Intelligence note
Admitted to insolvency on 19 Jun 2026 by the NCLT Mumbai Bench-VI bench, on a petition by Union Bank of India. The admission order states the default at Rs 60.98 Cr, dating from 31 Dec 2016 - 9.5 years before admission. The process is 99 days old as of 26 Sep 2026; cases that ended in a resolution plan took a median of 625 days. PURUSOTTAM BEHERA is the resolution professional. The window for expressions of interest closed on 24 Sep 2026; the invitation has been issued twice.
THE CORPORATE DEBTOR IS NOT IN CIRP. ONE OF ITS PROJECTS IS. Admission order: 'the CIRP initiated pursuant to the present petition shall remain confined only to the project "Rashmi Starcity Phase II & III" situated at Naigaon (East), District Palghar and shall not extend to the unrelated projects of the CD.' Every limb of the section 14 moratorium is qualified 'in regard to the said project', and the IRP is appointed 'as the IRP in regard to the said project'. The Form G names the PROJECT where Regulation 36A asks for the company.
THE CURRENT DOCUMENT IS AN ADDENDUM AND CARRIES NO PARTICULARS: 'This is an addendum to Form G published on 19 August 2026 for extension of timelines', closing 'Note: All other details not specifically amended by this publication shall remain same as per the Form G dated August 19,2026.' It was published on 03-Sep-2026, the day the original EoI window closed.
THE DEVELOPER SAYS EVERYTHING IS ALREADY SOLD. Quoted in the order from its letter of 17.02.2025: 'In Phase II & III consists of following buildings namely as B10, B11, B13 & D1, D2, D3, D4, D5, D6 , D7, D8 consists Residential affordable flats & shops. In that we are sold all flats & shops.' Eleven buildings. No unit count is printed anywhere.
Default date and NPA date are the same day, 31.12.2016 - nine and a half years to admission. Last part-payment 23.06.2022; OTS of Rs.27.50 Crores offered 17.02.2025, rejected 24.03.2025.
The order names no other project of the corporate debtor, though it records that it is 'developing different projects'.
The RP's registration number is printed 'IBBI/IPA-002/IP-00940/2019-20/12993' on the notice but 'IBBI/IPA-002/IP-N00940/2019-2020/12993' in the order and on his own seal.
PRA eligibility criteria are not published: row 9 points to ibc.rashmirealty@gmail.com. Row 8 does point a bidder at IBBI's own claims page, the only notice of the fifteen to do so.
BOTH FORM G FILES HAVE A PRESENT BUT CORRUPT TEXT LAYER - about 198 KB of junk.
THE CORPORATE DEBTOR IS NOT IN CIRP. ONE OF ITS PROJECTS IS. Admission order: 'the CIRP initiated pursuant to the present petition shall remain confined only to the project "Rashmi Starcity Phase II & III" situated at Naigaon (East), District Palghar and shall not extend to the unrelated projects of the CD.' Every limb of the section 14 moratorium is qualified 'in regard to the said project', and the IRP is appointed 'as the IRP in regard to the said project'. The Form G names the PROJECT where Regulation 36A asks for the company.
THE CURRENT DOCUMENT IS AN ADDENDUM AND CARRIES NO PARTICULARS: 'This is an addendum to Form G published on 19 August 2026 for extension of timelines', closing 'Note: All other details not specifically amended by this publication shall remain same as per the Form G dated August 19,2026.' It was published on 03-Sep-2026, the day the original EoI window closed.
THE DEVELOPER SAYS EVERYTHING IS ALREADY SOLD. Quoted in the order from its letter of 17.02.2025: 'In Phase II & III consists of following buildings namely as B10, B11, B13 & D1, D2, D3, D4, D5, D6 , D7, D8 consists Residential affordable flats & shops. In that we are sold all flats & shops.' Eleven buildings. No unit count is printed anywhere.
Default date and NPA date are the same day, 31.12.2016 - nine and a half years to admission. Last part-payment 23.06.2022; OTS of Rs.27.50 Crores offered 17.02.2025, rejected 24.03.2025.
The order names no other project of the corporate debtor, though it records that it is 'developing different projects'.
The RP's registration number is printed 'IBBI/IPA-002/IP-00940/2019-20/12993' on the notice but 'IBBI/IPA-002/IP-N00940/2019-2020/12993' in the order and on his own seal.
PRA eligibility criteria are not published: row 9 points to ibc.rashmirealty@gmail.com. Row 8 does point a bidder at IBBI's own claims page, the only notice of the fifteen to do so.
BOTH FORM G FILES HAVE A PRESENT BUT CORRUPT TEXT LAYER - about 198 KB of junk.
Case details
CIN
U45400MH2008PTC179053
Incorporated
2008
Registered State
Maharashtra
NCLT Bench
NCLT Mumbai Bench-VI
Petition
C.P. (IB)/1119/MB/2025
Initiated by
Union Bank of India
Public Announcement
22 Jun 2026
EoI Last Date
24 Sep 2026
PRA List Date
04 Oct 2026
Objections By
09 Oct 2026
Date of Default (per admission order)
31 Dec 2016
Amount in Default (per admission order)
Rs 60.98 Cr
Commencement
19 Jun 2026
Recent movement
03 Sep 2026
Expressions of interest invited
Form G round 1 | RP: PURUSOTTAM BEHERA | EoI closes 03 Sep 2026
24 Sep 2026
EoI window closed
EoI window closed | 2 rounds held
24 Sep 2026
EoI deadline
Last date for expressions of interest from resolution applicants
Ongoing
Under CIRP — outcome awaited
No resolution plan approval or liquidation order yet in our sources
Financial summary
Sanctioned (original)
Rs 32.00 Cr
Financial creditor(s)
Union Bank of India (petitioning financial creditor)
Security & registered charges
Registered Indenture of Mortgage dated 04.03.2014 at Sub-Registrar, Vasai; security documents executed 06.03.2014. Personal guarantees and immovable property mortgages by both directors. Recall Notice 18.01.2017 for Rs. 28,10,25,983/-; SARFAESI section 13(2) Demand Notice 05.04.2017 for Rs.28,88,44,708.35/- as at 31.03.2017.
Parallel proceedings & process history
IA (I.B.C) 514/MB/2026, the corporate debtor's own section 65 application alleging malicious initiation, was REJECTED the same day: 'IA No. 514/(MB)2026 filed under Section 65 ... is rejected', 'there being no material whatsoever to establish fraudulent or malicious initiation'. Its alternative plea succeeded: 'the contention of the Corporate Debtor for project-wise insolvency is allowed.'
Form-G / EoI history
R1 Form G dated 19-Aug-2026: EoI 03-09-2026prov 13-09-2026obj 18-09-2026 | final 28-09-2026 | IM 03-10-2026 | plans 02-11-2026. ADDENDUM dated 03-Sep-2026 extended every milestone by exactly 21 days: EoI 24-09-2026 | prov 04-10-2026 | obj 09-10-2026 | final 19-10-2026 | IM 24-10-2026 | plans 23-11-2026. ONE ROUND, EXTENDED. IBBI remark names the parent: 'Addendum to Form G published on August 19, 2026'.
EoI / Form-G detail
Plan submission by
09 Oct 2026
Case timeline
19 Jun 2026
CIRP admitted — NCLT order
Insolvency commencement date — the statutory clock runs from here · NCLT NCLT Mumbai Bench-VI
22 Jun 2026
Public announcement
Admission announced — claims invited
22 Jun 2026
Admitted to CIRP
IRP: PURUSOTTAM BEHERA
03 Sep 2026
Expressions of interest invited
Form G round 1 | RP: PURUSOTTAM BEHERA | EoI closes 03 Sep 2026
24 Sep 2026
EoI window closed
EoI window closed | 2 rounds held
24 Sep 2026
EoI deadline
Last date for expressions of interest from resolution applicants
Ongoing
Under CIRP — outcome awaited
No resolution plan approval or liquidation order yet in our sources
3 months elapsed · in cirp so far
Business, promoters & security
Admission order: 'engaged in real estate development and construction, including infrastructure'. Form G heading: 'OPERATING IN BUSINESS OF REAL ESTATE DEVELOPMENT AT JUCHANDRA-CHANDRAPADA ROAD MAHALAKSHMI NAGAR, NAIGAON EAST, PALGHAR DISTRICT, MAHARASHTA (FOR SPECIFIC PROJECT - RASHMI STARCITY PHASE II & III)'. Employees '17 (apprx)'. NOTE: only the project is in CIRP, not the company.
Promoters / directors
Directors Mr. Yogesh Bosmiya and Mr. Hemendra Bosmiya executed personal guarantees and mortgaged immovable properties.
Asset locations
Project in CIRP: Rashmi Starcity Phase II & III, Juchandra-Chandrapada Road, Mahalakshmi Nagar, Naigaon East, Palghar District, Maharashtra 401208. Mortgaged land per the First Schedule: 'Old Survey No. 331. New Survey no. 366/ Hissa no. 1P, area adm. H.R.P.0.24.3 i.e. 24.30 Guntha & Old Survey No. 330/ New Survey no. 360 Hissa No. 7, area adm. H.R. P.0.40.0, i.e., 40.00 Guntha/ total adm. 64.3 Guntha'. Registered office: B/215, Shanti Shopping Centre, Opp. Railway Station, Mira Road (East), Thane 401107.
Petition
C.P. (IB)/1119/MB/2025 · Section 7
Company
Type
Private · Company limited by shares
Listing
Unlisted
Incorporated
19 Feb 2008
Authorised capital
Rs 5.00 Cr
Paid-up capital
Rs 4.60 Cr
Industry (MCA)
Construction
ROC
ROC Mumbai
Company status
Active
Registered address
B/215, Shanti Shopping Centre, Opp. Railway Station,Mira Road (East),Thane,Maharashtra,401107-India
Claims filing history
Operational creditors ↓
Secured financial creditors ↓
FC — class of creditors (homebuyer-type) ↓
Unsecured financial creditors ↓
| Creditor class | Claimed | Admitted | Admitted % |
|---|---|---|---|
| Secured financial creditors | Rs 89.53 Cr | Rs 89.53 Cr | 100% |
| Unsecured financial creditors | Rs 35.79 Cr | Rs 35.79 Cr | 100% |
| FC — class of creditors (homebuyer-type) | Rs 8.55 Cr | Rs 5.48 Cr | 64% |
| Operational creditors | Rs 95.59 L | Rs 95.59 L | 100% |
| Total of listed classes | Rs 134.83 Cr | Rs 131.76 Cr | 98% |
Of Rs 134.83 Cr claimed across these classes, Rs 131.76 Cr stands admitted — 98 paise per Rs 1 claimed made it past verification.
v1 · latest
as on 10 Jul 2026 · filed by PURUSOTTAM BEHERA
Sources, basis and disclaimers → ·
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Key parties
Resolution Professional
21 IBBI mandates · 105.2% of liquidation value realised across concluded work
IRP at commencement
Purusottam Behera → · Jun 2026
CIRP initiated by
Union Bank of India
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