Intelligence note
Admitted to insolvency on 07 Aug 2017 by the Hyderabad bench, on a petition by IDBI Bank LImited (a financial creditor). Liquidation was ordered on 27 Aug 2018, 385 days after admission (median for concluded cases: 480 days). Admitted claims stand at Rs 53,451.00 Cr.
Claims at a glance
FC 89%
OC 11%
Total admitted Rs 61,417.27 Cr · as on 25 Feb 2021
Case details
CIN
L45200TG1993PLC015545
Incorporated
1993
Registered State
Telangana
NCLT Bench
Hyderabad
Petition
CP(IB) No. 111/7/HDB/2017
Initiated by
FC — IDBI Bank LImited
Commencement
07 Aug 2017
Liquidation Order
27 Aug 2018
Admitted Claims
Rs 53,451.00 Cr
NCLT Hyderabad: median 432 days admission → verdict · 37% of concluded matters ended in plan approval (n=346, full record) · all benches →
The liquidation order
No resolution plan approved within the process — order under Section 33(1)
Non-approval of the only compliant resolution plan by the CoC — TEPL's revised plan drew 15.53% against the required 66% on e-voting closed 26.07.2018 — with the extended 270-day CIRP period expired on 04.05.2018 and the 16 excluded days expiring 28.07.2018. 'The Adjudicating Authority has not received any resolution plan from the Resolution Professional. No resolution plan was submitted to this Adjudicating Authority under Section 30(6) of the Code.'
Liquidator
Shri Savan Godiavala
the resolution professional continued as liquidator
the resolution professional continued as liquidator
Petition
IDBI Bank Limited · Section 7 · admitted 07 Aug 2017
Bench & coram
National Company Law Tribunal, Hyderabad Bench, Hyderabad
Hon'ble Shri Ratakonda Murali, Member (Judicial)
Hon'ble Shri Ratakonda Murali, Member (Judicial)
The bundle prints no CIRP-stage claims totals. The only claim figures printed are one operational creditor's, in the IA No.192 of 2018 order — BLR Logistics (I) Limited's claim of Rs. 2,61,47,905/- against an admission of Rs. 28,78,678/- (applicant's version) or Rs. 28,78,768/- (RP's reply), with Rs. 2,32,69,137/- said to have been under verification and later rejected. These are single-creditor figures, not totals, and are recorded in also_disposed.
Time in the process
180-day CIRP period 'came to an end on 02.02.2018'; extended by a further 90 days by order dated 16.01.2018 on the RP's application, 'The Date of expiry of CIRP was on 04.05.2018'. A further 16 days was excluded by this Tribunal's order dated 13.07.2018 in IA 138 of 2018, which also directed the RP to place TEPL's revised plan before the CoC; that 16-day period 'also expires on 28.07.2018'. A further exclusion of 163 days (23.11.2017 to 04.05.2018) sought by Power Mech Projects Limited in IA No.230 of 2018 was dismissed by this same order.
Market test
1
Liquidator’s fee
'I hereby direct that the fee shall be paid to the Liquidator as envisaged under Regulation 4 of IBBI (Liquidation process) Regulations, which forms part of the liquidation cost.' (p.8). Appointment is subject to his submitting written consent in the prescribed form to the Tribunal within a week.
Resolution plans that did not survive · 7
Thriveni Earthmovers Private Limited (TEPL) · rejected by CoC (15.12% of the Financial creditors approved the Revised Plan on the e-voting following the CoC of 25.04.2018; 15.53% of the Financial Creditors approved the Revised plan on e-voting closed 26.07.2018, against a required voting share of 66%)
The only one of the seven plans 'found to be the only resolution plan complying the mandatory requirements of the Code and the Regulations' — plan submitted 20.03.2018 with addendum dated 17.04.2018, informed to the CoC on 23.04.2018 where SBI Capital Markets Limited (Evaluator) and Cyril Amarchand Mangaldas (Legal Advisors) considered its key legal and commercial terms and made suggestions; a further addendum dated 24.04.2018 (the TEPL Revised Resolution Plan) was placed before the CoC on 25.04.2018 under s.30(2) and secured only 15.12% approval, communicated to TEPL by e-mail dated 01.05.2018. TEPL revised again on 01.05.2018; placed before the CoC on 02.05.2018 but 'since the plan was received only two days prior to completion of CIRP, CoC did not have adequate time to deliberate the plan', so IA 138 of 2018 was moved. After the 13.07.2018 order excluding 16 days, the revised plan 'was deliberated at length by the CoC in its meeting held on 23.07.2018', voting closed 26.07.2018 with only 15.53% approval. 'Thus, the Resolution Plan of TEPL was not approved by required voting share of Financial Creditors, which shall be 66%.'
Ingen Capital Group, LLC · lapsed — plan found deficient by the RP, not carried to a Co
One of two plans that 'provided the corporate Debtor as a going concern, but the resolution plans lacked certain mandatory requirements prescribed under the Code'. The RP 'provided adequate opportunity to each of the Resolution Applicants to remove deficiencies in their plans', sought clarifications and requested addendums/revisions; only TEPL's plan was ultimately found compliant.
Cube Highways and Infrastructure Pvt LTd · lapsed — plan found deficient by the RP, not carried to a Co
One of five plans which 'contemplated acquisition of identified asset and did not provide for insolvency resolution of the Corporate Debtor as a going concern in accordance with Part-II of the Code. They did not meet the mandatory provisions of the Code and CIR Regulations.'
Metro Asset Services Private Limited · lapsed — plan found deficient by the RP, not carried to a Co
One of five plans which 'contemplated acquisition of identified asset and did not provide for insolvency resolution of the Corporate Debtor as a going concern in accordance with Part-II of the Code. They did not meet the mandatory provisions of the Code and CIR Regulations.'
Penn Energy International Renewables Limited · lapsed — plan found deficient by the RP, not carried to a Co
One of five plans which 'contemplated acquisition of identified asset and did not provide for insolvency resolution of the Corporate Debtor as a going concern in accordance with Part-II of the Code. They did not meet the mandatory provisions of the Code and CIR Regulations.'
Rohan Solar Power Private Limited · lapsed — plan found deficient by the RP, not carried to a Co
One of five plans which 'contemplated acquisition of identified asset and did not provide for insolvency resolution of the Corporate Debtor as a going concern in accordance with Part-II of the Code. They did not meet the mandatory provisions of the Code and CIR Regulations.'
Solarland (Wuxi) Electric Power Technology Limited · lapsed — plan found deficient by the RP, not carried to a Co
One of five plans which 'contemplated acquisition of identified asset and did not provide for insolvency resolution of the Corporate Debtor as a going concern in accordance with Part-II of the Code. They did not meet the mandatory provisions of the Code and CIR Regulations.'
From the bench, verbatim"It is an admitted case that Applicant has not submitted any Resolution Plan to the Resolution Professional. Without filing any resolution plan before RP during CIRP period, it has filed the present application after completion of the CIRP period. Any subsequent change in the law will not enure to the benefit the Applicant for the simple reason the Applicant has not submitted any resolution plan to the Resolution Professional." (IA No.230 of 2018 order, p.9-10) — "The mere contention of the Applicant without filing any resolution plan that it will be disqualified in case its resolution plan is approved by CoC, is by itself not a sufficient ground for exclusion of 163 days as contended by Applicant." (IA No.230 of 2018 order, p.10) — "Thus, the Resolution Plan of TEPL was not approved by required voting share of Financial Creditors, which shall be 66%." (IA No.321 of 2018 order, p.6)
Also disposed of in this order
Liquidation period extended / time excluded IA No. 230 of 2018 — Application by M/s Power Mech Projects Limited under s.60(5) r/w s.5(13) and s.30 (body of the order reads 'Section 5(13) and Section 30'; the caption reads 'U/s 60 (5) R/w 5(13) a/w 20 of the IBC, 2016 R/w Rule 11 of the NCLT Rules, 2106') to exclude 163 days from 23.11.2017 to 04.05.2018 from the CIRP period and to direct the RP to start the bidding process afresh so the applicant could submit a plan — dismissed. Applicant had submitted confidentiality undertakings and EOIs on 28.12.2017, 02.01.2018, 08.01.2018 and 03.02.2018 and then withdrew from the process fearing s.29A(c) NPA disqualification through the corporate debtor's 25-plus debt-laden subsidiaries; held it never submitted a plan, so the 06.06.2018 Ordinance's Explanation-II relief cannot enure to it. 'In the result, Application is dismissed.' (p.11)
Directions in the liquidation IA No. 192 of 2018 — Application by M/s BLR Logistics (I) Limited (operational creditor) under s.60(5) for release and return of Bank Guarantee No.039BG00161112 dated 31.10.2011 for Rs.64,80,000/- furnished against contract No. LITL/LBPL/SER/MMS/LOA dated 14.01.2011 amounting to Rs. 6,48,00,000/-; guarantee validity expired 09.08.2018. Applicant submitted a claim of Rs. 2,61,47,905/-, of which the applicant says the IRP admitted Rs. 28,78,678/- and put Rs. 2,32,69,137/- 'under verification, which was later rejected without giving any reason or explanation'; the RP's reply states that out of the claim of Rs.2,61,47,905/-, 'an amount of Rs. 28,78,768/- is admitted'. RP's counsel assured the Tribunal the original guarantee would be returned. 'In the result IA is allowed directing the Resolution Professional to return the said original Bank Guarantee to the Applicant and obtain necessary acknowledgement for record purpose.' (p.4)
Dates the order recites · 19
07-08-2017CP(IB) No.111/7/HDB/2017 filed by IDBI Bank Limited under s.7 admitted; Savan Godiawala appointed IRP, later confirmed RP by the CoC
18-11-2017RP publishes newspaper advertisement inviting Expression of Interest
23-11-2017Ordinance introducing s.29A promulgated (start of the 163-day period later sought to be excluded)
16-01-2018Tribunal extends CIRP by a further 90 days on the RP's application
02-02-2018180-day CIRP period comes to an end
20-03-2018Thriveni Earthmovers Private Limited submits its resolution plan
17-04-2018TEPL addendum
23-04-2018CoC informed TEPL's is the only compliant plan; SBI Capital Markets Limited and Cyril Amarchand Mangaldas review its terms
24-04-2018TEPL submits a further addendum (the TEPL Revised Resolution Plan)
25-04-2018Revised plan placed before the CoC under s.30(2); e-voting yields 15.12% approval
01-05-2018Result communicated to TEPL, which revises its plan the same day
02-05-2018Revised plan placed before the CoC; CoC lacks time to deliberate; IA 138 of 2018 moved
04-05-2018Extended 270-day CIRP period expires
06-06-2018Ordinance inserting Explanation-II to s.29A
13-07-2018Order in IA 138 of 2018 excludes 16 days and directs the revised plan be placed before the CoC
23-07-2018CoC deliberates the revised TEPL plan at length and puts it to e-voting
26-07-2018E-voting closes with 15.53% approval, against the 66% required
28-07-2018The 16 excluded days expire
27-08-2018IA No.321 of 2018 allowed; Shri Savan Godiavala appointed Liquidator; IA No.230 of 2018 dismissed; IA No.192 of 2018 allowed
Read the order ↗ · scanned copy
Recent movement
27 Aug 2018
Liquidation order passed
No resolution plan approved — assets liquidated
28 Apr 2025
Others - contempt case no.5/2024 under section 425 of companies act, 2013 in ca (at) (ch)
NCLAT appeal read the order ↗
Case timeline
07 Aug 2017
CIRP commenced
Insolvency proceedings began · NCLT Hyderabad
14 further events in between
27 Aug 2018
Liquidation order passed
No resolution plan approved — assets liquidated
23 Jul 2021
Appointment of rp in pg case
NCLT order · IA IBC NO 346 2021 IN CP IB NO 02 95 HDB 2021 read the order ↗
26 Sep 2022
Sale as a going concern
NCLT order · IA IBC 561 OF 2021 IN CP IB NO 111 7 HDB 2017 read the order ↗
28 Apr 2025
Others - contempt case no.5/2024 under section 425 of companies act, 2013 in ca (at) (ch)
NCLAT appeal read the order ↗
Company
Type
Public · Company limited by shares
Listing
Unlisted
Incorporated
26 Mar 1993
Authorised capital
Rs 12,000.00 Cr
Paid-up capital
Rs 5.00 L
Industry (MCA)
Construction
ROC
ROC Hyderabad
Company status
Active
Registered address
F-2, Second Floor, Naina Residency,Plot.No-344, Road No. 07, Kakatiya Hills,Shaikpet,Hyderabad,Telangana,500081-India
Claims filing history
Latest claims position · version 1, as on 25 Feb 2021, filed by Mr. Savan Godiawala
| Creditor class (as IBBI lists it) | Claims | Claimed | Admitted | Admitted % |
|---|---|---|---|---|
| Liquidation costs incurred till date | — | — | Rs 42.52 Cr | — |
| Secured financial creditors | 24 | Rs 14,393.16 Cr | Rs 14,392.71 Cr | 99.9% |
| Unsecured financial creditors | 29 | Rs 40,636.87 Cr | Rs 39,942.47 Cr | 98% |
| Operational creditors (Workmen) | 56 | Rs 61.07 L | Rs 58.33 L | 96% |
| Operational creditors (Employees) | 937 | Rs 40.04 Cr | Rs 34.00 Cr | 85% |
| Operational creditors (Government Dues) | 25 | Rs 625.85 Cr | Rs 409.87 Cr | 65% |
| Operational creditors (other than Workmen, Employees and Government Dues) | 602 | Rs 17,345.69 Cr | Rs 6,595.11 Cr | 38% |
| Total (as IBBI prints it) | 1673 | Rs 73,042.23 Cr | Rs 61,417.27 Cr | 84% |
Of Rs 73,042.23 Cr claimed, Rs 61,417.27 Cr stands admitted — 84 paise per Rs 1 claimed. Rs 11,667.48 Cr was not admitted. Classes with no claims are not shown.
Source: IBBI claims summary for this version · IBBI PDF ↓. Claims are revised as the process runs; this page shows the latest version only.
v1 · latest
as on 25 Feb 2021 · filed by Mr. Savan Godiawala
Sources, basis and disclaimers → ·
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This case vs Construction & Infrastructure
Time to liquidation order385 days
typical for this sector 420 days · median of 252
Size rank in sector#1 of 252
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