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RESEARCH From the Research Desk — The sub-Rs 100 crore acquisition market, sized. Read it →

Intelligence / The verdicts / Resolved

Resolved cases — what a rescue pays

Every company whose resolution plan the NCLT approved, 2017 to date: admitted claims, what the plan promised, the haircut, both floors, the clocks and who bought — benchmarked by sector, claim size and bench.

23paisekept per Rs 1 admitted, median · haircut 77.3%
628daysmedian, admission → approval order

The comparables desk six figure-bearing rows public · the full desk for members

Find the comparable

Narrow by sector, claim size, bench or year; the benchmark line recomputes for the selection and every row opens to the plan, the vote and what came after.

Reset
Members six more filters · approved year, haircut band, Form G rounds, who filed, liquidation floor, listed companies
National benchmark
The whole record's medians — haircut, plan vs liquidation value, days to order — are in the tiles above. For members this line recomputes for any sector, size, bench or year they pick, with the delta against national.
Showing 6 figure-bearing rows, newest first Rs crore
Corporate debtor
Approved · time in CIRPbench · who filed
Haircutpaise per Rs 1 · vs floors
Processrounds · CoC vote · vote→order · continuity
Acquirer
Explore
Sep 202616 mo in CIRP
Rs 215.39 Cradmitted claims
Rs 1.10 Crplan value
99.5%
1 round · CoC 100%
Sanjay Punglia Along with the Person Acting in Concert, Farmswipe Private Limited
Jun 202614 mo in CIRP
Rs 77.40 Cradmitted claims
Rs 18.87 Crplan value
75.6%
1 round · CoC 100%
Vraj BVG Infrasheltors LLP
May 202614 mo in CIRP
Rs 89.27 Cradmitted claims
Rs 11.29 Crplan value
87.4%
1 round · CoC 100%
Bekem Infra Projects Private Limited
Nov 20251y 10mo in CIRP
Rs 193.16 Cradmitted claims
Rs 27.02 Crplan value
86.0%
6 rounds · CoC 100%
Shivsakthi Mercantile Private Limited
Oct 202514 mo in CIRP
Rs 38.46 Cradmitted claims
Rs 24.96 Crplan value
35.1%
2 rounds · CoC 100%
Maruti Inox (India) Pvt Ltd
Oct 20252y 10mo in CIRP
Rs 36.30 Cradmitted claims
Rs 38.00 Lplan value
99.0%
1 round · CoC 100%
M/S. Amphitrite Subsea Pvt. Ltd.

MembersThe comparables behind every plan — how haircuts spread, where the time goes, what happened after approval, and median haircut and days by claim size, sector, bench, year and who filed.See plans →Sign in

The freshest rescues from NCLT orders to 25 Sep 2026 · money columns join when IBBI's next table loads

Approved since 30 Jun 2026 — 49 companies

The plans the NCLT approved after IBBI's cut-off, weeks before their figures are published.

Corporate debtor
Approval order
NCLT bench
24 Sep 2026
NCLT Mumbai
24 Sep 2026
NCLT Ahmedabad
23 Sep 2026
NCLT Mumbai
9 Sep 2026
NCLT Ahmedabad
9 Sep 2026
NCLT Mumbai

Members43 more plans approved since 30 Jun 2026 — the full list is on Pipeline and the Full Investor Desk.See plans →Sign in

Depth on few showcase dossiers

The rescues everyone cites

The largest showcase rescues by admitted claims.

1
Jaiprakash Associates LimitedConstruction & Infrastructure · Acquirer: Adani Enterprises Ltd
Rs 60,636.82 Cr admitted → Rs 14,084.20 Cr plan value
haircut 76.8% · 89% of LVapproved Mar 2026
2
Bhushan Steel Ltd.Steel & Metals · Acquirer: TATA Steel Limited
Rs 57,505.05 Cr admitted → Rs 36,771.32 Cr plan value
haircut 36.1% · 253% of LVapproved May 2018
3
Essar Steel India Ltd.Steel & Metals · Acquirer: ArcelorMittal India Pvt. Ltd.
Rs 54,565.22 Cr admitted → Rs 42,231.78 Cr plan value
haircut 22.6% · 267% of LVapproved Mar 2019
4
Bhushan Power & Steel LimitedSteel & Metals · Acquirer: JSW Steel Limited
Rs 47,901.61 Cr admitted → Rs 19,894.86 Cr plan value
haircut 58.5% · 209% of LVapproved Sep 2019
5
Reliance Infratel LimitedIT, Telecom & Media · Acquirer: Reliance Projects & Property Management Services Limited (Formerly Known As Reliance Digital Platform & Project Services Limited)
Rs 41,055.38 Cr admitted → Rs 4,267.44 Cr plan value
haircut 89.6% · 98% of LVapproved Dec 2020
6
Alok IndustriesTextiles & Apparel · Acquirer: JM Financial Asset Reconstruction Company Limited (As Trustee to JMFARC - March 2018 - Trust, Represented by JM Financial Asset Reconstruction Limited As the Trustee) and Reliance Industries Limited
Rs 30,706.69 Cr admitted → Rs 5,115.20 Cr plan value
haircut 83.3% · 115% of LVapproved Mar 2019

MembersThe platform's note on each landmark, the professional, vote and acquirer on the newest approvals, and every row's quick view.See plans →Sign in

Our count, their count, the difference stated

How the rescues on this record reconcile to IBBI's published cumulative, and how our realisation aggregates compare on each basis.

1,484IBBI's rescued count as at 30 Jun 2026
1,477Ours, like-for-like to the same cut-off
-7Difference, documented case by case
2Carry no approval date
10Pre-packs counted apart, as IBBI counts them (11 approved)
How the two counts reconcile

Our count in the tiles above, less the plans approved after IBBI's cut-off (the register above) and the rows without an approval date, gives the like-for-like figure. The residue is documented case by case rather than forced to zero: IBBI's own cumulative absorbs removals quarter to quarter, so a perfectly graded record still drifts from it.

Realisation vs liquidation value: 170.6% here on rows carrying both figures · IBBI 166.58%. Vs admitted claims: 30.1% here · IBBI 30.52%. Vs fair value: 96% here on 953 rows carrying both · IBBI 94.72%. Aggregates of sums, IBBI basis; basis differences, stated.

As of IBBI plan figures to 30 Jun 2026 · NCLT/NCLAT orders to 25 Sep 2026 · MCA as on 12 Jun 2026 · pre-packs (10) reported apart, IBBI basis.

Sources, basis and disclaimers →Report an error