Intelligence note
IBBI Vol 32 T4 Part A (prior): RP 2024-04-25; admitted 8933.92cr, 7.81% to claimants. Large case.
Case details
CIN
U91900MH1997PLC105363
Incorporated
1997
Registered State
Maharashtra
NCLT Bench
Mumbai
Initiated by
FC — Nitin sathgare and others
Defunct / BIFR
0
Commencement
09 Sep 2022
Outcome Date
25 Apr 2024
Admitted Claims
₹8,933.92 Cr
Liquidation Value
₹346.51 Cr
Fair Value
₹459.66 Cr
Realisable Amount
₹697.32 Cr
Recovery vs Claims
7.81%
Recovery vs LV
201.2%
NCLT Mumbai: median 550 days admission → verdict · 34% of concluded matters ended in plan approval (n=1,203, full record) · all benches →
Recent movement
25 Apr 2024
Resolution plan approved
Acquired by Chemhub Tradelink Private Limited
Haircut 92.19%
Haircut 92.19%
Valuations & recovery
Fair value
₹459.66 Cr
Liquidation value
₹346.51 Cr
Recovery vs fair value
151.70%
Recovery vs liquidation value
201.2%
The plan
Successful applicant
Chemhub Tradelink Private Limited
CoC approval
100.00% voting share · 1st meeting · 23 Aug 2023
How the plan pays
·Total Outlay of approx Rs 7,07,00,00,000, of which approx Rs 6,97,00,00,000 proposed to be paid to Creditors in full and final settlement
·Fair Value Rs 459.66 Crores; Liquidation Value Rs 346.51 Crores
·Financial Creditors (Priority Fourth): Admitted Claims Rs 4437.23 Crores; Upfront Cash Recovery Rs 15.00 Crores; Balance Payment Rs 53.00 Crores; Total Payment Rs 68.00 Crores
·Minimum Deferred Amount: if the CoC Entitlement Amount and Sharing Amount do not become payable within 3 years from the Transfer Date, the Implementing Entity shall pay Assenting Financial Creditors Rs 200 Crores upon expiry of that period
·Grand Total (Form-H stakeholder table, Rs lakh): Claimed 10,92,426.46; Admitted 8,93,392.11; Provided under the Plan 69,731.79; Provided to Claimed 6.38%
Curated verbatim from the NCLT plan-approval order - the authoritative per-case record. Contingent components pay only if their conditions occur.
Case timeline
04 Dec 2017
NCLAT appeal
CA AT INSOLVENCY NO 162 2017
09 Sep 2022
CIRP commenced
Insolvency proceedings began · NCLT Mumbai
07 Dec 2022
Expressions of interest invited
RP: Rajesh Sureshchandra sheth
25 Apr 2024
Resolution plan approved
Acquired by Chemhub Tradelink Private Limited
Haircut 92.19%
Haircut 92.19%
1 year 7 months elapsed · admission → resolution
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 →.
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This case vs Other Services
Haircut92.2%
typical for this sector 78.1% · median of 155
Recovery vs liquidation value201.2%
typical for this sector 121.7% · median of 149
75% of resolutions in this sector recovered more than their liquidation value — this one did.
Time to resolution594 days
typical for this sector 603 days · median of 160
Size rank in sector#6 of 160
Medians across every recorded Other Services 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
3 IBBI mandates · 185.7% of liquidation value realised across concluded work
IRP at commencement
Rajesh Sureshchandra sheth → · Sep 2022
CIRP initiated by
Nitin sathgare and others FC
Resolution applicant
Chemhub Tradelink Private Limited
Chemhub Tradelink Private Limited - wholly owned by certain promoters and promoter group of Kiri Industries Limited; management, policy decisions and operations of both the applicant and Kiri Industries are controlled by the same promoters and promoter group entities
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