Intelligence note
Admitted 9 Aug 2017 by the Allahabad bench on a petition by IDBI Bank Ltd (a financial creditor). Plan from Suraksha Realty Limited Along with Lakshdeep Investments and Finance Private Limited approved 7 Mar 2023, 2,036 days after admission (resolved-case median: 630 days). Creditors realise 88.22% of ₹23,083.27 Cr admitted; haircut 11.8% (median 78.0% across resolutions). That is 114.6% of liquidation value (₹17,766.76 Cr), better than a break-up sale.
NBCC's plan was approved on 03 Mar 2020 and set aside by the Supreme Court on 24 Mar 2021. The case then moved to the NCLT Principal Bench, and Suraksha's plan was approved by the Special Bench in 2023. On 21 Feb 2024 the NCLAT dismissed Jaiprakash Associates' appeals; on 24 May 2024 it upheld the plan but set aside the part on the farmers' compensation claim, directing payment of ₹1,334.31 Cr to YEIDA.
NBCC's plan was approved on 03 Mar 2020 and set aside by the Supreme Court on 24 Mar 2021. The case then moved to the NCLT Principal Bench, and Suraksha's plan was approved by the Special Bench in 2023. On 21 Feb 2024 the NCLAT dismissed Jaiprakash Associates' appeals; on 24 May 2024 it upheld the plan but set aside the part on the farmers' compensation claim, directing payment of ₹1,334.31 Cr to YEIDA.
Claims at a glance
FC 98%
OC 2%
Total admitted ₹23,083.27 Cr · as on 29 May 2021
Case details
CIN
L45203UP2007PLC033119
Incorporated
2007
Registered State
Uttar Pradesh
NCLT Bench
Allahabad
Petition
CP (IB) No. 77/ALD/2017
Initiated by
FC — IDBI Bank Ltd
Commencement
9 Aug 2017
Outcome Date
7 Mar 2023
Admitted Claims
₹23,083.27 Cr
Liquidation Value
₹17,766.76 Cr
Fair Value
₹25,602.32 Cr
Realisable Amount
₹20,363.22 Cr
Recovery vs Claims
88.22%
Recovery vs LV
114.6%
NCLT Allahabad: median 631 days admission → verdict · 44% of concluded matters ended in plan approval (n=101, full record) · all benches →
Plan at a glance
The deal
₹20,363.36 Cr total financial outlay (objector JAL put it at ₹17,329.09 Crores)
Winning plan
Suraksha Realty Limited and Lakshdeep Investments and Finance Private Limited, with 98.66% of the CoC vote
Also in the race: NBCC (India) Ltd. (plan submitted)
Also in the race: NBCC (India) Ltd. (plan submitted)
Funding
The Resolution Applicant commits equity infusion and working capital facility/group company loan to construct projects and deliver homes.
Shares
All share capital, including preference shares, is cancelled on approval without further act or deed; face value goes to Capital Reserve Account.
Operational creditors
Other Operational Creditors have ₹3.2 Crores claims and no statutory entitlement, but the Plan provides ₹0.10 Crore; OC liquidation value is NIL.
Who gets what (₹ crore)
| Admitted | Provided in the plan | % of admitted | |
|---|---|---|---|
| Financial creditors | 22,618.95 | NCDs, land parcels and completed homes; ₹38.42 crores to deposit holders | – |
| Operational and other creditors | 464.32 | 0.30 | 0.06% |
| All creditors | 23,083.28 | – | – |
Recent movement
24 May 2024
Disposed-resolution plan upheld - c.a (at) (ins.) no.493 of 2023 & i.a. no. 3017, 3703 of 2023 & 2535, 2548, 2660,
NCLAT appeal read the order ↗
Valuations & recovery
Fair value
₹25,602.32 Cr
Liquidation value
₹17,766.76 Cr
Recovery vs fair value
79.54%
Recovery vs liquidation value
114.6%
The plan
Successful applicant
Suraksha Realty Limited Along with Lakshdeep Investments and Finance Private Limited
CoC approval
98.66% voting share · 24th meeting · voted 23 Jun 2021
How the plan pays
·Suraksha's plan outlay is ₹20,363.36 Cr (objector JAL put it at ₹17,329.09 Cr). Admitted claims: institutional financial creditors ₹9,782.60 Cr; homebuyers ₹12,806.00 Cr as of 29 May 2021. Dissenting creditor ICICI Bank is satisfied via 180 acres at Tappal.
EoI / Form-G detail
Plan submission by
5 Jan 2019
Evaluation matrix issued
24 Nov 2018
Dates as captured from IBBI on 30 Aug 2026
Form-G notices on record
| Form G | EoI last date | Final PRA list | Plans due | Remark | ||
|---|---|---|---|---|---|---|
| latest | 24 Nov 2018 | — | — | 5 Jan 2019 | ||
| 25 Oct 2018 | — | — | 5 Jan 2019 |
Case timeline
9 Aug 2017
CIRP commenced
Insolvency proceedings began · NCLT Allahabad
9 May 2018
NCLT order
CA NO 114 2018 IN CP NO IB 77 ALD 2017
22 further events in between
14 Aug 2018
NCLT order
CA NO 166 2017 IN CP NO IB 77 ALD 2017
7 Mar 2023
Resolution plan approved
Acquired by Suraksha Realty Limited Along with Lakshdeep Investments and Finance Private Limited
Haircut 11.78%
Haircut 11.78%
24 May 2024
Disposed-resolution plan upheld - c.a (at) (ins.) no.493 of 2023 & i.a. no. 3017, 3703 of 2023 & 2535, 2548, 2660,
NCLAT appeal read the order ↗
5 years 6 months elapsed · admission → resolution
Company
Type
Public · Company limited by shares
Listing
Unlisted
Incorporated
5 Apr 2007
Authorised capital
₹3,000.00 Cr
Paid-up capital
₹125.00 Cr
Industry (MCA)
Construction
ROC
ROC Kanpur
Company status
Active
Registered address
Sector-128, Noida, Gautam Buddha Nagar, Uttar Pradesh, 201304, India
Claims filing history
Operational creditors ↓
2 ↓
Secured financial creditors ↓
FC — class of creditors (homebuyer-type) ↓
| Creditor class | Claimed | Admitted | Admitted % |
|---|---|---|---|
| FC — class of creditors (homebuyer-type) | ₹9.93 L | ₹6.39 L | 64% |
Of ₹9.93 L claimed across these classes, ₹6.39 L stands admitted — 64 paise per ₹1 claimed made it past verification.
v1 · latest
as on 29 May 2021 · filed by Anuj Jain
Claims profile
Admitted claims by creditor class
FC 98%
OC 2%
CLASS
ADMITTED
Financial creditors
₹22,618.95 Cr
Operational creditors
₹464.32 Cr
Total
₹23,083.27 Cr
Sources, basis and disclaimers → ·
report an error
This case vs Construction & Infrastructure
Haircut11.8%
typical for this sector 67.8%
Recovery vs liquidation value114.6%
typical for this sector 141.4%
81% of resolutions in this sector recovered more than their liquidation value — this one did.
Time to resolution2,036 days
typical for this sector 767 days
Size rank in sector#2 of 194
Key parties
Resolution Professional
12 IBBI mandates · 3 of 5 resolved plans beat the liquidation floor
IRP at commencement
Anuj Jain → · Aug 2018
Per IBBI's register of insolvency professionals, read 5 Oct 2026
CIRP initiated by
IDBI Bank Ltd FC
Resolution applicant
Suraksha Realty Limited Along with Lakshdeep Investments and Finance Private Limited
About the applicant
Suraksha Realty Limited with Lakshdeep Investments and Finance Private Limited was one of only two applicants (the other was NBCC (India) Limited) the Supreme Court allowed to submit fresh plans after it set aside the earlier approval of the NBCC plan.
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