The creditor’s desk · what the record shows
You are owed money. What does the record say actually happens?
Not a projection of your recovery — nobody can honestly give you one, and you should be wary of anyone who does. What this page gives you is the concluded record: how cases have ended, what approved plans paid against admitted claims, how long it took, and the three questions that decide where your own claim lands.
Every figure below is the whole concluded record on this site, not a sample · medians and aggregates only — no case is identified here · methodology · report an error
The first question
A plan is not the usual ending
every concluded case on the record
Liquidation is the single most common outcome, not resolution. That is the first thing a creditor should take from the record, because the two endings pay very differently and are governed by different rules. A plan pays what the plan says. A liquidation pays out of what the estate realises, strictly in the order section 53 sets. A further 2,770 companies are still in CIRP with no outcome yet, and are not counted in the shares above.
The second question
When a plan is approved, what did creditors get?
Added up across every case where both figures are held, approved plan value came to 28.5% of admitted claims. Behind the median in the tile above there is an enormous range: the middle half of cases fell between a 52% haircut and an 90% one, and a quarter of cases sit outside that on each side. The spread is the point. A median is the middle of a very wide distribution, and which end of it a case lands on is decided long before any creditor files.
| Haircut on admitted claims | Cases | Share | What it meant for creditors |
|---|---|---|---|
| Below zero | 27 | 2% | Plan value exceeded admitted claims |
| Under 40% | 187 | 15% | More than 60 paise in the rupee |
| 40% to 70% | 272 | 22% | Between 30 and 60 paise in the rupee |
| 70% and above | 742 | 61% | Under 30 paise in the rupee |
Haircut is measured against admitted claims — the figure the resolution professional accepted, which is often lower than the figure a creditor filed. Population: the cases on this record that carry both figures.
The floor that actually protected creditors was not the claim, it was the liquidation value. A plan has to beat what the company would fetch broken up; 903 of 1,222 cases with both figures came in at or above it, and in aggregate plans paid 171.5% of liquidation value. A high haircut against claims and a healthy multiple of liquidation value are the same case seen from two ends — which is why a recovery percentage means nothing until you know which denominator it used.
What none of this tells you. These are national figures across concluded cases. Your own recovery depends on the outcome of your case, on where your class ranks in the distribution, and on the amount finally admitted against your name — none of which a median can supply. Anyone quoting you a recovery number for a live case is guessing.
The third question
Where you stand in the queue
section 53 · the liquidation waterfall
In a resolution plan, what each class receives is what the plan proposes and the committee approves — the Code requires that dissenting financial creditors and operational creditors get at least what they would have received in liquidation, so the waterfall below sets the floor even when it is not the mechanism. In a liquidation it is the mechanism: proceeds are distributed strictly in this order, and a lower rank is paid only once every rank above it is paid in full.
| Rank | Who is paid |
|---|---|
| 1 | The costs of the insolvency resolution process and of the liquidation, in full. |
| 2 | Workmen’s dues for the 24 months before the liquidation commencement date, and debts owed to secured creditors who gave up their security to the liquidation estate — these two rank equally. |
| 3 | Wages and unpaid dues owed to employees other than workmen, for the 12 months before the liquidation commencement date. |
| 4 | Financial debts owed to unsecured creditors. |
| 5 | Government dues for the two years before the liquidation commencement date, and debts owed to a secured creditor for any amount unpaid after it enforced its own security — equally. |
| 6 | Any remaining debts and dues. |
| 7 | Preference shareholders. |
| 8 | Equity shareholders or partners. |
The order is set by section 53(1) of the Code. This is the shape of the provision, not its full text — read the section and take advice on how your own debt is classified.
Two things creditors most often get wrong here. An operational creditor — a supplier, a contractor, a service provider — sits at rank 6 in a liquidation, below unsecured financial debt. And a secured creditor that enforces its own security outside the process drops to rank 5 for whatever is left unpaid, while one that surrenders its security to the estate ranks at 2. Which side of that choice a lender is on changes the answer completely.
The fourth question, and the one nobody warns you about
How long your money is tied up
The Code sets an outer limit of 330 days from admission, including the time taken by litigation. The record sits some way from it: of 1,517 concluded cases where both dates are held, only 178 finished inside that limit — 12% of them. The median, in the tile at the top of this page, is the honest planning figure.
For a creditor that is the real cost nobody quotes: not only the haircut, but the years the money is neither written off nor received. It is also why filing early matters more than filing perfectly — the process moves without you.
And an approved plan is not always the end. 64 companies on this record carry resolution figures and now sit in liquidation — the plan was approved and the company came back. A creditor reading a recovery percentage on a recent approval is reading an intention, not a receipt.
What is actually in your hands
Four things worth doing, in this order
Common questions
The ones we are asked most
Can anyone tell me what I will recover?
No — and the honest version of that answer is the useful one. Recovery depends on which of the three endings the case reaches, on what the estate or the plan is worth, on where your class ranks, and on the amount finally admitted against your name. Every figure on this page is the record looking backwards across concluded cases. None of it is a forecast, and a firm number offered for a live case is a guess wearing a percentage sign.
My claim was admitted for less than I filed. What now?
The resolution professional verifies claims against the records and admits what the evidence supports. The first step is the professional — ask what was accepted and what was not, and supply what is missing. Beyond that the adjudicating authority decides. This is the single most common point at which a creditor’s expected recovery changes, and it happens early, before any plan is voted on.
Is it worth filing for a small amount?
Filing costs nothing beyond assembling your proof — no fee is payable to the professional or to IBBI. A claim that is not filed is not in the process at all, and cannot be revisited later on the grounds that it was too small to bother with.
The company was admitted years ago and I have heard nothing.
Long silences are normal in this process — see the clock above. What is knowable is what has been ordered: search the company on this site and read the captured orders on its record. If your claim was never filed, the late-claim position is set by regulation 12 and is explained on the claims page.
Does a resolution plan being approved mean I have been paid?
No. Approval establishes what the plan says will happen. Implementation, and the money actually reaching creditors, is a separate question and a separate set of later orders — which is exactly why this site reports plan value with its basis named rather than calling it “realised”.
Your borrower’s whole record, in one place
Admission, the professional, the claim window, every captured order, the outcome and what it paid — searchable by company name or CIN, free to look up.