Intelligence note
A homebuyer-led resolution: 43 homebuyers in class held 83.18% of CoC voting share against 16.82% with other unsecured financial creditors. Related-party financial claims of Rs 16.23 Cr were admitted without voting rights under Section 21(2). Total admitted claims Rs 23.96 Cr. The plan of Mr. Rajendra Hirani secured 100% of voting members in e-voting concluded 08.07.2025; LoI issued the next day.
Case details
CIN
U70100MP2008PTC020794
Incorporated
2008
Registered State
Madhya Pradesh
NCLT Bench
Indore
Initiated by
FC — Nirmal Kumar Jain & Ors
Defunct / BIFR
0
Commencement
16 Oct 2024
Outcome Date
09 Mar 2026
Admitted Claims
₹23.96 Cr
Liquidation Value
₹21.18 Cr
Fair Value
₹24.92 Cr
Realisable Amount
₹17.53 Cr
Recovery vs Claims
73.17%
Recovery vs LV
82.8%
Recent movement
09 Mar 2026
Resolution plan approved
Acquired by Mr. Rajendra Hirani
Haircut 26.83%
Haircut 26.83%
16 Mar 2026
Others - i.a. no. 495 & 503 of 2026 in ca (at) (ins) no. 132 & 134 of 2026
NCLAT appeal read the order ↗
Valuations & recovery
Fair value
₹24.92 Cr
Liquidation value
₹21.18 Cr
Recovery vs fair value
70.36%
Recovery vs liquidation value
82.8%
The plan
Successful applicant
Mr. Rajendra Hirani
CoC approval
100.00% voting share · 08 Jul 2025
How the plan pays
·Plan approved through e-voting window 04.07.2025 to 08.07.2025 with 100% of voting members
·Letter of Intent issued 09.07.2025 and unconditionally accepted by the SRA
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
Case timeline
16 Oct 2024
CIRP commenced
Insolvency proceedings began · NCLT Indore
26 Dec 2024
Expressions of interest invited
RP: Mr. Hasti Mal Kachhara
09 Mar 2026
Resolution plan approved
Acquired by Mr. Rajendra Hirani
Haircut 26.83%
Haircut 26.83%
16 Mar 2026
Others - i.a. no. 495 & 503 of 2026 in ca (at) (ins) no. 132 & 134 of 2026
NCLAT appeal read the order ↗
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 Cr
Paid-up capital
₹0.23 Cr
Industry (MCA)
Real Estate and Renting
ROC
ROC Gwalior
Company status
Active — company survived resolution
Registered address
G-1, Pushparatan Castle,,12 Kanchanbag,Indore,Indore,Madhya Pradesh,452001-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
Secured FC — class of creditors
Secured financial creditors
v5 · latest
as on 26 Jun 2025 · filed by Mr. Hasti Mal Kachhara
v4
as on 25 Jun 2025 · filed by Mr. Hasti Mal Kachhara
v3
as on 23 May 2025 · filed by Mr. Hasti Mal Kachhara
v2
as on 30 Nov 2024 · filed by Mr. Hasti Mal Kachhara
v1
as on 01 Nov 2024 · filed by Mr. Hasti Mal Kachhara
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.
Committee of creditors
Unsecured Financial Creditors (other than class)
5 creditors; admitted incl Rs 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
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 Real Estate & Housing
Haircut26.8%
typical for this sector 67.1% · median of 81
Recovery vs liquidation value82.8%
typical for this sector 120.9% · median of 79
72% of resolutions in this sector recovered more than their liquidation value.
Time to resolution509 days
typical for this sector 784 days · median of 83
Size rank in sector#64 of 83
Medians across every recorded Real Estate & Housing 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
10 IBBI mandates · 89.5% of liquidation value realised across concluded work
IRP at commencement
Hasti Mal Kachhara → · Oct 2024
CIRP initiated by
Nirmal Kumar Jain & Ors FC
Resolution applicant
Mr. Rajendra Hirani
Mr. Rajendra Hirani - individual resolution applicant
Get full access
Weekly intelligence digest, RP tracker, live case movement and sector analysis for ARCs, PE funds and resolution professionals.
Apply for access →That was the whole dossier
Nothing was held back on this page — this company is showcased, so it opens in full for everyone. Every other company on stressed.in carries the same depth: the admitted claims, the recovery against liquidation value, the committee, the orders and the benchmarks it sits inside.
Subscribers open all of them. If you only need one, any single company is ₹1,999 — bought outright, yours permanently, including future updates — and the whole ₹1,999 comes off your first month if you subscribe within 30 days. So starting with one case costs nothing against subscribing later.