Intelligence note
Admitted 17 Jan 2025 by the Mumbai bench on a petition by Cosmos Co-Operative Bank Limited (a financial creditor). Default dated 31 Jul 2017 per the admission order (7.5 years before admission). Plan from Cian Agro Industries & Infrastructure Limited approved 24 Mar 2026, 431 days after admission (resolved-case median: 630 days). Creditors realise 16.43% of ₹58.13 Cr admitted; haircut 83.6% (median 78.0% across resolutions). That is 105.1% of liquidation value (₹9.09 Cr), better than a break-up sale.
Two rival applicants raised their offers round by round: Cian from ₹8.20 Cr to ₹9.75 Cr and IATSPT from ₹6.00 Cr to ₹9.50 Cr, before Cian's plan won 100% of the CoC vote. The petition was filed on 9 Feb 2022 and admitted almost three years later.
Two rival applicants raised their offers round by round: Cian from ₹8.20 Cr to ₹9.75 Cr and IATSPT from ₹6.00 Cr to ₹9.50 Cr, before Cian's plan won 100% of the CoC vote. The petition was filed on 9 Feb 2022 and admitted almost three years later.
Case details
CIN
U29248MH2014PTC254415
Incorporated
2014
Registered State
Maharashtra
NCLT Bench
Mumbai
Petition
CP (IB) /729/MB/2022
Initiated by
FC — Cosmos Co-operative Bank Limited
Date of Default (per admission order)
31 Jul 2017
Commencement
17 Jan 2025
Outcome Date
24 Mar 2026
Admitted Claims
₹58.13 Cr
Liquidation Value
₹9.09 Cr
Fair Value
₹13.13 Cr
Realisable Amount
₹9.55 Cr
Recovery vs Claims
16.43%
Recovery vs LV
105.1%
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
₹9.75 Cr; 20% (₹1.95 Cr) within 30 days
Winning plan
CIAN Agro Industries & Infrastructure Limited, with 100% of the CoC vote
Also in the race: Industrial Asset Transaction Services Private Ltd (IATSPT) (plan submitted)
Also in the race: Industrial Asset Transaction Services Private Ltd (IATSPT) (plan submitted)
Funding
Ideal Energy Projects Ltd. issued a Comfort Letter undertaking financial support for the entire Plan Consideration.
Payout period
360 days from Effective Date
Monitoring
Comprises the Resolution Professional as Chairperson, one representative each of the Resolution Applicant and the Committee of Creditors
Who gets what (₹ crore)
| Admitted | Provided in the plan | % of admitted | |
|---|---|---|---|
| Financial creditors | 56.86 | 9.50 | 16.7% |
| Operational and other creditors | 1.27 | 0.05 | 3.9% |
| All creditors | 58.13 | 9.75 | 16.8% |
Financial and operational creditors together: ₹9.55 Cr. The plan’s total of ₹9.75 Cr also covers amounts outside these two rows.
Recent movement
17 Jan 2025
CIRP commenced
Insolvency proceedings began · NCLT Mumbai
21 Mar 2025
EoI deadline
RP: Atul Rajwadkar
24 Mar 2026
Resolution plan approved
Acquired by Cian Agro Industries & Infrastructure Limited
Haircut 83.57%
Haircut 83.57%
Valuations & recovery
Fair value
₹13.13 Cr
Liquidation value
₹9.09 Cr
Recovery vs fair value
72.73%
Recovery vs liquidation value
105.1%
The plan
Successful applicant
Cian Agro Industries & Infrastructure Limited
CoC approval
100% voting share · voted 6 Oct 2025
How the plan pays
·Cian's offer rose from ₹8.20 Cr to ₹8.90 Cr and then ₹9.75 Cr (including ₹20.00 lakh CIRP cost); IATSPT's rose from ₹6.00 Cr to ₹9.50 Cr. Applicants had to deposit ₹97.50 lakh. Cian sent its final revised plan on 23 Aug 2025.
Contested - rival bids
Industrial Asset Transaction Services Private Ltd (IATSPT)rival prospective resolution applicant through multiple bid rounds
EoI / Form-G detail
Dates as captured from IBBI on 30 Aug 2026
Case timeline
17 Jan 2025
CIRP commenced
Insolvency proceedings began · NCLT Mumbai
21 Mar 2025
EoI deadline
RP: Atul Rajwadkar
24 Mar 2026
Resolution plan approved
Acquired by Cian Agro Industries & Infrastructure Limited
Haircut 83.57%
Haircut 83.57%
14 months elapsed · admission → resolution
Company
Legal name
SHUBHADA TOOL INDUSTRIES PRIVATE LIMITED
Type
Private · Company limited by shares
Listing
Unlisted
Incorporated
15 Mar 2014
Authorised capital
₹2.50 Cr
Paid-up capital
₹75.00 L
Industry (MCA)
Manufacturing (Machinery and Equipments)
ROC
ROC Mumbai
Company status
Active
Registered address
23, Pushpkunj Commercial Complex, 3RD Floor, Central Bazar Road, Ramdaspeth, Nagpur, Nagpur, Maharashtra, 440010, India
Claims filing history
| Creditor class | Claimed | Admitted | Admitted % |
|---|---|---|---|
| Secured financial creditors | ₹56.86 Cr | ₹56.86 Cr | 100% |
| Operational creditors | ₹1.27 Cr | ₹1.27 Cr | 100% |
| Total of listed classes | ₹58.13 Cr | ₹58.13 Cr | 100% |
v1 · latest
as on 31 Jan 2025 · filed by Atul Rajwadkar
Sources, basis and disclaimers → ·
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This case vs Machinery & Equipment
Haircut83.6%
typical for this sector 79.4%
Recovery vs liquidation value105.1%
typical for this sector 113.3%
68% of resolutions in this sector recovered more than their liquidation value — this one did.
Time to resolution431 days
typical for this sector 659 days
Size rank in sector#21 of 39
Key parties
Resolution Professional
15 IBBI mandates · 2 of 2 resolved plans beat the liquidation floor
IRP at commencement
Atul Rajwadkar → · Jan 2025
Per IBBI's register of insolvency professionals, read 5 Oct 2026
CIRP initiated by
Cosmos Co-Operative Bank Limited FC
Resolution applicant
Cian Agro Industries & Infrastructure Limited
About the applicant
Cian Agro Industries & Infrastructure Limited - listed-company acquirer
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