Intelligence note
IBBI Vol 26 T3 Part B: RP 2023-03-07; admitted 23083.27cr, 88.22% to claimants. WHALE — flagship of quarter.
◆ Flagged as the dominant case of the quarter — 35.45% of resolved claims.
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
Initiated by
FC — IDBI Bank Ltd
Defunct / BIFR
0
Commencement
09 Aug 2017
Outcome Date
07 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 642 days admission → verdict · 43% of concluded matters ended in plan approval (n=98, full record) · all benches →
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 M/s. Lakshdeep Investments and Finance Private Limited
CoC approval
98.66% voting share · 24th meeting · 23 Jun 2021
How the plan pays
·Financial outlay of Surakshas Resolution Plan: Rs 17,329.09 crore, stated by objector JAL and not disputed by the Bench to be less than JILs Liquidation Value
·Admitted claims: Institutional Financial Creditors Rs 9,782.60 crore; Homebuyers as of 29.05.2021 Rs 12,806 crore
·Dissenting Institutional Financial Creditor ICICI Bank: liquidation value Rs 218 crore against admitted claim Rs 304 crore, satisfied via 180 acres at Tappal (Rs 1.30 crore/acre = Rs 234 crore), plus Shortfall Undertaking of 2594 acres if needed
·Equity: outstanding share capital as on 31.03.2021 of Rs 1389 crore cancelled and reduced in entirety on plan approval, credited to the Corporate Debtors Capital Reserve Account
·CIRP costs: Rs 33.63 crore already paid from internal accruals, balance Rs 5.45 crore to be paid; any further increase to be funded by the Resolution Applicant
Curated verbatim from the NCLT plan-approval order - the authoritative per-case record. Contingent components pay only if their conditions occur.
EoI / Form-G detail
Plan submission by
05 Jan 2019
⚠ IBBI rp-process tab, scraped 28/30-Aug-2026.
Form-G rounds — plans invited 2 times since Oct 2018
Each row is one complete invitation round from IBBI's register. Repeated rounds are the process telling you how the market answered.
| Round | Form G | EoI last date | Final PRA list | Plans due | |
|---|---|---|---|---|---|
| 2 · latest | 24 Nov 2018 | — | — | 05 Jan 2019 | |
| 1 | 25 Oct 2018 | — | — | 05 Jan 2019 |
Case timeline
09 Aug 2017
CIRP commenced
Insolvency proceedings began · NCLT Allahabad
09 May 2018
NCLT order
CA NO 114 2018 IN CP NO IB 77 ALD 2017
14 Aug 2018
NCLT order
CA NO 166 2017 IN CP NO IB 77 ALD 2017
07 Mar 2023
Resolution plan approved
Acquired by Suraksha Realty Limited along with M/s. Lakshdeep Investments and Finance Private Limited
Haircut 11.78%
Haircut 11.78%
26 Sep 2023
Dismissed - company appeal (at) (insolvency) no.549 of 2023
NCLAT appeal read the order ↗
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
05 Apr 2007
Authorised capital
₹3,000 Cr
Paid-up capital
₹125 Cr
Industry (MCA)
Construction
ROC
ROC Kanpur
Company status
Active — company survived resolution
Registered address
Sector-128,Noida,Gautam Buddha Nagar,Uttar Pradesh,201304-India
Source: MCA Company / LLP Master Data — registry snapshot; figures are as on the stated date, not live.
Claims filing history
Creditor classes with claims on file (latest version) — a chip with ↓ opens the filed creditor list, with per-creditor claimed and admitted amounts
Amounts from the filed lists’ own totals rows (latest version, as on 29 May 2021) — classes whose list prints a total
| Creditor class | Claimed | Admitted | Admitted % |
|---|---|---|---|
| FC — class of creditors (homebuyer-type) | ₹0.10 Cr | ₹0.06 Cr | 64% |
Of ₹0.10 Cr claimed across these classes, ₹0.06 Cr stands admitted — 64 paise per ₹1 claimed made it past verification.
v1 · latest
as on 29 May 2021 · filed by Mr. Anuj Jain
IBBI claims register, filed by the professional under the CIRP/liquidation regulations · a re-filed version means claims were re-verified · amounts, where shown, are the filed lists’ own printed totals, verbatim (rupees) — classes without a printed totals row carry no figure here.
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
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 Construction & Infrastructure
Haircut11.8%
typical for this sector 64.8% · median of 170
Recovery vs liquidation value114.6%
typical for this sector 141.8% · median of 162
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 · median of 177
Size rank in sector#1 of 177
Medians across every recorded Construction & Infrastructure 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=4,549). How these are computed →
Key parties
Resolution Professional
7 IBBI mandates · 115.2% of liquidation value realised across concluded work
IRP at commencement
Anuj Jain → · Aug 2017
CIRP initiated by
IDBI Bank Ltd FC
Resolution applicant
Suraksha Realty Limited along with M/s. Lakshdeep Investments and Finance Private Limited
Suraksha Realty Limited along with Lakshdeep Investments and Finance Private Limited - consortium, one of only two Resolution Applicants (the other being NBCC (India) Limited) permitted by the Supreme Court in Jaypee Kensington Boulevard Apartments Welfare Association v. NBCC (India) Ltd. (Civil Appeal No. 3395 of 2020) to submit modified or fresh resolution plans after the Court set aside the earlier approval of the NBCC plan and remitted the matter to the CoC.
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