Intelligence note
Admitted 9 Sep 2022 by the Mumbai bench on a petition by Nitin Sathgare and Others (a financial creditor). Plan from Chemhub Tradelink Private Limited approved 25 Apr 2024, 594 days after admission (resolved-case median: 630 days). Creditors realise 7.81% of ₹8,933.92 Cr admitted; haircut 92.2% (median 78.0% across resolutions). That is 201.2% of liquidation value (₹346.51 Cr), better than a break-up sale.
SEBI's appeal against the approval failed on delay at the NCLAT (21 Nov 2024), and the NCLAT refused to recall that order on 03 Nov 2025. The buyer, Chemhub Tradelink, was merged into the company under the plan.
SEBI's appeal against the approval failed on delay at the NCLAT (21 Nov 2024), and the NCLAT refused to recall that order on 03 Nov 2025. The buyer, Chemhub Tradelink, was merged into the company under the plan.
Case details
CIN
U91900MH1997PLC105363
Incorporated
1997
Registered State
Maharashtra
NCLT Bench
Mumbai
Petition
CP (IB) 4578/MB/C-I/2018
Initiated by
FC — Nitin sathgare and others
Commencement
9 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=1,269, full record) · all benches →
Plan at a glance
The deal
₹707.00 crores in all: ₹27.00 crores upfront and ₹680.00 crores later, against admitted claims of ₹6144.46 crores
Winning plan
Chemhub Tradelink Private Limited, with 100% of the CoC vote
Also in the race: Consortium of Vijay K. Oswal, Shanti Hospitality and Kantadevi V. Oswal (plan submitted), Ashdan Properties Private Limited (rejected by the CoC), RKG Fund I, a scheme of RKG Trust (withdrew)
Also in the race: Consortium of Vijay K. Oswal, Shanti Hospitality and Kantadevi V. Oswal (plan submitted), Ashdan Properties Private Limited (rejected by the CoC), RKG Fund I, a scheme of RKG Trust (withdrew)
Shares
Implementing Entity to be merged into the company by way of a Reverse Merger; authorised share capital increased for Upfront Fund Infusion and Reverse Merger
Payout period
Sharing Amount payable during a period not exceeding 3 (three) years from the Transfer Date; Minimum Deferred Amount payable upon expiry of 3 years from Transfer Date
Who gets what (₹ crore)
| Admitted | Provided in the plan | % of admitted | |
|---|---|---|---|
| Financial creditors | 7,215.43 | 688.54 | 9.5% |
| Operational and other creditors | 1,718.49 | 2.00 | 0.12% |
| All creditors | 8,933.92 | 697.32 | 7.8% |
Financial and operational creditors together: ₹690.54 Cr. The plan’s total of ₹697.32 Cr also covers amounts outside these two rows.
All creditors together: about 8 paise for every ₹1 of admitted claims.
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% voting share · voted 30 Nov 2023
How the plan pays
·Total outlay about ₹707.00 Cr, of which about ₹697.00 Cr goes to creditors in full and final settlement, 6.38% of claims. Fair value ₹459.66 Cr; liquidation value ₹346.51 Cr. If the CoC and sharing amounts are not payable within 3 years, financial creditors get a minimum ₹200 Cr.
EoI / Form-G detail
Dates as captured from IBBI on 17 Sep 2026
Case timeline
4 Dec 2017
NCLAT appeal
CA AT INSOLVENCY NO 162 2017
7 further events in between
9 Sep 2022
CIRP commenced
Insolvency proceedings began · NCLT Mumbai
7 Dec 2022
EoI deadline
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
Company
Type
Public · Company limited by shares
Listing
Unlisted
Incorporated
24 Jan 1997
Authorised capital
₹7.01 Cr
Paid-up capital
₹1.00 L
Industry (MCA)
Transport, storage and Communications
ROC
ROC Mumbai
Company status
Active
Registered address
103, Floor 1st, Plot-24, KAY Building, Walchand Hirachand Marg, Ballard Estate, Mumbai, Mumbai, Maharashtra, 400001, India
Claims filing history
Operational creditors ↓
2 ↓
3 ↓
FC — class of creditors (homebuyer-type) ↓
Unsecured financial creditors ↓
v10 · latest
as on 25 Apr 2024 · filed by Rajesh Sureshchandra Sheth
v9
as on 17 Nov 2023 · filed by Rajesh Sureshchandra Sheth
v8
as on 8 Aug 2023 · filed by Rajesh Sureshchandra Sheth
v7
as on 8 Dec 2022 · filed by Rajesh Sureshchandra Sheth
v6
as on 8 Dec 2022 · filed by Rajesh Sureshchandra Sheth
Show all 10 versions
v5
as on 8 Dec 2022 · filed by Rajesh Sureshchandra Sheth
v4
as on 8 Dec 2022 · filed by Rajesh Sureshchandra Sheth
v3
as on 8 Dec 2022 · filed by Rajesh Sureshchandra Sheth
v2
as on 10 Oct 2022 · filed by Rajesh Sureshchandra Sheth
v1
as on 23 Sep 2022 · filed by Rajesh Sureshchandra Sheth
Sources, basis and disclaimers → ·
report an error
This case vs Hospitality & Leisure
Haircut92.2%
typical for this sector 69.3%
Recovery vs liquidation value201.2%
typical for this sector 122.7%
70% of resolutions in this sector recovered more than their liquidation value — this one did.
Time to resolution594 days
typical for this sector 597 days
Size rank in sector#1 of 43
Key parties
Resolution Professional
6 IBBI mandates · 3 of 3 resolved plans beat the liquidation floor
IRP at commencement
Rajesh Sureshchandra Sheth → · Sep 2022
Per IBBI's register of insolvency professionals, read 5 Oct 2026
CIRP initiated by
Nitin Sathgare and Others FC
Resolution applicant
Chemhub Tradelink Private Limited
About the applicant
Chemhub Tradelink Private Limited: wholly owned by certain promoters and promoter group of Kiri Industries Limited, and controlled by the same promoters and promoter group entities.
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