)
Market test
2 (first EOI published 09.05.2018 with last date 24.05.2018, extended to 04.06.2018 - 7 prospective Resolution Applicants of whom 2 did not file formal applications and none of the remaining 5 submitted a plan; second invitation for EOI issued 14.08.2018)
Liquidator’s fee
"The Company Liquidator shall be entitled to charge such fee for the conduct of the Liquidation proceedings in such a proportion to the value of the Liquidation estate assets as may be specified by the Board. Accordingly, the fees for conducting the Liquidation proceedings shall be paid to the Company Liquidator from the proceeds of the Liquidation estate as provided under Regulation 4(3) of IBBI (Liquidation Process) Regulations, 2016." (p.32, para 25(x)). The RP had prayed to continue "having same fee structure as it has been for Resolution Professional" (p.2, para 2(c)); that specific fee prayer is not separately granted.
Resolution plans that did not survive · 2
First Global Finance Private Limited, Mr. Shankar Sharma, Ms. Devina Mehra along with Phoenix ARC Private Limited ("Original Consortium"); First Global Finance Private Limited, Mr. Shankar Sharma and Ms. Devina Mehra collectively "First Global" · rejected by CoC
Phoenix ARC, as "financial sponsor", "will accordingly be putting in Rs. 200 crores as a loan in the Corporate Debtor besides arranging Rs. 100 crores as a priority loan in the new company to be formed for taking over the non-core assets and investments of the Corporate Debtor" (p.18); the plan "envisaged a two-fold approach": "I. Monetization of non-core real assets (under a new company); II. Achieving a turnaround in the core (EPC/BOOT) business of the Corporate Debtor" (p.23)
Per the RP (p.8, para 13) and reiterated in the RP's short reply (p.25): (a) "Deviation to the EOI was rejected by the CoC, therefore, reconstituting the Original Consortium by the Reconstituted Consortium as Resolution Applicants is in violation of the EOI and the provisions of IBC"; (b) "Original Consortium had not placed the Ernest Money Deposit (EMD) along with submitting the Resolution Plan on October 4, 2018 as required by the Bid Process Memorandum"; (c) "Original Consortium was not in compliance of the minimum qualification criteria as defined in the EOI published on August 14, 2018"; (d) plan "was not commercially acceptable by the members of CoC and despite various requests made by the members of CoC to improve the commercial and technical aspects of the Resolution Plan, Reconstituted Consortium was unable to do so". Plans: 1st on 04.10.2018, 2nd on 26.10.2018, 3rd on 05.11.2018, 4th on 13.11.2018; rejection communicated by RP's e-mail dated 21.11.2018.
First Global Finance Pvt Ltd along with Mr. Ravindra Deol, Mr. Shankar Sharma and Ms. Devina Mehra ("Reconstituted Consortium") - 5th Resolution Plan submitted 16.11.2018 · rejected by CoC
"At the 16 CoC Meeting held on 20 November, 2018, the members of the CoC rejected the Revised Resolution Plan submitted by the Reconstituted Consortium citing that there is an EOI deviation, non-fulfilment of eligibility criteria and also it was not commercially acceptable to the members of the CoC and also that the original Consortium has not placed the EMD of Rs.5 crores along with the Resolution Plan on 4th October, 2018" (p.28-29, para 17). The Resolution Applicant contended the EMD of Rs.5 crores was in fact paid (Rs.2 crores on 31.10.2018 and the balance Rs.3 crores on 05.11.2018) and that "no voting has been held on the 5th Resolution Plan submitted on 16.11.2018", the CoC having voted only on the eligibility criteria in e-voting between 09.11.2018 and 11.11.2018. SBI for the CoC replied that "there was no valid Resolution Plan before the CoC and hence there was no question of the CoC voting on any Resolution Plan as such" (p.27).
From the bench, verbatim"It is pertinent to note that the word 'Liquidation' does not appear anywhere in the stated objectives of the Code. However, if no viable Resolution Plan is received by the CoC, the only alternative left is liquidation." (p.30, para 20) | "Once the CoC has exercised its commercial wisdom in rejecting the Revised Resolution Plan submitted by the Resolution Applicant and has taken such decision after much discussion and deliberation, it is not open for the Adjudicating Authority to intervene and impose its wisdom or supplement the wisdom of the CoC." (p.30, para 22) | "However this Adjudicating Authority is not inclined to grant any such prayer as the same would affect the rights and interest of the various stake holders of Corporate Debtor." (p.31, para 24 - refusing the RP's prayer to restrain invocation of the Corporate Debtor's bank guarantees)
Also disposed of in this order
Directions in the liquidation IA No. 680/2018 in IA No.544/2018 in CP (IB) No.294/7/HDB/2017 — Intervention application by the unsuccessful Resolution Applicant challenging the CoC's rejection of its Resolution Plan: "In view of the aforesaid, IA No.680/2018 is dismissed." (p.30, para 22)
Directions in the liquidation TA No.544/2018 in CP (IB) No.294/7/HDB/2017 (Corrigendum Order, date of corrigendum 31.07.2019) — Separate Corrigendum Order bound in the same PDF, on the RP's memo dated 30.07.2019, correcting the 26.07.2019 order: (a) at para 25(i), p.31, the words "as going concern" are inserted after the name of the Company; (b) at para 25(viii), p.32, the Resolution Professional's name is corrected to Mr. Sutanu Sinha instead of Mr. 'R. Ramakrishna Gupta'. "Rest of the contents of the order dated 26.07.2019 remain the same."
Dates the order recites · 20
23-02-2018Application u/s 7 by State Bank of India admitted for CIRP; IRP appointed
09-05-2018First Public Announcement inviting EOI issued, last date for EOI 24-05-2018
28-05-2018Last date for submission of EOI extended to 04-06-2018
11-06-2018Evaluation Matrix and Bid Process Memorandum issued, plans due by 11-07-2018
21-08-2018CIRP period extended by the Adjudicating Authority u/s 12 (per intervenor)
14-08-2018Second invitation for EOI issued
04-09-2018Bid Process Memorandum and Evaluation Matrix issued for the second round
04-10-20181st Resolution Plan submitted by the Original Consortium
26-10-20182nd Resolution Plan submitted
31-10-2018Rs. 2 crores of the Rs. 5 crores EMD deposited
05-11-2018Balance EMD of Rs. 3 crores deposited; 3rd Resolution Plan submitted
06-11-2018CoC meeting on eligibility of the consortium after Phoenix ARC declined Resolution Applicant status
09-11-2018E-voting on the eligibility criteria commenced (concluded 11-11-2018)
13-11-20184th (updated) Resolution Plan submitted
16-11-20185th Resolution Plan submitted by the Reconstituted Consortium with Mr. Ravindra Deol
20-11-201816th CoC meeting rejected the Revised Resolution Plan
21-11-2018RP communicated rejection of the plans dated 04-10-2018, 05-11-2018 and 16-11-2018
27-11-2018CIRP End Date after 7-day exclusion (270 days had ended 20-11-2018)
26-07-2019Liquidation of IVRCL Limited ordered; Mr. Sutanu Sinha appointed Liquidator; IA No.680/2018 dismissed; prayer to restrain BG invocation refused
31-07-2019Corrigendum Order inserting "as going concern" in para 25(i) and correcting the liquidator's name in para 25(viii)
Read the order ↗ · scanned copy
Later in the liquidation · 1 further order on record
29 Oct 2025
Liquidator replaced read the order ↗
E-auction record
Reserves between Rs 44.38 Cr and Rs 1,090.98 Cr across the notices below.
AUCTION DATE
RESERVE · NOTICE · EMD
17 Sep 2026
Reserve Rs 44.38 Cr · Addendum · Category C-Sale of Non-Core Assets of the CD (In case no bids are received for auction under Category A) Asse… · Hyderabad & Kharagpur, WB · noticed 03 Sep 2026 · EMD closed 15 Sep 2026 · notice PDF
17 Sep 2026
Reserve Rs 100.10 Cr · Addendum · Category B-Sale of Investments of the CD (In case no bids are received for auction under Category A) Asset Se… · Orissa · noticed 03 Sep 2026 · EMD closed 15 Sep 2026 · notice PDF
17 Sep 2026
Reserve Rs 325.00 Cr · Addendum · Category B-Sale of Investments of the CD (In case no bids are received for auction under Category A) Asset Se… · Tamil Nadu · noticed 03 Sep 2026 · EMD closed 15 Sep 2026 · notice PDF
17 Sep 2026
Reserve Rs 1,090.98 Cr · Addendum · Category A - Sale of Corporate Debtor as a Going Concern - Sale of Corporate Debtor as a going concern on "AS… · PAN India · noticed 03 Sep 2026 · EMD closed 15 Sep 2026 · notice PDF
01 Sep 2026
Reserve Rs 44.38 Cr · Issue of Auction Notice · Category C-Sale of Non-Core Assets of the CD (In case no bids are received for auction under Category A) Asse… · Hyderabad & Kharagpur, WB · noticed 10 Aug 2026 · EMD closed 30 Aug 2026 · notice PDF
01 Sep 2026
Reserve Rs 100.10 Cr · Issue of Auction Notice · Category B-Sale of Investments of the CD (In case no bids are received for auction under Category A) Asset Se… · Orissa · noticed 10 Aug 2026 · EMD closed 30 Aug 2026 · notice PDF
01 Sep 2026
Reserve Rs 325.00 Cr · Issue of Auction Notice · Category B-Sale of Investments of the CD (In case no bids are received for auction under Category A) Asset Se… · Tamil Nadu · noticed 10 Aug 2026 · EMD closed 30 Aug 2026 · notice PDF
01 Sep 2026
Reserve Rs 1,090.98 Cr · Issue of Auction Notice · Category A - Sale of Corporate Debtor as a Going Concern - Sale of Corporate Debtor as a going concern on "AS… · PAN India · noticed 10 Aug 2026 · EMD closed 30 Aug 2026 · notice PDF
Recent movement
Case timeline
23 Feb 2018
CIRP commenced
Insolvency proceedings began · NCLT Hyderabad
08 May 2018
NCLT order
13 further events in between
26 Jul 2019
Liquidation order passed
No resolution plan approved — assets liquidated
Company
Type
Public · Company limited by shares
Listing
Listed
Incorporated
16 Nov 1987
Authorised capital
Rs 330.00 Cr
Paid-up capital
Rs 156.58 Cr
Industry (MCA)
Construction
ROC
ROC Hyderabad
Company status
Under Liquidation
Registered address
MIHIR, #8-2-350/5/A/24/1B&2 , PANCHAVATI COLONY,ROAD NO. 2,,BANJARA HILLS,,HYDERABAD,Telangana,500034-India
Claims profile
Admitted claims by creditor class
FC 95%
OC 5%
CLASS
ADMITTED
Financial creditors
Rs 13,401.96 Cr
Operational creditors
Rs 694.14 Cr
Total
Rs 14,096.10 Cr
Sources, basis and disclaimers → ·
report an error
This case vs Construction & Infrastructure
Time to liquidation order518 days
typical for this sector 407 days · median of 219
Size rank in sector#2 of 219
Key parties
Liquidator
10 IBBI mandates · 313.8% of liquidation value realised across concluded work
IRP at commencement
Sutanu Sinha → · Feb 2018
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