Intelligence note
Admitted 16 Oct 2024 by the Indore bench on a petition by Nirmal Kumar Jain & Ors (a financial creditor). Default per the admission order: ₹3.69 Cr. Plan from Mr. Rajendra Hirani approved 9 Mar 2026, 509 days after admission (resolved-case median: 630 days). Creditors realise 100.00% of ₹23.96 Cr admitted; haircut 0.0% (median 78.0% across resolutions). That is 113.1% of liquidation value (₹21.18 Cr), better than a break-up sale.
This was a homebuyer-led resolution: 43 homebuyers in the class held 83.18% of the CoC vote, and related-party claims of ₹16.23 Cr were admitted without voting rights. On 13 Jul 2026 NCLAT rejected the landowners' appeals against the approval.
This was a homebuyer-led resolution: 43 homebuyers in the class held 83.18% of the CoC vote, and related-party claims of ₹16.23 Cr were admitted without voting rights. On 13 Jul 2026 NCLAT rejected the landowners' appeals against the approval.
Case details
CIN
U70100MP2008PTC020794
Incorporated
2008
Registered State
Madhya Pradesh
NCLT Bench
Indore
Petition
CP(IB) 26 of 2024
Initiated by
FC — Nirmal Kumar Jain & Ors
Amount in Default (per admission order)
₹3.69 Cr · 15.4% of admitted claims
Commencement
16 Oct 2024
Outcome Date
9 Mar 2026
Admitted Claims
₹23.96 Cr
Liquidation Value
₹21.18 Cr
Fair Value
₹24.92 Cr
Realisable Amount
₹23.96 Cr
Recovery vs Claims
100.00%
Recovery vs LV
113.1%
NCLT Indore: median 461 days admission → verdict · 49% of concluded matters ended in plan approval (n=35, full record) · all benches →
Plan at a glance
The deal
₹25.01 Cr; homebuyers may instead opt for a refund of 2x the amount paid
Winning plan
Rajendra M. Hirani, with 100% of the CoC vote
Also in the race: Amit Thakkar, Proprietor of Amit Enterprises (plan submitted), Panama Infraprojects Private Limited (plan submitted)
Also in the race: Amit Thakkar, Proprietor of Amit Enterprises (plan submitted), Panama Infraprojects Private Limited (plan submitted)
Funding
Total proposed infusion is ₹18.54 Cr through equity and debt, including ₹18.53 Cr from internal accruals and/or owned funds.
Payout period
financial debts proposed to be paid over 1,825 days with early payment via discounted value method; home buyer allotments within Effective Date + 60 months (including 12-month grace)
Who gets what (₹ crore)
| Admitted | Provided in the plan | % of admitted | |
|---|---|---|---|
| Financial creditors | 23.96 | 23.96 | 100% |
| Operational and other creditors | 0.00 | 0.00 | – |
| All creditors | 23.96 | 23.96 | 100% |
All creditors together: about 100 paise for every ₹1 of admitted claims.
Recent movement
9 Mar 2026
Resolution plan approved
Acquired by Mr. Rajendra Hirani
Haircut 0.00%
Haircut 0.00%
Valuations & recovery
Fair value
₹24.92 Cr
Liquidation value
₹21.18 Cr
Recovery vs fair value
96.15%
Recovery vs liquidation value
113.1%
The plan
Successful applicant
Mr. Rajendra Hirani
CoC approval
100% voting share · 8th meeting · voted 8 Jul 2025
How the plan pays
·Plan approved through e-voting window 4 Jul 2025 to 8 Jul 2025 with 100% of voting members
·Letter of Intent issued 9 Jul 2025 and unconditionally accepted by the SRA
EoI / Form-G detail
Dates as captured from IBBI on 30 Aug 2026
Case timeline
16 Oct 2024
CIRP commenced
Insolvency proceedings began · NCLT Indore
26 Dec 2024
EoI deadline
RP: Hasti Mal Kachhara
9 Mar 2026
Resolution plan approved
Acquired by Mr. Rajendra Hirani
Haircut 0.00%
Haircut 0.00%
17 months elapsed · admission → resolution
Company
Legal name
PUSHP RATNA REALTY PRIVATE LIMITED
Type
Private · Company limited by shares
Listing
Unlisted
Incorporated
17 Jun 2008
Authorised capital
₹1.00 Cr
Paid-up capital
₹23.05 L
Industry (MCA)
Real Estate and Renting
ROC
ROC Gwalior
Company status
Active
Registered address
G-1, Pushparatan Castle, 12 Kanchanbag, Indore, Indore, Madhya Pradesh, 452001, India
Claims filing history
v5 · latest
as on 26 Jun 2025 · filed by Hasti Mal Kachhara
v4
as on 25 Jun 2025 · filed by Hasti Mal Kachhara
v3
as on 23 May 2025 · filed by Hasti Mal Kachhara
v2
as on 30 Nov 2024 · filed by Hasti Mal Kachhara
v1
as on 1 Nov 2024 · filed by Hasti Mal Kachhara
Committee of creditors
Unsecured Financial Creditors (Other Than Class)
5 creditors; admitted incl ₹16.23 Cr r
₹17.53 Cr
16.82% vote
16.82% vote
Homebuyers (Financial Creditors in Class)
43 claimants admitted
₹6.43 Cr
83.18% vote
83.18% vote
Sources, basis and disclaimers → ·
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This case vs Real Estate & Housing
Haircut0.0%
typical for this sector 67.6%
Recovery vs liquidation value113.1%
typical for this sector 119.9%
73% of resolutions in this sector recovered more than their liquidation value — this one did.
Time to resolution509 days
typical for this sector 761 days
Size rank in sector#79 of 98
Key parties
Resolution Professional
17 IBBI mandates · 2 of 3 resolved plans beat the liquidation floor
IRP at commencement
Hasti Mal Kachhara → · Oct 2024
Per IBBI's register of insolvency professionals, read 5 Oct 2026
CIRP initiated by
Nirmal Kumar Jain & Ors FC
Resolution applicant
Mr. Rajendra Hirani
About the applicant
Mr. Rajendra Hirani - individual resolution applicant
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