3 INSOLVENCY AND BANKRUPTCY NEWS From Chairperson’s Desk The main objective of the Insolvency and Bankruptcy Code, 2016 (IBC/ Code) is resolution of distressed companies. However, when all attempts to resolve the company fail, the next alternative is liquidation of the company involving sale of assets of the company and distribution of the proceeds thereon among the stakeholders. Over the years more and more companies are being resolved under IBC and the number of liquidations are going down. There is a consistent upward trend in resolutions and a significant downward shift in the number of liquidations, starting from the year 2020-21. Further analysis indicates that the ratio of liquidations to resolutions, in a given year, is also on a downward trend. As seen in Figure A, in 2017-18 for every 1 CD that was resolved, 5 CDs would go into liquidation. However, in 2024-25 (till Dec, 2024) for every one CD that is resolved, 1.3 CDs go into liquidation. Therefore, there is a visible trend reversal in the number of companies going into liquidation under the Code. While the liquidation process has undergone important course corrections over the years, there is scope for further improvement. It is observed that till December 2024, in the completed liquidation cases, the amount realised by claimants has been very low as compared to CIRP, and in some cases it has been even lower than the liquidation value.

at till December 2024, in the completed liquidation cases, the amount realised by claimants has been very low as compared to CIRP, and in some cases it has been even lower than the liquidation value. Given that many distressed entities are being liquidated under the Code and there is a growing need to improve realisation for claimants, it is imperative that the liquidation process be reformed further for improved outcomes. The Insolvency and Bankruptcy Board of India (IBBI/ Board) has amended the Liquidation Process Regulations from time to time to make the process more efficient, transparent and bolster stakeholder confidence. One of the most important amendments has been to expand the role of the Stakeholders Consultation Committee (SCC). The Regulations were amended wherein the Liquidator is now mandated to convene regular SCC meetings, with at least one meeting in a quarter, for timely decisions and oversight. Consultation with the SCC has been made mandatory for key activities such as developing a marketing strategy for sale of assets; fresh valuation of assets; undertaking private sale of assets; reduction in reserve price of assets in auctions; rationalisation of liquidation cost; decision to run the CD as a going concern; initiation or continuation of legal proceedings, among others.

ssets; reduction in reserve price of assets in auctions; rationalisation of liquidation cost; decision to run the CD as a going concern; initiation or continuation of legal proceedings, among others. In the interest of homebuyers, the Board has also mandated the exclusion of those housing units from the liquidation estate where the possession has already been handed over to the allottees. The sale of assets is a critical step in the liquidation process, aimed at maximizing the recovery for creditors while ensuring transparency and fairness. Presently, the asset sale and auction process is ad hoc and fragmented in several areas. Different liquidators use different online platforms and there is lack of effective advertising of such auctions. These ad hoc practices pose challenges to efficient information dissemination to prospective buyers, price discovery and competitive bidding. To address these inefficiencies, the IBBI, in collaboration with the Indian Banks’ Association has launched the BAANKNET platform (Bank Asset Auction Network, formerly known as eBKray) for listing and auction of assets under the IBC liquidation process. The platform is owned and operated by PSB Alliance Private Limited, which is a company jointly owned by the 12 public sector banks and is extensively used for auctions under the SARFAESI Act.

rocess. The platform is owned and operated by PSB Alliance Private Limited, which is a company jointly owned by the 12 public sector banks and is extensively used for auctions under the SARFAESI Act. BAANKNET provides a centralised and transparent digital interface with key features such as strong KYC mechanism, advanced digital marketing tools, automated refunds of Earnest Money Deposits, and audit trails for transparency. As on January 27, 2025, BAANKNET has facilitated the listing of nearly 62,046 properties and conducted 63,019 auctions, with assets worth Rs. 5356.49 crore auctioned. Additionally, 9,609 auctions are scheduled in the near future, underscoring the platform’s significant utilisation and widespread adoption. Encouraged by the platform’s success so far, IBBI has decided to extend this digital framework to liquidation processes under the IBC. Presently, the BAANKNET platform for IBC e-auctions is running on a pilot mode and will be improved based on the experiences of usage. To date, around 210 assets have been listed, and 25 auctions have been scheduled or conducted on the platform. Vide Circular dated January 25, 2025, the IBBI has directed all Liquidators to exclusively use the BAANKNET auction platform for conducting auctions for sale of assets during the liquidation process with effect from April 1, 2025. It is expected that the centralised e-auction platform will set a benchmark for enhanced information dissemination, improved price realisation, and greater transparency.

th effect from April 1, 2025. It is expected that the centralised e-auction platform will set a benchmark for enhanced information dissemination, improved price realisation, and greater transparency. The success of such a platform could also pave the way for developing a similar platform for inviting resolution plans from prospective resolution applicants under the Code, leading to more competitive bids for companies and value maximisation for creditors. The recent announcement by the Government to set up an Integrated Technology Platform for the IBC ecosystem is a step in this direction. The IBBI remains steadfast in its commitment to fostering tech innovations and implementing reforms to further streamline and strengthen the processes under the Code. Ravi Mital Improving Liquidation Outcomes Figure A: Ratio of liquidation to resolution orders Year

4 A. IBBI Updates A.1 Key Events Eighth Annual Day of IBBI The IBBI celebrated its Eighth Annual Day on October 1, 2024 in New Delhi. Chief Justice (Retd.) Mr. Ramalingam Sudhakar, Hon’ble President, National Company Law Tribunal (NCLT) graced the occasion as the Chief Guest. In order to commemorate the establishment of the IBBI, it has instituted an Annual Day Lecture Series. Mr. Amitabh Kant, India’s G20 Sherpa and Former CEO of NITI Aayog delivered the Annual Day Lecture. Dr. V. Anantha Nageswaran, Chief Economic Advisor, Ministry of Finance delivered the Special Address on the occasion and Mr. Ravi Mital, Chairperson, IBBI delivered the Welcome Address. Mr.

Lecture. Dr. V. Anantha Nageswaran, Chief Economic Advisor, Ministry of Finance delivered the Special Address on the occasion and Mr. Ravi Mital, Chairperson, IBBI delivered the Welcome Address. Mr. Sandip Garg, Whole Time Member (WTM), IBBI proposed the vote of thanks at the conclusion of the event. As part of the Annual Day celebrations, IBBI released its annual publication titled ‘IBC ds vkB o"kZ% 'kks/ ,oa fo'kys"k.k’. This publication marked the sixth consecutive annual release of IBBI’s Annual Publication, coinciding with the completion of eight years since the Code’s inception. The publication also included nine research papers presented at the IIM Ahmedabad Annual Research Workshop on Insolvency and Bankruptcy that was held in March, 2024. Furthermore, as part of the programme, the top three performers of the 5th National Online Quiz on IBC were awarded merit certificates, medals, and cash prizes. Chief Justice (Retd.) Mr. Ramalingam Sudhakar, Hon’ble President, NCLT Mr. Amitabh Kant, India’s G20 Sherpa and Former CEO of NITI Aayog Dr. V. Anantha Nageswaran, Chief Economic Advisor, Ministry of Finance Release of IBBI Annual Publication Award to top performer of the 5th National Online Quiz on IBC Eighth Annual Day of IBBI, October 1, 2024, New Delhi

an, Chief Economic Advisor, Ministry of Finance Release of IBBI Annual Publication Award to top performer of the 5th National Online Quiz on IBC Eighth Annual Day of IBBI, October 1, 2024, New Delhi

5 IBBI – NeSL Colloquium with NCLT Members The IBBI in association with NeSL organised a Colloquium with NCLT Members on the theme ‘Fast Tracking for Value Maximisation and Corporate Governance’ from November 22 – 24, 2024 in Kolkata. Chief Justice (Retd.) Mr. Ramalingam Sudhakar, Hon’ble President, NCLT graced the occasion as the Chief Guest. Ms. Deepti Gaur Mukerjee, Secretary, MCA; Mr. Ravi Mital, Chairperson, IBBI and Mr. Debajyoti Chaudhuri, MD & CEO, NeSL addressed the audience in the inaugural session of the Colloquium. The Colloquium involved detailed deliberations by all stakeholders on various important themes related to the insolvency and bankruptcy space such as effective and speedy approval of resolution plan; bankers’ perspective on the processes under the Code; personal guarantor and personal borrower issues in CIRP; and best practices in real estate cases. IBBI – NeSL Colloquium, November 22, 2024, Kolkata IBBI – NeSL Colloquium, November 22, 2024, Kolkata IBBI - INSOL India 2nd International Conclave IBBI in association with INSOL India organised the International Conclave 2024 on ‘Insolvency Resolution: Evolution & Global Perspective’ on December 7, 2024 in New Delhi. Mr. M. Rajeshwar Rao, Deputy Governor, Reserve Bank of India (RBI) graced the occasion as the Chief Guest. Mr. Rajnish Kumar, Ex-Chairman, State Bank of India (SBI); Mr.

ecember 7, 2024 in New Delhi. Mr. M. Rajeshwar Rao, Deputy Governor, Reserve Bank of India (RBI) graced the occasion as the Chief Guest. Mr. Rajnish Kumar, Ex-Chairman, State Bank of India (SBI); Mr. Ravi Mital, Chairperson, IBBI and Dr. Sonali Abeyratne, Technical Director of INSOL International, delivered the Special Address on the occasion. Mr. Rana Ashutosh Kumar Singh, Managing Director, SBI delivered the keynote address. Mr. Dinkar Venkatasubramanian, President of INSOL India, delivered the welcome address at the Conclave. Mr. Jayanti Prasad, WTM, IBBI, felicitated the esteemed guests of the inaugural session. Mr. Kulwant Singh, Executive Director (ED), IBBI concluded the Conclave with a vote of thanks to all participants and stakeholders The Conclave included three panel discussions on emerging themes in the insolvency and bankruptcy space – ‘Issues, Recent Developments & New Trends in Restructuring & Insolvency Across Jurisdictions’; ‘Judgment Enforcement, Asset Recovery and Personal Guarantees’; and ‘Role of Institutional Creditors in Corporate Resolution Across Jurisdictions’. The Conclave also featured two insightful fireside chat sessions. Mr. M. Rajeshwar Rao, Deputy Governor, RBI Mr. Rajnish Kumar, Former Chairman, SBI Dr. Sonali Abeyratne, Technical Director of INSOL International Mr. Rana Ashutosh Kumar Singh, Managing Director, SBI

. M. Rajeshwar Rao, Deputy Governor, RBI Mr. Rajnish Kumar, Former Chairman, SBI Dr. Sonali Abeyratne, Technical Director of INSOL International Mr. Rana Ashutosh Kumar Singh, Managing Director, SBI

6 Mr. Dinkar Venkatasubramanian, President of INSOL India Panel discussion, IBBI - INSOL India 2nd International Conclave IBBI - INSOL India 2nd International Conclave, December 7, 2024, New Delhi A.2 Human Resources Appointment of Mr. Vaibhav Chaturvedi as Ex-officio Member Mr. Vaibhav Chaturvedi was nominated as ex-officio Member in the Governing Board of IBBI on December 3, 2024 as a representative of the RBI. Mr. Vaibhav Chaturvedi is a career central banker, currently posted as Chief General Manager, Credit Risk Regulation in the RBI. He has more than 25 years of cross- functional experience in regulation and supervision and has handled several important portfolios through his journey within the RBI. He has also been involved with several internal and external committees and task forces on key policy areas. He holds a Masters in Economic Policy Management from Columbia University, United States and Masters in Financial Engineering from National University of Singapore. Appointment of Mr. Ravinder Maini as Executive Director Mr. Ravinder Maini took charge as Executive Director (ED), IBBI on November 29, 2024. Immediately before joining as ED, he was serving as Director (ITA-II), Central Board of Direct Taxes, Department of Revenue, Ministry of Finance, Government of India. Mr. Ravinder Maini is an Indian Revenue Service Officer of 2005 Batch.

as serving as Director (ITA-II), Central Board of Direct Taxes, Department of Revenue, Ministry of Finance, Government of India. Mr. Ravinder Maini is an Indian Revenue Service Officer of 2005 Batch. He has completed 19 years of service in various capacities. He holds a B. Tech. degree along with a degree in Law. A.3 Employee Trainings and Workshops The members and officers of IBBI attended the following workshops and training programmes. Date Organised Nature of the No. of by programme/ Subject officers 09.10.2024 – IPAS and Singapore Insolvency 2 10.10.2024 Law Society Conference 2024 of Singapore 23.10.2024 IBBI in Market Outlook and Investment 45 association Strategies with ICICI Bank 04.12.2024 IBBI in Session on Litigation Funding 45 association with Legal Pay 11.12.2024 - Forum of Building Resilient Organizations: 6 13.12.2024 Indian Strategies for Thriving Amidst and Regulators Adversity 18.12.2024 - (FOIR) 20.12.2024 16.12.2024 - Management Management Development 3 20.12.2024 Development Programme on Finance for Institute, Non-Finance Executives Gurgaon Panel discussion, IBBI - INSOL India 2nd International Conclave Mr. Vaibhav Chaturvedi, Ex-officio Member, IBBI Mr. Ravinder Maini, ED

gramme on Finance for Institute, Non-Finance Executives Gurgaon Panel discussion, IBBI - INSOL India 2nd International Conclave Mr. Vaibhav Chaturvedi, Ex-officio Member, IBBI Mr. Ravinder Maini, ED

7 Capacity building programme by FOIR, Goa, December 18 – 20, 2024 Management Development Programme, MDI, Gurgaon, December 16 - 20, 2024 B. Legal and Regulatory Framework B.1 Circulars Extension of time for filing Forms to monitor liquidation processes IBBI issued a circular on October 9, 2024 to extend the last date for filing of Forms relating to liquidation process, as directed vide circular no. IBBI/LIQ/73/2024 dated June 28, 2024, from September 30, 2024 to November 30, 2024. This was done on account of receipt of representations from liquidators and Insolvency Professional Agencies (IPAs) to extend the filing date, citing technicalities and issues involved in the submission of the Forms. Extension of time for filing Forms to monitor voluntary liquidation processes IBBI issued a circular on October 9, 2024 to extend the last date for filing of Forms relating to voluntary liquidation process, as directed vide circular no. IBBI/LIQ/74/2024 dated June 28, 2024, from September 30, 2024 to November 30, 2024.

o extend the last date for filing of Forms relating to voluntary liquidation process, as directed vide circular no. IBBI/LIQ/74/2024 dated June 28, 2024, from September 30, 2024 to November 30, 2024. This was done on account of receipt of representations from liquidators and IPAs to extend the filing date, citing technicalities and issues involved in the submission of the Forms. Centralised electronic listing and auction platform for sale of assets under liquidation IBBI issued a circular on October 29, 2024, directing IPs handling liquidation processes to use the eBKray platform for centralized listing and auction of assets under the liquidation process, effective from November 1, 2024. The IBBI has collaborated with the Indian Banks’ Association (IBA) to facilitate the auction of assets through Singapore Insolvency Conference 2024, Singapore, October 9 - 10, 2024 Session on Market Outlook and Investment Strategies, New Delhi, October 23, 2024 Session on Litigation Funding, New Delhi, December 4, 2024 Capacity building programme by FOIR, Goa, December 11 – 13, 2024

n on Market Outlook and Investment Strategies, New Delhi, October 23, 2024 Session on Litigation Funding, New Delhi, December 4, 2024 Capacity building programme by FOIR, Goa, December 11 – 13, 2024

8 the eBKray platform which is presently owned and managed by PSB Alliance Private Limited. The platform aims to address challenges such as information asymmetry and limited bidder participation in existing auction practices. The PSB Alliance has developed a module within the eBKray platform to facilitate the listing and auction of assets under IBC and will provide detailed information on corporate debtor assets, including photographs, videos, and geographical coordinates. Liquidators have been directed to list all unsold assets of ongoing liquidation processes on the eBKray platform and to list assets within 7 days of submitting the Asset Memorandum to the Adjudicating Authority for liquidation processes commencing on or after the circular’s effective date. The platform will initially operate in pilot mode, with improvements to follow based on user experience. Extension of time for filing Forms to monitor Liquidation and Voluntary Liquidation Processes The IBBI issued a circular on December 2, 2024, extending the last date for filing forms related to liquidation and voluntary liquidation processes under the IBC. Previously, the deadlines for submission of these forms, as outlined in Circulars No. IBBI/LIQ/ 73/2024 and No. IBBI/LIQ/74/2024 dated June 28, 2024, were extended from September 30, 2024, to November 30, 2024, vide Circulars No. IBBI/LIQ/76/2024 and No.

, as outlined in Circulars No. IBBI/LIQ/ 73/2024 and No. IBBI/LIQ/74/2024 dated June 28, 2024, were extended from September 30, 2024, to November 30, 2024, vide Circulars No. IBBI/LIQ/76/2024 and No. IBBI/LIQ/77/2024. Based on further representations from liquidators and IPAs citing technical difficulties, the deadline was extended to December 31, 2024. Additionally, the Circular has clarified that: (i) For ongoing liquidation and voluntary liquidation cases, the responsibility for filing all forms lies with the IPs currently managing the processes; and (ii) In cases where an application for closure or dissolution has been filed, or a dissolution or closure order has been passed, the IP responsible at the time of filing the application or order issuance shall ensure the submission of all related forms. B.2 Guidelines Guidelines for Panel of IPs The IBBI issued the Insolvency Professionals to act as Interim Resolution Professionals, Liquidators, Resolution Professionals, and Bankruptcy Trustees (Recommendation) (Second) Guidelines, 2024 on December 2, 2024. These guidelines enable the Board to prepare a common panel of IPs and share the same with the AA for appointment of Interim Resolution Professionals (IRPs), Resolution Professionals (RPs), Liquidators and Bankruptcy Trustees (BTs) from January 1, 2025 to June 30, 2025. B.3 Invitation of public comments Mediation before approaching AA for filing Section 9 application IBBI issued a discussion paper on November 4, 2024 proposing mediation by operational creditors (OCs) before filing a Section 9 application before the AA.

roaching AA for filing Section 9 application IBBI issued a discussion paper on November 4, 2024 proposing mediation by operational creditors (OCs) before filing a Section 9 application before the AA. Presently, Section 9 applications often involve disputes between the OC and corporate debtor (CD), leading to time consuming proceedings and delays. Common issues include disagreements over goods/ services, contractual disputes, discrepancies in amounts owed, and claims for set-offs or damages. These disputes burden the judicial system and lead to unnecessary delays in the insolvency resolution process. Considering the above challenges, the discussion paper proposes introducing voluntary mediation as a pre-institutional step before filing a Section 9 application. This would be facilitated by a Mediator under the Mediation Act, 2023, with the objective of resolving disputes at an early stage. In case mediation is unsuccessful, a non-settlement report would be generated by the Mediator, which will be annexed with the application for initiating the CIRP before the AA. The proposed framework is expected to resolve disputes between the OC and CD efficiently, reduce the burden on the AA, expedite the admission process, and provide a faster resolution for OCs. The proposal aims to enhance the effectiveness and efficiency of the insolvency process by providing an alternative dispute resolution mechanism before the formal initiation of the CIRP. Issues related to Real Estate IBBI issued a discussion paper on November 7, 2024, addressing

process by providing an alternative dispute resolution mechanism before the formal initiation of the CIRP. Issues related to Real Estate IBBI issued a discussion paper on November 7, 2024, addressing challenges in real estate insolvencies under the IBC. Key proposals include mandating land authorities’ participation as non-voting invitees in Committee of Creditors (CoC) meetings to enhance regulatory coordination, requiring insolvency professionals to report cancelled land allotments for informed decision-making, and clarifying CoC’s power to relax eligibility and security requirements for allottee associations. It also recommends including an 8% interest rate in homebuyers’ claims to align claim valuation with voting rights, appointing facilitators for better representation of large creditor classes, ensuring transparency by providing CoC minutes to all creditors via a secure login, and streamlining unit handovers during CIRP with CoC approval. These amendments aim to address sector-specific challenges, protect stakeholders, and enhance the resolution process. Amendments to Liquidation Process and Voluntary Liquidation Process IBBI issued a discussion paper on November 19, 2024, proposing amendments to the IBBI (Liquidation Process) Regulations, 2016, and IBBI (Voluntary Liquidation Process) Regulations, 2017.

tion Process IBBI issued a discussion paper on November 19, 2024, proposing amendments to the IBBI (Liquidation Process) Regulations, 2016, and IBBI (Voluntary Liquidation Process) Regulations, 2017. Key proposals include streamlining the auction process by allowing affidavits for eligibility; mandatory consultation with the Stakeholders Consultation Committee (SCC) for bid rejections; and enhancing transparency in compromise or arrangement schemes by requiring the liquidator to file final reports with AA. It also suggests permanently authorising the IBBI to manage the Corporate Liquidation and Voluntary Liquidation Accounts, dispensing with Public Accounts of India requirements, and using interest income for stakeholder awareness. For voluntary liquidation, the proposals include allowing liquidation despite uncalled capital and simplifying processes for unclaimed proceeds to expedite closure. These amendments aim to enhance transparency, improve stakeholder confidence, and expedite the resolution process. Review of grievance redressal and enforcement framework and rationalisation of timelines regarding Authorisation for Assignment IBBI issued a discussion paper on November 19, 2024, proposing amendments to enhance grievance redressal, enforcement mechanisms, and timelines for Authorization for Assignment (AFA) processing.

ment IBBI issued a discussion paper on November 19, 2024, proposing amendments to enhance grievance redressal, enforcement mechanisms, and timelines for Authorization for Assignment (AFA) processing. Key proposals include clarifying the role of Whole Time Members of the Board in the Disciplinary Committee’s adjudication of inspection or investigation-related matters; extending the grievance filing period to 30 days post-closure of insolvency proceedings to improve stakeholder access to redressal; and relaxing AFA timelines by allowing IPs to apply for renewals 90

9 days before expiry (up from 45 days) and extending IPA processing time to 45 days (from 15 days). These measures aim to bolster impartiality, stakeholder inclusivity, and operational efficiency without imposing additional costs. Monitoring Committee under CIRP IBBI issued a discussion paper on November 19, 2024, addressing the constitution and functioning of monitoring committees under CIRP. The paper responds to the Supreme Court’s judgment dated November 7, 2024, in State Bank of India & Ors v. The Consortium of Mr. Murari Lal Jalan and Mr. Florian Fritsch, which emphasised the need for statutory recognition of monitoring committees. Currently, the constitution of such committees is at the discretion of the AA, but the Supreme Court has recommended that the Code should statutorily provide for their establishment once a resolution plan is approved. The paper proposes amendments to strengthen the existing framework for monitoring committees under Regulation 38 of the CIRP Regulations.

e for their establishment once a resolution plan is approved. The paper proposes amendments to strengthen the existing framework for monitoring committees under Regulation 38 of the CIRP Regulations. While the regulation already allows the CoC to consider the creation of a monitoring committee, the proposed amendment seeks to make it mandatory for all resolution plans to include one. The CoC will retain the authority to decide on the composition, tenure, and functioning of the committee, ensuring that it aligns with the resolution plan’s requirements. The monitoring committee would typically include the RP, CoC nominees, and resolution applicant nominees, ensuring balanced representation of all stakeholders. The committee’s responsibilities would encompass overseeing the implementation of the resolution plan, ensuring compliance with statutory requirements, and submitting quarterly progress reports to the AA. Further, the discussion paper also proposes that the resolution applicant will bear the expenses of the monitoring committee, while the IP’s monthly fee would remain capped at the amount received during CIRP. C. Corporate Processes The data provided in this section regarding corporate processes is provisional, as it is getting revised on a continuous basis depending on the flow of updated information as received from IPs or the information in respect of process changes.

corporate processes is provisional, as it is getting revised on a continuous basis depending on the flow of updated information as received from IPs or the information in respect of process changes. For example, a process may ultimately yield an order for liquidation even after approval of resolution plan or may ultimately yield resolution plan even after an order for liquidation. C.1 Overview The provisions relating to CIRP came into force on December 1, 2016. The details of CIRP cases admitted and closed, as at the end of December, 2024 are given in Table 1 and Figures 1-2. Sectoral distribution of CDs under CIRP is presented in Figures 3-6. The Code has rescued 3485 CDs (1119 through resolution plans, 1236 through appeal or review or settlement and 1130 through withdrawal) till December, 2024. It has referred 2707 CDs for liquidation. The resolved CDs resulted in realisation of more than 31.4% as against the admitted claims and more than 162.8% as against the liquidation value. Resolution plans on average are yielding 87.58% of fair value of the CDs. Till December, 2024, 1274 CDs have been completely liquidated. These 1274 CDs together had outstanding claims of Rs. 4.04 lakh crore, but the assets valued at Rs. 0.15 lakh crore.

r value of the CDs. Till December, 2024, 1274 CDs have been completely liquidated. These 1274 CDs together had outstanding claims of Rs. 4.04 lakh crore, but the assets valued at Rs. 0.15 lakh crore. The liquidation of these companies resulted in 89% realisation as against the liquidation value. Table 1: Details of CIRP cases as on December 31, 2024 CIRP cases Number Admitted 8175 Closure: Withdrawn under section 12A 1130 Closed on appeal or review or settled 1236 Resolution plans approved 1119 Liquidation orders passed 2707 Ongoing CIRP cases 1983 This excludes 1 CD which has moved directly from Board for Industrial and Financial Reconstruction (BIFR) to resolution. Source: Compilation from website of the NCLT and filing by IPs. Figure 2: Mode of closure of CIRPs Figure 1: Corporate Insolvency Resolution Process Figure 3: Sectoral distribution of CIRPs: Admission

10 Figure 4: Sectoral distribution of CIRPs: Appeal/ Review/ Settled/ Withdrawn Figure 5: Sectoral distribution of CIRPs: Resolution plans Figure 6: Sectoral distribution of CIRPs: Commencement of liquidation The outcome of CIRPs, initiated stakeholder-wise, as on December 31, 2024 is presented in Table 2. Of the OC initiated CIRPs that were closed, around 52% were closed on appeal, review, or withdrawal.

The outcome of CIRPs, initiated stakeholder-wise, as on December 31, 2024 is presented in Table 2. Of the OC initiated CIRPs that were closed, around 52% were closed on appeal, review, or withdrawal. Such closures accounted for more than 70% of all closures by appeal, review, or withdrawal. Table 2: Outcome of CIRPs, initiated Stakeholder-wise, as on December 31, 2024 Outcome Description CIRPs initiated by/for FCs OCs CDs FiSPs Total Status of Closure by Appeal/Review/ 385 841 10 0 1236 CIRPs Settled Closure by Withdrawal u/s 12A 332 790 8 0 1130 Closure by Approval of 667 366 82 4 1119 Resolution Plan Closure by Commencement 1261 1158 288 0 2707 of Liquidation Ongoing 1165 706 112 0 1983 Total 3810 3861 500 4 8175 CIRPs Realisation by Creditors as 176.9 131.2 145.0 134.9 162.8 yielding % of Liquidation Value Resolution Realisation by Creditors as 31.4 25.4 18.1 41.4 31.4 Plans % of their Claims Average Time taken for 706 717 589 677 701 Closure of CIRP CIRPs Liquidation Value as % 5.5 8.9 8.4

6.3 yielding of Claims Liquidations Average Time taken for order of 517 511 449

508 Liquidation C.2 Ratio of Resolution and Liquidation orders A number of initiatives are being taken to improve the outcomes of the Code. These include monitoring of cases pending for admission and ongoing CIRPs. Further, the IBBI revised its mechanisms for real-time sharing of information regarding applications for the initiation of CIRP with the IU.

nitoring of cases pending for admission and ongoing CIRPs. Further, the IBBI revised its mechanisms for real-time sharing of information regarding applications for the initiation of CIRP with the IU. These initiatives have had a substantial impact on the IBC process, as evidenced by the increase in NCLT- approved resolutions and the admission of cases initiated by FCs. Figure 7 below highlights the improvement in ratio of number of cases ending with resolution vis-à-vis cases in which liquidation is ordered till the quarter October – December, 2024. Figure 7: Ratio of Resolution and Liquidation Orders C.3 Stakeholder-wise initiation of CIRP The distribution of stakeholder-wise initiation of CIRPs is presented in Table 3. OCs triggered 47.25% of the CIRPs, followed by about 46.63% by FCs and remaining by the CDs. It is observed that about 80% of CIRPs having an underlying default of less than Rs. 1 crore, were initiated on applications by OCs while about 80% of CIRPs having an underlying default of more than Rs. 10 crore were initiated on applications by FCs. The share of CIRPs initiated by CDs is declining over time.

applications by OCs while about 80% of CIRPs having an underlying default of more than Rs. 10 crore were initiated on applications by FCs. The share of CIRPs initiated by CDs is declining over time.

11 Table 3: Year-wise and Stakeholder-wise Initiation of CIRPs Period CIRP initiated by Total FC OC CD 2016 - 17 8 7 22 37 2017 - 18 286 310 111 707 2018 - 19 517 569 71 1157 2019 - 20 883 1056 51 1990 2020 - 21 197 317 22 536 2021 - 22 371 474 43 888 2022 - 23 654 538 70 1262 2023 – 24 536 403 66 1005 April - Jun, 2024 150 79 11 240 July – Sept, 2024 124 70 15 209 Oct- Dec, 2024 84 38 18 140 Total 3810 3861 500 8171 Note: This excludes four cases wherein applications filed by the RBI were admitted u/s 227 of the Code. C.4 Timelines C.4.1 For Concluded Processes The Code endeavours to close the various processes at the earliest. The 1119 CIRPs, which have yielded resolution plans by the end of December, 2024 took on average 585 days (after excluding the time excluded by the AA) for conclusion of process, while incurring an average cost of 1.22% of liquidation value and 0.77% of resolution value.

er, 2024 took on average 585 days (after excluding the time excluded by the AA) for conclusion of process, while incurring an average cost of 1.22% of liquidation value and 0.77% of resolution value. Similarly, the 2707 CIRPs, which ended up in orders for liquidation, took on average 508 days for conclusion. Further, 1274 liquidation processes, which have closed by submission of final reports took on average 645 days for closure. Similarly, 1598 voluntary liquidation processes, which have closed by submission of final reports, took on average 404 days for closure. The average time taken for completion of various processes is presented in Table 4. Table 4: Average Time for Approval of Resolution Plans/Orders for Liquidation Time (In days) Sl. Average time As on March, 2023 As on March, 2024 April-December, 2024 No. of Time (in days) No. of Time (in days) No. of Time (in days) Processes Including Excluding Processes Including Excluding Processes Including Excluding covered excluded excluded covered excluded excluded covered excluded excluded time time time time time time CIRPs 1 From ICD to approval of resolution plans by AA 671 610 507 940 678 567 179 821 684 2 From ICD to order for Liquidation by AA 2028 455 NA 2470 493 NA 237 655 NA Liquidations 3 From LCD to submission of final report under Liquidation 764 563 NA 1077 606 NA 197 857 NA 4 From LCD to submission of final report under Voluntary Liquidation 1069 408 NA 1405 410 NA 193 365 NA 5 From LCD to order for dissolution under Liquidation 438

ion 764 563 NA 1077 606 NA 197 857 NA 4 From LCD to submission of final report under Voluntary Liquidation 1069 408 NA 1405 410 NA 193 365 NA 5 From LCD to order for dissolution under Liquidation 438 628 NA 693 737 NA 157 1022 NA 6 From LCD to order for dissolution under Voluntary Liquidation 652 668 NA 958 724 NA 186 843 NA C.4.2 For Ongoing CIRPs The status of ongoing CIRPs in terms of time taken, as of December, 2024, is presented in Figure 8. Figure 8: Timeline: Ongoing CIRPs C.5 Resolution Plans C.5.1 Overall outcomes Till FY 2023-24, 947 CIRPs had yielded resolution plans. The creditors realised Rs. 3.36 lakh crore under the resolution plans, in these cases. The liquidation value of the assets available with these CDs, when they entered the CIRP, was at Rs. 2.08 lakh crore against the total claims of the creditors worth Rs. 10.46 lakh crore. The realisation to the creditors was 32.10% and 161.76% as against their admitted claims and liquidation value, respectively. Till September, 2024, 1068 CIRPs had yielded resolution plans. The creditors realised Rs. 3.55 lakh crore under the resolution plans, in these cases. The fair value and liquidation value of the assets available with these CDs, when they entered the CIRP, was estimated at Rs. 3.38 lakh crore and Rs. 2.20 lakh crore, respectively, as against the total claims of the creditors worth Rs. 11.44 lakh crore. The realisation to the creditors was 31% and 161.11% as against their admitted claims and liquidation value, respectively.

y, as against the total claims of the creditors worth Rs. 11.44 lakh crore. The realisation to the creditors was 31% and 161.11% as against their admitted claims and liquidation value, respectively.

12 During the quarter October - December, 2024, 4 more CIRPs was reported as yielding resolution plan, pertaining to the prior period, as presented in Part A of Table 5. 51 CIRPs yielded resolution plans during the quarter October – December, 2024, the details of which are presented in Part B of Table 5. Four CDs which had earlier yielded resolution have since either moved into liquidation or the process has been ordered to be restarted, taking the total resolution plans approved to 1119 till December, 2024. Table 5: CIRPs Yielding Resolution Plans Sl. Name of Corporate Debtor Defunct Date of Date of CIRP Amount (in `crore) Realisable Value as % of (Yes / Commen- Approval initiated Total Liquid- Fair Total Admit- Liquid - Fair No) cement of Resolu- by Admitted ation Value Realisable ted ation Value of CIRP tion Plan Claims Value Amount by Claims Value' Claimants Part A: Reported for Prior Period (Till September, 2024) 1 Emkay Automobile Industries Limited No 12.10.2021 23.08.2024 OC 137.27 55.08 77.27 55.16 40.19 100.15 71.39 2 Auromatrix Hotels Private Limited No 26.11.2021 09.05.2024 FC 88.45 27.25 36.36 31.75 35.90 116.52 87.33 3 Sadhna Media Private Limited No 30.03.2022 17.09.2024 FC 123.96 13.19 16.10 13.50 10.89 102.39 83.83 4 Git Textiles Manufacturing Limited Yes 22.06.2022 02.08.2024 FC 84.09 3.42 4.85 3.51 4.18 102.89 72.46

Media Private Limited No 30.03.2022 17.09.2024 FC 123.96 13.19 16.10 13.50 10.89 102.39 83.83 4 Git Textiles Manufacturing Limited Yes 22.06.2022 02.08.2024 FC 84.09 3.42 4.85 3.51 4.18 102.89 72.46 Part B: For October- December, 2024 1 Grj Distributors & Developers Private Limited No 16.02.2023 01.10.2024 FC 404.66 47.86 59.83 291.49 72.03 609.03 487.23 2 Manpreet Estates Llp Yes 24.11.2023 07.10.2024 FC 282.89 36.56 45.73 34.66 12.25 94.80 75.80 3 Altair Industrial Technologies Private Limited No 26.02.2019 25.10.2024 CD 43.46 1.53 1.68 8.26 19.00 539.48 490.86 4 Vibrant Buildwell Private Limited NA 22.02.2022 25.10.2024 FC NA NA NA NA NA NA NA 5 Mp Promoters Pvt. Ltd. Yes 06.04.2022 25.10.2024 FC 2.11 1.53 2.51 1.76 83.01 114.69 69.98 6 Soubhagya Laxmi Sugars Limited No 07.04.2022 01.10.2024 FC 833.29 289.49 321.66 213.41 25.61 73.72 66.35 7 Superways Enterprises Private Limited Yes 26.07.2022 24.10.2024 FC 348.04 0.00 0.00 4.02 1.16 . . 8 Global Infratech & Finance Limited Yes 25.11.2022 25.10.2024 FC 4.54 2.01 7.42 2.07 45.57 102.82 27.89 9 Mundara Estate Developers Limited Yes 12.01.2023 24.10.2024 FC 117.38 7.50 9.38 10.40 8.86 138.66 110.93 10 Value Direct Communication Private Limited Yes 17.02.2023 10.10.2024 OC 7.23 2.66 3.32 2.50 34.60 93.97 75.36 11 Myp Enterprises Limited No 09.05.2023 16.10.2024 CD 11.90 0.18 0.18 6.54 54.98 3718.28 3718.00 12 Dolphin Offshore Shipping Limited Yes 06.07.2023 30.10.2024 OC 140.78 2.84 3.86 7.04 5.00 247.64 182.44 13 Mgi Infra Private Limited No 09.08.2023 18.10.2024 FC 75.81 0.74 1.19 0.58 0.77 78.82 48.86

Dolphin Offshore Shipping Limited Yes 06.07.2023 30.10.2024 OC 140.78 2.84 3.86 7.04 5.00 247.64 182.44 13 Mgi Infra Private Limited No 09.08.2023 18.10.2024 FC 75.81 0.74 1.19 0.58 0.77 78.82 48.86 14 Triumvirate Sorority Private Limited NA 21.11.2023 25.10.2024 OC NA NA NA NA NA NA NA 15 Prabhu Shanti Real Estate Private Limited Yes 13.06.2018 24.10.2024 FC 208.35 18.79 23.10 182.27 87.48 970.18 788.95 16 Neueon Towers Limited NA 03.06.2019 23.10.2024 FC NA NA NA NA NA NA NA 17 Calchem Industries (India) Limited Yes 25.09.2019 29.10.2024 OC 44.66 5.94 11.27 9.50 21.27 159.85 84.30 18 Value Infratech India Private Limited Yes 03.01.2020 14.11.2024 OC 40.15 28.60 33.69 22.25 55.42 77.80 66.04 19 Metenere Limited NA 03.10.2020 04.10.2024 FC NA NA NA NA NA NA NA 20 Rosedale Developers Private Limited No 28.02.2022 27.11.2024 FC 39.47 4.85 8.72 20.51 51.95 422.81 235.22 21 Ses Energy Services India Private Limited No 25.11.2022 14.11.2024 CD 108.95 52.59 88.32 39.98 36.70 76.02 45.27 22 Shree Rajeshwaranand Paper Mills Limited Yes 07.12.2022 27.11.2024 FC 100.42 33.16 45.85 40.53 40.36 122.20 88.38 23 Cmm Infraprojects Limited No 15.12.2022 11.11.2024 OC 131.95 10.76 13.19 13.02 9.87 120.97 98.73 24 Champalalji Finance Private Limited Yes 17.03.2023 29.10.2024 FC 188.10 41.76 49.13 36.00 19.14 86.21 73.27 25 Nd S Art World Private Limited No 25.07.2023 14.11.2024 FC 369.71 98.12 127.00 103.10 27.89 105.07 81.18 26 Krp Infrastrauctures & Builders Private Limited No 22.08.2023 08.11.2024 OC 5.10 0.00 0.00 0.13 2.55

27 Saffron Therapeutics Private Limited No

FC 369.71 98.12 127.00 103.10 27.89 105.07 81.18 26 Krp Infrastrauctures & Builders Private Limited No 22.08.2023 08.11.2024 OC 5.10 0.00 0.00 0.13 2.55

27 Saffron Therapeutics Private Limited No 25.09.2023 06.11.2024 FC 14.67 0.00 0.00 1.47 10.00 . . 28 Mpf Systems Limited No 08.11.2023 15.10.2024 FC 23.50 0.05 0.05 2.10 8.95 3825.57 3825.57 29 Rancom Healthcare Private Limited Yes 21.12.2023 12.11.2024 OC 14.62 0.03 0.03 0.01 0.07 31.48 28.91 30 Optus Laminates Private Limited Yes 25.01.2024 20.11.2024 OC 43.73 10.18 14.70 13.35 30.54 131.24 90.86 31 Pae Limited No 22.04.2024 27.11.2024 FC 26.79 0.03 0.12 5.50 20.53 19500.17 4694.01 32 Blue Blends (India) Limited No 02.12.2021 06.12.2024 OC 120.07 21.16 37.31 16.56 13.79 78.27 44.38 33 Som Resorts Private Limited Yes 02.08.2022 03.12.2024 FC 19.01 11.45 14.32 19.01 100.00 166.05 132.75 34 D.K. Realty (India) Private Limited No 15.11.2022 09.12.2024 FC 2371.66 370.19 663.00 589.32 24.85 159.20 88.89 35 Vinergy International Private Limited Yes 09.02.2023 09.12.2024 FC 312.50 2.93 3.51 12.55 4.02 427.72 357.67 36 V V Multiplex Private Limited Yes 15.06.2023 02.12.2024 FC 74.02 19.28 28.44 15.08 20.38 78.23 53.04 37 Mbe Coal & Mineral Technology India Private Limited No 12.09.2023 06.11.2024 OC 38.87 7.91 9.71 11.21 28.84 141.67 115.40

ed Yes 15.06.2023 02.12.2024 FC 74.02 19.28 28.44 15.08 20.38 78.23 53.04 37 Mbe Coal & Mineral Technology India Private Limited No 12.09.2023 06.11.2024 OC 38.87 7.91 9.71 11.21 28.84 141.67 115.40

13 Resolution plans approved 38 Karkinos Healthcare Private Limited No 21.05.2024 09.12.2024 OC 202.17 167.91 214.31 202.17 100.00 120.40 94.33 39 Tayo Rolls Limited Yes 05.04.2019 17.12.2024 OC 835.18 107.82 161.69 408.30 48.89 378.67 252.52 40 Indian Pulp & Paper Private Limited Yes 22.07.2022 20.12.2024 OC 109.50 27.19 30.85 28.24 25.79 103.85 91.54 41 Taxus Infrastructure And Power Projects No 10.10.2022 12.12.2024 FC 113.57 6.78 12.14 21.26 18.72 313.51 175.10 Private Limited 42 Geeta Refinery Private Limited No 03.03.2023 18.12.2024 FC 216.80 10.06 13.46 10.41 4.80 103.48 77.34 43 Paras Commercial Centre Private Limited No 24.03.2023 20.12.2024 FC 20.02 12.92 15.38 16.00 79.91 123.86 104.01 44 Jiya Eco-Products Limited Yes 24.04.2023 11.12.2024 FC 24.42 1.35 1.98 4.45 18.24 330.12 224.67 45 Perfect Engineering Products Limited NA 06.06.2023 19.12.2024 FC NA NA NA NA NA NA NA 46 Amritpur Tea Company Limited Yes 27.09.2023 20.12.2024 FC 16.90 2.60 3.83 5.23 30.93 200.83 136.36 47 Karvy Data Management Services Limited No 15.09.2023 13.12.2024 FC 1265.09 52.07 63.93 158.56 12.53 304.51 248.02 48 Solar Voltaic Power Llp Yes 19.09.2023 11.12.2024 FC 12.40 0.01 0.01 0.07 0.52 613.65 613.65 49 P.L.

ent Services Limited No 15.09.2023 13.12.2024 FC 1265.09 52.07 63.93 158.56 12.53 304.51 248.02 48 Solar Voltaic Power Llp Yes 19.09.2023 11.12.2024 FC 12.40 0.01 0.01 0.07 0.52 613.65 613.65 49 P.L. Industries Private Limited No 12.01.2024 13.12.2024 CD 5.65 0.46 0.57 0.43 7.61 93.38 75.65 50 Ayursundra Hospitals (Guwahati) Private Limited No 12.03.2024 20.12.2024 FC 113.72 64.41 102.76 113.72 100.00 176.54 110.66 51 Epitome Plast-O-Pack Private Limited No 02.05.2024 13.12.2024 FC 5.94 0.21 0.23 0.21 3.53 99.19 92.54 Total (October- December, 2024)

9509.74 1584.50 2249.36 2705.22 28.45 170.73 120.27 Total (Till December, 2024)

1139304.60 219721.80 335670.69 357677.18 31.39 162.79 87.58* Notes: 1. In 1119 resolved CDs, 200 applications in respect of avoidance transactions to the tune of Rs. 1.13 lakh crore have been pending before AA. 2. CIRPs in 35 matters which yielded resolution plans and were reported earlier in this table have since moved into liquidation. The CIRPs have restarted in 24 cases and CIRPs in 2 matters, where liquidation orders were passed earlier, have yielded resolution plans. 3. During the quarter, there are 12 CIRPs where the realisable value was less than the liquidation value of the CD.

tters, where liquidation orders were passed earlier, have yielded resolution plans. 3. During the quarter, there are 12 CIRPs where the realisable value was less than the liquidation value of the CD. While realisable value is significantly influenced by the value of asset of the CD while entering the resolution process and time taken for resolution, it is also the outcome of a market determined price discovery process and commercial wisdom of the CoC.

• Based on 1013 cases where fair value has been estimated. NA: Not available Till December, 2024, the creditors have realised Rs. 3.58 lakh crore under the resolution plans. The fair value and liquidation value of the assets available with these CDs, when they entered the CIRP, was estimated at Rs. 3.36 lakh crore and Rs. 2.20 lakh crore, respectively, as against the total claims of the creditors worth Rs. 11.39 lakh crore. The creditors have realised 162.8% of the liquidation value and 87.58% of the fair value (based on 1013 cases where fair value has been estimated). The haircut for creditors relative to the fair value of assets was less than 13%, while relative to their admitted claims is around 69%.

lue (based on 1013 cases where fair value has been estimated). The haircut for creditors relative to the fair value of assets was less than 13%, while relative to their admitted claims is around 69%. Furthermore, this realisation does not include the CIRP cost, and many probable future realisations such as equity, realisation from corporate and personal guarantees, funds infused into the CD including capital expenditure by the resolution applicants, and recovery from avoidance applications. About 39% of the CIRPs (440 out of 1114 for which data are available), which yielded resolution plans, were earlier with BIFR and/or defunct. In these CDs, the claimants have realised 19.21% of their admitted claims and 152.32% of liquidation value. C.5.2 Resolution of Large Cases (Admitted Claims > Rs. 1000 crore) Of the 1119 CDs rescued under the Code as on December 31, 2024, 164 had admitted claims of more than Rs. 1,000 crore. The realisable value of the assets available with these 164 CDs, when they entered the CIRP, was only Rs. 1.88 lakh crore, though they owed Rs. 9.85 lakh crore to the creditors. Till December 31, 2024, realisation by the claimants under resolution plans in comparison to liquidation value is 169.40%, while the realisation by them in comparison to their claims is 32.31%. These realisations are exclusive of realisations that would arise from value of equity holdings post-resolution, resolution of PGs to CDs, and from disposal of applications for avoidance transactions.

hese realisations are exclusive of realisations that would arise from value of equity holdings post-resolution, resolution of PGs to CDs, and from disposal of applications for avoidance transactions. The details are presented in Table 6. Table 6: Details of resolution of large cases as on December 31, 2024 (Amount in lakh crore) CIRP cases (Admitted Claims > 1,000 crore) Till Sep Oct- Dec Total as 2024 2024 on Dec 31, 2024 No. of Cases 162 2 164 Admitted Claims 9.82 0.04 9.86 Liquidation Value 1.88 0.00 1.88 Realisation by creditors 3.18 0.01 3.19 Realisation by creditors as % of 32.35 20.56 32.31 Admitted Claims Realisation by creditors as % of 169.38 177.11 169.40 Liquidation Value C.5.3 Resolution of FiSPs CIRPs of four financial service providers (FiSPs) i.e. Dewan Housing Finance Corporation Ltd., Srei Equipment Finance Limited and Srei Infrastructure Finance Limited have yielded resolutions under the Code. The details of the resolutions are presented in Table 7.

ing Finance Corporation Ltd., Srei Equipment Finance Limited and Srei Infrastructure Finance Limited have yielded resolutions under the Code. The details of the resolutions are presented in Table 7.

14 Table 7: Details of resolution plans approved for FiSPs (Amount in `crore) Sl. Claims of Financial Creditors Dealt Under Resolution Resolution Name of FiSP Amount Amount Realization Realisation Applicant Admitted Realized as% of as % of admitted Liquidation claims value 1 Dewan Housing 87247.68 37167.00 42.60% 138.42% Piramal Capital Finance & Housing Corporation Ltd Finance Ltd. 2 Srei Equipment 33050.43 13784.76 42.12% 280.74% National Asset Finance Limited Reconstruction Company Ltd. 3 Srei Infrastructure Finance Limited 4 Reliance Capital 26088.97 9661.00 37.03% 73.42% IndusInd Ltd International Holdings Ltd. C.6 Withdrawals under Section 12A Till December, 2024, a total of 1130 CIRPs have been withdrawn under section 12A of the Code. The reasons for withdrawal and distribution of claims in these CIRPs are presented in Figures 9 and 10. Almost three-fourth of these CIRPs had claims of less than Rs. 10 crore. Figure 9: Reasons for Withdrawal of CIRPs Figure 10: Distribution of CIRPs Withdrawn (as per Admitted Claims) C.7 Liquidation C.7.1 Overall outcomes Till FY 2023-24, a total of 2476 CIRPs had yielded orders for liquidation, of which the final reports were submitted in 954 cases. Till September, 2024, 2630 CIRPs had yielded orders for liquidation, of which the final reports were submitted in 1113 cases.

for liquidation, of which the final reports were submitted in 954 cases. Till September, 2024, 2630 CIRPs had yielded orders for liquidation, of which the final reports were submitted in 1113 cases. During the quarter October - December, 2024, 1 more CIRP were reported as yielding orders for liquidation, pertaining to the prior period. Further, 76 CIRPs ended in orders for liquidation during the current quarter, taking the total CIRPs ending in liquidation to 2707. Of these, final reports have been submitted in 1274 cases. Till December, 2024 2707 CIRPs have ended in liquidation. Of 2707 CDs ending up with orders for liquidation, 211 had admitted claims of more than Rs. 1,000 crore. These CDs had an aggregate claim of Rs. 9.59 lakh crore. However, they had assets, on the ground, valued only at Rs. 0.45 lakh crore. Of the 2707 CDs, 1274 CDs have been completely liquidated with submission of final report. The overview of closed liquidation processes and timeline of ongoing 1433 cases is presented in Table 8 and Figure 11 respectively. CD-wise details of liquidation processes closed during this quarter are presented in Table 9. Table 8: Mode of Closure of Liquidation Processes Status of Liquidation Till Sep, Oct-Dec, Total as 2024 2024 on Dec 31, 2024 Initiated 2631 76 2707* Final Report submitted 1239 35 1274 Closed by Dissolution 719 24 743 Closed by Going Concern Sale 85 8 93 Closed by Compromise / Arrangement 14 0 14 Ongoing processes 1392 NA 1433 Total Closed cases (A+B+C) 819 32 851 Total Admitted Claims (In Rs.

ssolution 719 24 743 Closed by Going Concern Sale 85 8 93 Closed by Compromise / Arrangement 14 0 14 Ongoing processes 1392 NA 1433 Total Closed cases (A+B+C) 819 32 851 Total Admitted Claims (In Rs. crore) 237978.74 5724.47 243703.2 Liquidation Value (In Rs. crore) 8993.04 791.55 9784.59 Total Realisation (In Rs. crore) 8057.97 730.21 8788.18 *This excludes 43 cases where liquidation order has been set aside by NCLT / NCLAT / HC / SC. Figure 11: Timeline: Ongoing Liquidations

15 Table 9: Details of Closed Liquidations (Amount in `crore) Sl. Name of CD Date of Amount of Liquidation Sale Amount Date of Order Order of Admitted Value Proceeds Distributed to of Dissolution/ Liquidation Claims Stakeholders Closure Part A: Reported for Prior Period (Till September, 2024) 1 A School India Private Limited 25.04.2022 6.24 0.00 0.00 0.00 31.05.2024 2 Deep Water Services India Limited 27.03.2018 48.45 0.41 0.05 0.00 16.12.2022 3 Maurya Manpower Services Private Limited 06.07.2022 0.13 0.15 0.06 0.00 18.07.2024 4 Bahula Infotech Private Limited 22.08.2023 14.61 2.81 1.37 1.14 11.09.2024 5 Metro Management Services Private Limited 01.10.2021 0.85 0.99 3.09 0.46 31.01.2024 6 Eci Infra Towers Company Private Limited 28.02.2023 525.35 2.67 1.54 0.01 05.09.2024 7 Infiniti Techlab Llp 07.07.2023 0.00 0.09 0.06 0.00 12.07.2024 8 Belgium Aluminium & Glass Industries Private Limited 24.12.2021 126.84 2.18 1.61 0.81 02.05.2024 9 D S R M Steels Private Limited 12.06.2019 124.52 14.75 13.30 13.22 31.05.2024 10 Oxford Facilities Management 30.12.2022 17.02 1.73 1.57 1.12 21.05.2024 11

.12.2021 126.84 2.18 1.61 0.81 02.05.2024 9 D S R M Steels Private Limited 12.06.2019 124.52 14.75 13.30 13.22 31.05.2024 10 Oxford Facilities Management 30.12.2022 17.02 1.73 1.57 1.12 21.05.2024 11 Supersonic Dealcom Private Limited 10.02.2023 0.08 0.02 0.02 0.00 05.06.2024 12 Danesita Phadnis Food Industries Limited 23.02.2024 37.04 0.11 0.10 0.00 20.09.2024 13 G P Cottfab Pvt. Ltd. 02.03.2021 26.33 4.12 3.86 3.69 05.04.2024 14 Royalpet Vanijya Private Limited 27.06.2022 3.06 0.30 0.28 0.00 19.03.2024 15 Associated Appliances Limited 03.02.2021 16.03 3.55 3.37 2.98 22.07.2024 16 Windcastle Exports Private Limited 17.11.2022 588.84 0.09 0.09 0.01 13.08.2024 17 Rsj Developers Private Limited 05.05.2022 9.16 0.14 0.14 0.04 28.08.2024 18 Chandra Net Limited 24.01.2023 69.42 0.04 0.04 0.04 01.07.2024 19 Tristar Global Infrastructure Private Limited 12.10.2020 76.23 0.13 0.13 0.00 28.08.2024 20 Shree Sai Rolling Mills India Limited 25.01.2024 204.32 6.62 6.71 6.13 30.08.2024 21 Knd Engineering Technologies Ltd 06.12.2023 109.64 15.41 15.81 12.35 23.09.2024 22 Harishankar Paper Products Private Limited 11.11.2022 77.89 1.65 1.70 0.00 03.01.2023 23 Swift Shipping And Freight Logistics Private Limited 20.11.2017 9.28 0.37 0.38 0.38 16.12.2021 24 Shree Sai Smelters India Limited 25.01.2024 46.19 1.29 1.37 1.14 30.08.2024 25 Biopac India Corporation Limited 04.12.2020 45.00 23.30 26.68 26.49 12.09.2024 26 Leather World India Limited 29.01.2019 62.90 13.75 15.86 13.59 18.07.2024 27 Best Deal Tv Private Limited 02.02.2018 0.00 0.07 0.09 0.00 10.09.2024 28

04.12.2020 45.00 23.30 26.68 26.49 12.09.2024 26 Leather World India Limited 29.01.2019 62.90 13.75 15.86 13.59 18.07.2024 27 Best Deal Tv Private Limited 02.02.2018 0.00 0.07 0.09 0.00 10.09.2024 28 Exclusive Overseas Private Limited 20.12.2022 77.11 11.25 14.19 14.11 27.09.2024 29 Sai Krishnodaya Industries Private Limited 24.04.2023 3.66 0.00 0.01 0.00 10.09.2024 30 Fizzy Foodlabs Private Limited 12.03.2020 1.50 0.16 0.24 0.00 19.12.2023 31 Metaphor Exports Private Limited 07.03.2019 237.83 0.56 0.92 0.21 14.09.2024 32 Om Shakthi Renergies Limited 25.11.2020 59.05 3.18 6.86 5.27 18.09.2024 33 Katariya Pet Private Limited 28.01.2022 24.60 0.61 1.49 1.30 16.05.2024 34 Royal Hygiene Care Private Limited 21.01.2019 85.60 0.44 1.31 1.11 09.09.2024 35 Maxroth Impex Private Limited 05.07.2019 5.95 1.30 4.28 3.68 01.08.2023 36 Taurus Exports Pvt. Ltd. 18.02.2021 1.21 0.02 0.15 0.11 13.08.2024 37 Ideal Printographics Private Limited 08.10.2020 0.74 0.02 0.14 0.00 22.07.2024 38 Misa Services Pvt.

1.30 4.28 3.68 01.08.2023 36 Taurus Exports Pvt. Ltd. 18.02.2021 1.21 0.02 0.15 0.11 13.08.2024 37 Ideal Printographics Private Limited 08.10.2020 0.74 0.02 0.14 0.00 22.07.2024 38 Misa Services Pvt. Ltd. 22.02.2021 6.26 0.02 0.90 0.48 06.05.2024 39 Automotive Coaches & Components Private Limited 18.03.2022 190.58 54.86 52.44 46.62 03.05.2024 40 Adi Automotived Private Limited 31.03.2023 23.33 0.27 0.00 0.00 04.06.2024 41 Harihar International Private Limited 02.08.2023 0.00 0.00 0.01 0.00 22.07.2024 42 Rk Silk Mills (India) Limited 21.02.2022 0.21 0.00 0.00 0.00 23.07.2024 43 Shree Sai Prakash Alloys Private Limited 25.01.2024 204.32 6.93 8.42 7.71 30.08.2024 44 Fashion Equation Private Limited 24.07.2023 7.62 0.00 0.02 0.00 19.06.2023 45 Micropower Technology Private Limited 03.02.2021 1.35 0.00 0.00 0.00 23.07.2024 46 Mpl 2 Wheelers Private Limited 26.11.2021 5.24 0.00 0.00 0.00 30.08.2024 47 Flexi Infotech Private Limited 22.12.2021 0.00 0.00 0.01 0.00 10.09.2024 48 Shree Ambika Sugars Limited 20.06.2022 1679.94 172.44 180.06 142.03 12.01.2024 49 Slipcon Engineering Private Limited 21.12.2022 0.00 0.00 0.00 0.00 05.08.2024 50 Mallick Projects Private Limited 02.07.2024 0.00 0.00 0.00 0.00 02.07.2024 Part B: For October - December, 2024 1 Krishna Premium Care Services Llp 06.09.2023 1.91 0.00 0.28 0.00 04.11.2024 2 Gujarat Metallic Coal & Coke Limited 03.11.2021 83.21 0.23 4.73 3.82 04.12.2024 3 Trans-Fab Power Lndia Private Limited 28.06.2023 42.89 4.58 6.33 5.70 25.11.2024 4 Bush Tea Co Pvt Ltd 26.06.2023 87.79 0.07 0.10 0.00 03.12.2024

Limited 03.11.2021 83.21 0.23 4.73 3.82 04.12.2024 3 Trans-Fab Power Lndia Private Limited 28.06.2023 42.89 4.58 6.33 5.70 25.11.2024 4 Bush Tea Co Pvt Ltd 26.06.2023 87.79 0.07 0.10 0.00 03.12.2024

16 Around 78% of the CIRPs ending in liquidation (2069 out of 2653 for which data are available) were earlier with BIFR and/or defunct. The economic value in most of these CDs had almost completely eroded even before they were admitted into CIRP. These CDs had assets, on average, valued at 6.3% of the outstanding debt amount. C.7.2 Reasons for liquidation The AA passes an order for liquidation under four circumstances. As on December, 2024, 2707 orders for commencement of liquidation have been passed. The details of liquidation in these circumstances are presented in Figure 12. Figure 12: Reasons for Liquidations 5 Shree Shankar Saw Mill Private Limited 14.07.2023 70.85 3.12 3.16 2.78 07.11.2024 6 Speck Systems Limited 20.12.2023 993.59 29.08 41.81 40.00 18.11.2024 7 Sri Panchajanya Power Private Limited 05.03.2021 206.92 7.11 11.21 10.00 15.10.2024 8 Chiraag Vyapaar Pvt.

.16 2.78 07.11.2024 6 Speck Systems Limited 20.12.2023 993.59 29.08 41.81 40.00 18.11.2024 7 Sri Panchajanya Power Private Limited 05.03.2021 206.92 7.11 11.21 10.00 15.10.2024 8 Chiraag Vyapaar Pvt. Ltd 30.08.2022 21 0.00 0.14 0.00 03.12.2024 9 Opto Infrrastructure Limited 13.03.2024 86.43 0.19 1.64 1.01 05.12.2024 10 Nawa Engineers And Consultants Private Limited 10.10.2018 64.40 13.53 20.21 11.63 18.11.2024 11 Sembmarine Kakinada Limited 01.11.2021 1166.19 199.39 171.22 143.00 07.11.2024 12 Esskay Motors Private Limited 08.01.2018 25.92 0.09 0.15 0.03 13.11.2024 13 Raphael Engineering Private Limited 05.04.2018 4.30 1.74 1.75 1.48 01.10.2024 14 Sonachi Industries Limited 28.02.2019 37.13 14.17 11.40 10.16 19.10.2024 15 Yes Power & Infrastructure Limited 10.05.2019 48.21 7.46 6.67 5.91 17.10.2024 16 Advance Navotpad Surfactants Limited 09.08.2019 55.87 8.41 5.05 4.55 19.11.2024 17 Gths Retails Private Limited 16.10.2019 7.22 4.29 0.13 0.00 11.10.2024 18 Rrc International Freight Services Limited 22.10.2019 42.03 4.89 3.32 1.57 21.11.2024 19 Appsdaily Solutions Private Limited 05.12.2019 29.60 0.00 0.01 0.00 11.10.2024 20 Shirpur Power Private Limited 10.03.2021 2501.12 490.94 438.75 429.97 19.11.2024 21 Poscho Steels Pvt.

21.11.2024 19 Appsdaily Solutions Private Limited 05.12.2019 29.60 0.00 0.01 0.00 11.10.2024 20 Shirpur Power Private Limited 10.03.2021 2501.12 490.94 438.75 429.97 19.11.2024 21 Poscho Steels Pvt. Ltd. 23.03.2021 21.69 0.00 0.05 0.00 13.11.2024 22 Gm Agro Allied Private Limited 15.04.2021 10.79 1.66 1.12 1.12 23.10.2024 23 Prescot Productions Private Limited 02.09.2021 0.80 0.00 0.00 0.00 09.12.2024 24 Yashica Electronics Private Limited 02.09.2021 2.61 0.01 0.02 0.00 23.10.2024 25 Tin Time Consultancy Private Limited 01.11.2022 44.33 0.02 0.04 0.02 15.10.2024 26 Hitkari Packaging Private Limited 10.01.2023 4.91 0.00 0.00 0.00 20.12.2024 27 Infro-Alliance Trading Private Limited 30.01.2023 26.23 0.02 0.06 0.00 29.10.2024 28 Dynamic Hatcheries Private Limited 25.07.2023 1.86 0.17 0.18 0.07 26.11.2024 29 Spark Green Energy (Satara) Limited 28.07.2023 341.16 14.50 14.74 14.74 26.11.2024 30 Ariston Pharma Nova Tech Private Limited 03.04.2024 9.91 0.38 0.63 0.37 16.10.2024 31 Stone Export House Private Limited 01.10.2024 0.00 0.00 0.00 0.00 01.10.2024 32 Bihar E-Governance Services & Technologies Limited 08.11.2024 0.00 0.00 0.00 0.00 08.11.2024 Note: ‘-’ means no value; *Claims pertain to CIRP period 0 means an amount below two decimals $ indicates sale as going concern NA means Not Applicable C.7.3 Claims in liquidation process Regulation 12 of the Liquidation Regulations requires the liquidator to make a public announcement calling upon stakeholders to submit their claims as on the liquidation commencement date (LCD), within 30 days from the LCD.

uidation Regulations requires the liquidator to make a public announcement calling upon stakeholders to submit their claims as on the liquidation commencement date (LCD), within 30 days from the LCD. The details of the claims admitted by the liquidators in 2078 liquidations, for which data are available, are presented in Table10. Table 10: Claims in Liquidation Process (Amount in `crore) Stakeholders Number of Amount of Liquidation Amount Amount under Section Claimants Claims Value Realised Distributed Admitted 1274 Liquidations where Final Report Submitted* 52 91 10708.98 668.91 661.93 650.60 53 (1) (a) NA NA 14127.01 12478.54 1617.96 53 (1) (b) 10778 278787.54 10351.10 53 (1) (c) 9687 321.87 15.92 53 (1) (d) 3502 73473.37 256.81 53 (1) (e) 1581 20702.90 45.62 53 (1) (f) 24819 18272.21 167.83 53 (1) (g) 5 7.41 0 53 (1) (h) 269 2160.44 21.66 Total (A) 50732 404434.72 14795.92 13140.47# 13127.50

17 Stakeholders Number of Amount of Liquidation Amount Amount under Section Claimants Claims Value Realised Distributed Admitted Ongoing 1433 Liquidations** 53 (1) (a) NA NA 53 (1) (b) 39714 640384.58 53 (1) (c) 30127 1337.64 53 (1) (d) 10520 130258.99 53 (1) (e) 2691 33162.18 51291.34*** NA NA 53 (1) (f) 1967603 87448.81 53 (1) (g) 53 573.97 53 (1) (h) 105548 2650.34 Total (B) 2156256 895816.51 Grand Total 2206988 1300251.23 66087.26 (A + B) *Data reconciliation pending in 144 cases

Inclusive of unclaimed proceeds of Rs.12.97 crore under liquidation.

** Data for other ongoing liquidations is awaited. ***Out of 1433 ongoing cases, liquidation value of only 1165 CDs is available. Liquidation value of 754 CDs taken during liquidation process is Rs.40,403.34 crore and liquidation value of rest of the 411 CDs captured during CIRP is Rs.10888 crore. C.7.4 Sale as Going Concern Till December, 2024, 93 CDs were closed by sale as a going concern under liquidation process. These 93 CDs had claims amounting to Rs. 148537.56 crore, as against the liquidation value of Rs. 5432.97 crore. The liquidators in these cases realized Rs. 4408.59 crore and companies were rescued. C.8 Voluntary Liquidation C.8.1 Overview A corporate person may initiate voluntary liquidation proceeding if majority of the directors or designated partners of the corporate person make a declaration to the effect that (i) the corporate person has no debt or it will be able to pay its debts in full, from the proceeds of the assets to be sold under the proposed liquidation, and (ii) the corporate person is not being liquidated to defraud any person. Till March, 2024, 1897 corporate persons initiated voluntary liquidation of which final reports were submitted in 1405 cases and 34 cases were withdrawn. Till September, 2024 2047 corporate persons initiated voluntary liquidation of which final reports were submitted in 1553 cases and 42 cases were withdrawn. At the end of December, 2024, 2133 corporate persons initiated voluntary liquidation, of which final reports have been submitted in 1598 cases.

re submitted in 1553 cases and 42 cases were withdrawn. At the end of December, 2024, 2133 corporate persons initiated voluntary liquidation, of which final reports have been submitted in 1598 cases. Further, 43 processes have been withdrawn by December 31, 2024. The details of commencement of voluntary liquidations are presented in Table 11. The timeline of ongoing voluntary liquidations is presented in Figure 13. Table 11: Commencement of Voluntary Liquidations till December 31, 2024 (Number) Period Liquidations Liquidations Liquidation closed by Liquidations at the Commenced Withdrawal Final at the end beginning Reports of period Submitted 2017 – 18 NA 184 0 11 173 2018 – 19 173 232 7 108 290 2019 – 20 290 272 1 170 391 2020 – 21 391 251 2 186 454 2021 – 22 454 302 3 259 494 2022 – 23 494 320 9 335 470 2023 – 24 470 336 12 336 458 Apr-Jun, 2024 458 45 4 77 422 July-Sept, 2024 422 105 4 71 452 Oct-Dec, 2024 452 86 1 45 492 Total NA 2133 43 1598 492 Figure 13: Timeline of Ongoing Voluntary Liquidations Of the 2090 corporate persons that initiated voluntary liquidations (excluding withdrawals) till December 31, 2024, the reasons for these initiations are available for 2088 cases, which are presented in Figure 14. Most of these corporate persons are small entities. 1269 of them have paid-up equity capital of less than or equal to Rs. 1 crore. Only 302 of them have paid-up capital exceeding Rs. 5 crore. The corporate persons, for which details are available, have an aggregate paid-up capital of Rs.

tal of less than or equal to Rs. 1 crore. Only 302 of them have paid-up capital exceeding Rs. 5 crore. The corporate persons, for which details are available, have an aggregate paid-up capital of Rs. 15,569 crore (Table 12). Figure 14: Reasons for Voluntary Liquidation

18 Table 12: Details of Voluntary Liquidations (Excluding Withdrawals) Details of No. of Amount (in ` crore) Liquid- Paid-up Assets Out- Amount Surplus ations capital* standing paid to debt creditors Liquidations for which 1598 9034 11370 225 225 10802 Final Reports submitted** Ongoing Liquidations 492 6535 3079#

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Total 2090 15569 14,449

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Notes:

• Paid up capital is not available in case of eleven companies as they are limited by guarantee companies where there exist no shareholders and paid-up capital. ** Data of 5 Final Report cases is awaited. *** For ongoing liquidations, data is not available. # Assets of 373 cases are available. C.8.2 Dissolution orders in voluntary liquidation It was reported in the last newsletter that dissolution orders were passed in respect of 1099 voluntary liquidations. Dissolution orders in respect of 4 more voluntary liquidations, which were issued during the earlier period, were reported later. During the quarter October – December 2024, dissolutions orders in respect of 41 voluntary liquidations were issued taking the total dissolutions to

1144. These 1144 corporate persons owed Rs.

later. During the quarter October – December 2024, dissolutions orders in respect of 41 voluntary liquidations were issued taking the total dissolutions to 1144. These 1144 corporate persons owed Rs. 115.82 crore to creditors and through voluntary liquidation process, they were paid full amount. Table 13: Realisations under Voluntary Liquidations Sl. Name of Corporate Person Date of Date of Amount (In `crore) Commence- Dissolution Realisation Due to Paid to Liquidation Surplus ment of Assets Creditors Creditors Expenses Part A: For Prior Period (Till September 2024) 1 Shivshankar Niwas Private Limited 19.11.2019 13.06.2024 0.56

0.02 0.54 2 Secunderabad Hospital Private Limited 21.11.2020 10.09.2024 0.18

0.16 0 3 Emmsons Dyes Trading Company Private Limited 20.02.2024 25.09.2024 0.37

0.03 0 4 Kidz Router Private Limited 10.07.2021 27.09.2024 0.13 0.06 0.06 0.07 0 Part B: For October - December, 2024 1 Agm Capital India Private Limited 19.11.2019 03.10.2024 2.27 2.22 2.22 0.04 0 2 Mudita Ventures Private Limited 21.11.2020 04.10.2024 0.16

0.01 0 3 Paarkadel Ballast Technology Private Limited 20.02.2024 07.10.2024 6.07 0.01 0.01 0.07 0 4 Green World Projects Private Limited 10.07.2021 08.10.2024 6.3 0 0 0.06 6.24 5 Xtx Securities Private Limited 10.05.2021 09.10.2024 10.08

0.19 9.89 6 S.V.C Estates Private Limited 15.02.2024 16.10.2024 4.47

0.29 0 7 Rajsuraj Fincap Private Limited 28.02.2022 21.10.2024 1.98

0.02 1.96 8 E Com Logistics Private Limited 25.11.2022 21.10.2024 0.21 0 0 0.01 0.19 9 Ms Merchandisers Private Limited 21.10.2021

0 7 Rajsuraj Fincap Private Limited 28.02.2022 21.10.2024 1.98

0.02 1.96 8 E Com Logistics Private Limited 25.11.2022 21.10.2024 0.21 0 0 0.01 0.19 9 Ms Merchandisers Private Limited 21.10.2021 21.10.2024 0.03 0 0 0.02 0.01 10 Doc Medical Services Private Limited 15.02.2020 23.10.2024 2.12

0.12 0 11 Aimia India Loyalty Management Private Limited 21.04.2022 24.10.2024 34.01

0.14 33.87 12 Formel D India Private Limited 26.12.2022 24.10.2024 1.27

0.11 1.16 13 Systopia India Private Limited 27.04.2023 25.10.2024 0.05

0.04 0 14 Iplast Industries Private Limited 22.01.2024 25.10.2024 0.15

0.03 0 15 Ectosense India Private Limited 14.11.2022 07.11.2024 0.4

0.05 0.35 16 Bangalore Airport Rail Link Limited 30.01.2023 07.11.2024 1.26

0.09 1.18 17 Weld-Aids Private Limited 30.09.2023 07.11.2024 1.54

0.09 1.45 18 Kabbage India Private Limited 19.07.2024 07.11.2024 0.04

0.04

19 Footprint Ventures Trustee Company Private Limited 13.12.2022 07.11.2024 0.04 0 0 0.02 0.02 20 Footprint Ventures Consultancy Private Limited 28.11.2022 07.11.2024 0.04 0 0 0.02 0.02 21 Suguna Fincorp Private Limited 25.02.2023 08.11.2024 3

0.03 0 22 Xdoc Works Private Limited 02.05.2023 09.11.2024 0.29 0 0 0.05 0.24 23 Unfors Raysafe (India) Private Limited 23.03.2023 13.11.2024 0

0

24 Skava Systems Private Limited 23.03.2023 14.11.2024 82.87 0.03 0.03 11.37 0 25 Central Railside Warehouse Company Limited 15.04.2024 19.11.2024 42.84 0 0 0.19 42.65 26 Quadricap Advisors Private Limited 01.08.2022 19.11.2024 0.24

0.1 0 27

.11.2024 82.87 0.03 0.03 11.37 0 25 Central Railside Warehouse Company Limited 15.04.2024 19.11.2024 42.84 0 0 0.19 42.65 26 Quadricap Advisors Private Limited 01.08.2022 19.11.2024 0.24

0.1 0 27 Kris Sumeru Investments Private Limited 06.04.2023 28.11.2024 4.92

0.18 4.74 28 Kalvir Realty Private Limited 29.03.2021 29.11.2024 11.15

0.05 0 29 Ecovia Tech Private Limited 06.02.2023 02.12.2024 6.14

0.03 0 30 Finaxar Technology Solutions Private Limited 22.03.2024 02.12.2024 0.03

0.03

31 Sambodhi Healthcare Private Limited 05.12.2019 04.12.2024 0.02

0.01 0.01 32 Frontline Wind Energy Private Limited 19.02.2024 05.12.2024

19 33 Conssul Real Estate Bengaluru Private Limited 28.02.2024 06.12.2024 17.38 1.31 1.31 0.03 16.04 34 Clintec Cro Services (India) Private Limited 28.06.2024 06.12.2024 2.94

0.06 2.88 35 Takusho India Design Consultants Private Limited 03.03.2020 06.12.2024 1.92

0.02 1.91 36 Spi Finance And Investments Private Limited 02.08.2021 11.12.2024 2.1 0 0 0.02 2.08 37 Phonepe Wealth Private Limited 24.08.2022 12.12.2024 0.13 0.03 0.03 0.04 0.05 38 Finvault Account Aggregator Services Private Limited 13.12.2022 18.12.2024 2.13

0.07 2.06 39 Vadodara Securities Private Limited 28.07.2023 18.12.2024 0.39

0.02 0 40 Virtustream Security Solutions Private Limited 05.02.2021 19.12.2024 8.01

0.5 7.51 41 Boltell Infomedia Private Limited 31.03.2023 20.12.2024 5.72 5.47 5.47 0.02 0.23 Total (October-December, 2024) 264.7 9.09 9.09 14.27 136.73 Total (Till December, 2024) 9,951.59 115.83 115.83 220.61 7,946.10

Infomedia Private Limited 31.03.2023 20.12.2024 5.72 5.47 5.47 0.02 0.23 Total (October-December, 2024) 264.7 9.09 9.09 14.27 136.73 Total (Till December, 2024) 9,951.59 115.83 115.83 220.61 7,946.10 C.9 Corporate Liquidation Accounts The Regulations require a Liquidator to deposit the amount of unclaimed dividends, if any, and undistributed proceeds, if any, in a liquidation process along with any income earned thereon into the corporate liquidation account before he submits an application for dissolution of the corporate person. It also provides a process for a stakeholder to seek withdrawal from the said account. Similar provisions exist for voluntary liquidation processes. The details of these accounts at the end of December, 2024 are presented in Table 14. Table 14: Corporate Liquidation Accounts as on December 31, 2024 (Amount in `lakh) Name of Account Opening Deposit Withdrawn Balance at Balance during during the end of the period the period the period Corporate Liquidation Account 2019 – 20 0.00 476.26 0.21 476.05 2020 – 21 476.05 116.18 0.00 592.23 2021 – 22 592.23 25.93 4.84 613.32 2022 – 23 613.32 596.10 0.00 1209.42 2023 – 24 1209.42 777.37 9.26 1977.53 Apr – Jun, 2024 1977.53 22.10 0.00 1999.63 July – Sept, 2024 1999.63 550.28 0.00 2549.91 Oct- Dec, 2024 2549.91 0.40 0.00 2550.31 Corporate Voluntary Liquidation Account 2019 – 20 0.00 109.70 0.00 109.70 2020 – 21 109.70 112.06 0.00 221.76 2021 – 22 221.76 127.94 0.03 349.67 2022 – 23 349.67 241.29 10.42 580.54 2023 – 24 580.54 265.49 39.02 807.01 Apr – Jun, 2024 807.01 146.25 8.47 944.79

0.00 109.70 2020 – 21 109.70 112.06 0.00 221.76 2021 – 22 221.76 127.94 0.03 349.67 2022 – 23 349.67 241.29 10.42 580.54 2023 – 24 580.54 265.49 39.02 807.01 Apr – Jun, 2024 807.01 146.25 8.47 944.79 July – Sept, 2024 944.79 16.38 3.62 957.55 Oct- Dec, 2024 957.55 1.88 4.17 955.26 C.10 Pre-Packaged Insolvency Resolution Process The Central Government enacted the Insolvency and Bankruptcy Code (Amendment) Act, 2021 on August 11, 2021 which was deemed to have come into force on April 4, 2021 introducing the Pre-packaged Insolvency Resolution Process (PPIRP) for corporate MSMEs. On April 9, 2021, the Central Government notified the Insolvency and Bankruptcy (Pre-packaged Insolvency Resolution Process) Rules, 2021 prescribing the manner and form of making application to initiate PPIRP and the IBBI notified the IBBI (Pre- packaged Insolvency Resolution Process) Regulations, 2021. The Regulations provide for manner of carrying out certain processes and tasks under PPIRP. As per the information available with the Board, 13 applications have been admitted as on December, 2024, out of which one has been withdrawn and resolution plans has been approved in five cases i.e., Amrit India Limited, Sudal Industries Limited, Shree Rajasthan Syntex Limited, Enn Tee International Limited and GCCL Infrastructure and Projects Limited. The details of the ongoing cases are in Table 15. Table 15: List of ongoing cases for PPIRP as on December 31, 2024 Sl.

ed, Enn Tee International Limited and GCCL Infrastructure and Projects Limited. The details of the ongoing cases are in Table 15. Table 15: List of ongoing cases for PPIRP as on December 31, 2024 Sl. Name of the CD Date of Name of the admission NCLT Bench 1. Mudraa Lifespaces Private Limited 06-12-23 Mumbai 2. Kethos Tiles Private Limited 04-01-24 Ahmedabad 3. Shreemati Fashions Private Limited 05-01-24 Kolkata 4. Kratos Energy & Infrastructure Limited 01-02-24 Mumbai 5. Garodia Chemicals Limited 16-04-24 Mumbai 6. Kvir Towers Private Limited 20-02-24 New Delhi 7. Rg Residency Private Limited 20-02-24 New Delhi C. 11 Avoidance Transactions The Code read with Regulations require the RPs and Liquidators to file applications for avoidance of transactions, with the AA seeking appropriate directions.1396 applications seeking avoidance of transactions have been filed with the AA till December 31, 2024 as presented in Table 16. Table 16: Details of avoidance applications and disposal (Amount in `crore) Sl. Nature of Applications Filed Applications Disposed transactions Number of Amount Number of Amount Amount transactions involved transactions involved clawed back 1 Preferential 209 29916.40 81 1831.39 38.27 2 Undervalued 37 1817.37 6 368.72 5.98 3 Fraudulent 405 121454.82 78 6576.52 1452.36 4 Extortionate 4 75.65 1 0.09

5 Combination 741 231803.14 202 56873.50 6434.16 * Total 1396 385067.38 368 65650.22 7930.77 *In the matter of Jaypee Infra, possession of 758 acres out of total 858 acres of land was given back to the CD.

ination 741 231803.14 202 56873.50 6434.16 * Total 1396 385067.38 368 65650.22 7930.77 *In the matter of Jaypee Infra, possession of 758 acres out of total 858 acres of land was given back to the CD. The 858 acres of land was earlier valued at Rs. 5500 crore. Notes: ‘0’ means an amount below two decimals; ‘-’ means no value

Data awaited

20 Out of the 620 admitted PIRPs, 169 have been closed. Of these, 12 have been withdrawn; 129 have been closed on non-submission or rejection of repayment plan; and 26 have yielded approval of repayment plan. In cases where repayment plans have been approved, the creditors have realised Rs.102.78 crore, which is 2.16% of their admitted claims. D.2 Bankruptcy Process If the resolution process fails or repayment plan is not implemented, the debtor or the creditor may make an application for initiation of the bankruptcy process. As per the information received from the applicants, IPs and data collected from various benches of NCLT and DRT, 62 bankruptcy applications have since been filed as of December, 2024. Out of them, two applications are filed by the debtor and 60 applications have been filed by the creditors under section 122 and 123 of the Code respectively. Among them, one application has been filed before DRT, Chennai and 61 applications have been filed before different benches of NCLT. E. Service Providers E.1 Insolvency Professionals An individual, who is enrolled with an IPA as a professional member and has the required qualification and experience and passed the Limited Insolvency Examination, is registered as an IP.

fessionals An individual, who is enrolled with an IPA as a professional member and has the required qualification and experience and passed the Limited Insolvency Examination, is registered as an IP. Pursuant to the IBBI (Insolvency Professionals) (Fourth Amendment) Regulations, 2022 read with IBBI (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) (Amendment) Regulations, 2022, the Insolvency Professional Entities (IPEs) have been permitted to registered as IP to carry on the activities of an IP. An IP needs an authorization for assignment (AFA) to take up an assignment under the Code with effect from January 1, 2020. The IBBI made available an online facility from November 16, 2019 to enable an IP to make an application for issuance/renewal of AFA to the concerned IPA. Thereafter, an IPA processes such applications electronically. The details of IPs registered as on December 31, 2024 and AFAs held by them, IPA-wise, are presented in Table 19. Table 19: Registered IPs and AFAs as on December 31, 2024 City / Region Registered IPs IPs having AFA IIIP ICSI IPA of Total IIIP ICSI IPA of Total ICAI IIP ICMAI ICAI IIP ICMAI New Delhi 506 293 97 896 240 144 44 428 Rest of Northern Region 515 219 87 821 226 108 31 365 Mumbai 444 157 42 643 208 77 19 304 Rest of Western Region 380 141 54 575 200 74 22 296 Chennai 157 90 24 271 70 40 11 121 Rest of Southern Region 452 237 95 784 185 112 51 348 Kolkata 243 43 28 314 134 19 17 170 Rest of Eastern Region 80 35 12 127 35 20 6 61 Total (Individual) 2777 1215 439 4431 1298 594 201 2093

11 121 Rest of Southern Region 452 237 95 784 185 112 51 348 Kolkata 243 43 28 314 134 19 17 170 Rest of Eastern Region 80 35 12 127 35 20 6 61 Total (Individual) 2777 1215 439 4431 1298 594 201 2093 Total (IPE as IP) 49 15 24 88 47 12 23 82 Grand Total 2826 1230 463 4519 1345 606 224 2175 D. Individual Processes D.1 Insolvency Resolution Process The provisions relating to insolvency resolution and bankruptcy relating to PGs to CDs came into force on December 1, 2019. As per the information received from the applicants, IPs, and data collected from various benches of NCLT and Debt Recovery Tribunal (DRT), 3806 applications have since been filed as of December 31, 2024, for initiation of personal insolvency resolution process (PIRP) of PGs to CDs. Out of them, 546 applications have been filed by the debtors and 3260 applications by the creditors under sections 94 and 95 of the Code, respectively. Among them 51 have been filed before different benches of Debt Recovery Tribunal (DRT) and 3755 have been filed before different benches of NCLT (Table 17). Table 17: Insolvency Resolution of Personal Guarantors (Amount in `crore) Period Applications filed by Total Adjudicatng Debtors Creditors Authority (u/s 94) (u/s 95) No. Debt No. Debt No. Debt NCLT DRT Amount Amount Amount 2019 - 20 4 1827.57 23 3299.82 27 5127.39 26 1 2020 - 21 27 2492.98 254 40111.58 281 42604.56 275 6 2021 - 22 87 3545.82 960 69330.62 1047 72876.44 1032 15 2022 - 23 81 10547.37 903 39471.18 984 50018.55 983 1 2023 - 24 244 5006.95 560 31860.63 804 36867.58 777 27

98 254 40111.58 281 42604.56 275 6 2021 - 22 87 3545.82 960 69330.62 1047 72876.44 1032 15 2022 - 23 81 10547.37 903 39471.18 984 50018.55 983 1 2023 - 24 244 5006.95 560 31860.63 804 36867.58 777 27 Apr - Jun, 2024 40 1673.08 218 12132.92 258 13806 258 0 July – Sept, 2024 38 740.18 185 15437.57 223 16177.75 223 0 Oct- Dec, 2024 25 259.55 157 3056.47 182 3316.02 181 1 Total 546 26093.5 3260 214700.79 3806 240794.29 3755 51 Note: The data are provisional. These are revised on a continuous basis as further information is received. Debt data not available in 633 cases. Of the 3806 applications, 119 applications have been withdrawn/ rejected/ dismissed before the appointment of RP and RPs have been appointed in 1767 cases. After the appointment of RP, 135 cases have been withdrawn/ rejected/ dismissed, and 620 cases have been admitted. The details are given in Table 18. Table 18: Status of filed applications for initiation of Insolvency Resolution Process of PGs to CDs (Number) Period No. of Before appointment No. of After appoint- No. of appli- of RP cases ment of RP cases cations No. of No. of where No. of No.

f PGs to CDs (Number) Period No. of Before appointment No. of After appoint- No. of appli- of RP cases ment of RP cases cations No. of No. of where No. of No. of Admit- filed Appli- Appli- RPs have Appli- Appli- ted cations cations been cations cations with dismissed/ appointed* with dismissed/ drawn rejected drawn rejected 2019 – 20 27 0 0 2 0 0 0 2020 – 21 281 6 1 35 2 1 13 2021 – 22 1047 15 15 468 0 7 35 2022 - 23 984 19 30 556 14 25 213 2023 – 24 804 11 19 564 19 18 172 Apr - Jun, 2024 258 0 2 98 4 26 97 July – Sept, 2024 223 1 0 35 1 15 78 Oct- Dec, 2024 182 0 0 9 0 3 12 Total 3806 52 67 1767 40 95 620 *This includes the admitted cases and cases, which are withdrawn or dismissed or rejected after appointment of RP.

21 Of the 4592 IPs registered till date, registrations of 15 IPs have been cancelled through disciplinary action, and registrations of 24 IPs cancelled on failing to fulfil the requirement of fit and proper person status. As per information available, 34 IPs have passed away.

ncelled through disciplinary action, and registrations of 24 IPs cancelled on failing to fulfil the requirement of fit and proper person status. As per information available, 34 IPs have passed away. The registrations and cancellations of registrations IPs, quarter wise, till December 31, 2024 are presented in Table 20. Table 20: Registration and Cancellation of Registration of IPs Year / Quarter Regis- Registered Cancelled during the Registered tered during the period on account of at the at the period Discip- Failing to fulfil Dea- end of beginning linary the continuing th the of the Process requirement of period period ‘fit and proper person’ status 2016 - 17 (Nov-Dec) # 0 977 0 0 0 977 2016 - 17 (Jan-Mar) 0 96 0 0 0 96 2017 – 18 96 1716 0 0 0 1812 2018 – 19 1812 648 4 0 0 2456 2019 – 20 2456 554 0 1 5 3004 2020 – 21 3004 506 0 1 5 3504 2021 – 22 3504 549 1 0 8 4044 2022 – 23 4044 209 2 0 5 4246 2023 – 24 4246 116 3 0 7 4352 Apr - Jun, 2024 4352 41 0 0 2 4391 July – Sept, 2024 4391 36 1 0 1 4425 Oct- Dec, 2024 4425 33 4 22 1 4431 Total (Individual) NA 4504 15 24 34 4431 Total (IPE as IP) NA 88 0 0 0 88 Grand Total NA 4592 15 24 34 4519

Registration with validity of six months. These registrations expired by

June 30, 2017. An individual with 10 years of experience as a member of the ICAI, ICSI, ICMAI or a Bar Council or 10 years of experience in the field of law, after receiving a Bachelor’s degree in law or 10 years of experience in management, after receiving a Master’s degree in Management or two year full time Post Graduate Diploma in Management or 15 years of experience in management, after receiving a Bachelor’s degree is eligible for registration as an IP on passing the Limited Insolvency Examination. The Post Graduate Insolvency Programme (PGIP) is a first of its kind programme for those aspiring to take up the profession of IP as a career without having to wait for acquiring the specified 10/15 years of experience. The IBBI has granted approval to two institutes to conduct PGIP - the Indian Institute of Corporate Affairs and the National Law Institute University, Bhopal, who commenced PGIP from the year 2019 and 2022 respectively. The IBBI has granted 46 registrations based on this qualification, until December 31, 2024. Table 21 presents distribution of IPs as per their eligibility (an IP may be a member of more than one Institute) as on December 31, 2024. Of the 4431 IPs (individual) as on December 31, 2024, 457 IPs (constituting about ten per cent of the total registered IPs) are female. Table 21: Distribution of IPs as per their Eligibility as on December 31, 2024 Eligibility No.

r 31, 2024, 457 IPs (constituting about ten per cent of the total registered IPs) are female. Table 21: Distribution of IPs as per their Eligibility as on December 31, 2024 Eligibility No. of IPs (Individual) Male Female Total Member of ICAI 2198 222 2420 Member of ICSI 599 139 738 Member of ICMAI 186 19 205 Member of Bar Council 235 35 270 Managerial Experience 716 36 752 PGIP Qualified 40 6 46 Total 3974 457 4431 The Regulations provide that an IP (individual) shall be eligible to obtain an AFA if he has not attained the age of 70 years. Table 22 presents the age profile of the IPs registered as on December 31, 2024. Table 22: Age Profile of IPs (individual) as on December 31, 2024 Age Group Registered IPs IPs having AFA# ( in Years) IIIP ICSI IPA of Total IIIP ICSI IPA of Total ICAI IIP ICMAI ICAI IIP ICMAI < 30 16 7 3 26 12 5 1 18

30 < 40 180 69 17 266 109 42 10 161 40 < 50 949 340 54 1343 453 177 21 651 50 < 60 837 365 112 1314 405 195 58 658 60 < 70 704 349 209 1262 319 175 111 605 70 < 80 85 78 41 204 2 NA NA NA 80 < 90 5 6 3 14 NA NA NA NA 90 1 1 0 2 NA NA NA NA Total 2777 1215 439 4431 1298 594 201 2093

Excluding 1320 AFAs which are expired / not renewed.

NA: Not Applicable. E.2 Replacement of IRP with RP Section 22(2) of the Code provides that the CoC may, in its first meeting, by a majority vote of not less than 66% of the voting share of the FCs, either resolve to appoint the IRP as the RP or to replace the IRP by another IP to function as the RP. Under section 22(4) of the Code, the AA shall forward the name of the RP, proposed by the CoC, under section 22(3)(b) of the Code, to IBBI for its confirmation and shall make such appointment after such confirmation. However, to save time in such reference, a database of all the IPs registered with the IBBI has been shared with the AA, disclosing whether any disciplinary proceeding is pending against any of them and the status of their AFAs. While the database is currently being used by various Benches of the AA, in a few cases, the IBBI receives references from the AA and promptly responds to it. Till December 31, 2024, as per updates available, a total of 1643 IRPs have been replaced with RPs, as shown in Figure 15. It is observed that IRPs in about 35% of CIRPs initiated by CD are replaced by RPs, in 32% of CIRPs initiated by OCs and in 21% of CIRPs initiated by FCs.

n replaced with RPs, as shown in Figure 15. It is observed that IRPs in about 35% of CIRPs initiated by CD are replaced by RPs, in 32% of CIRPs initiated by OCs and in 21% of CIRPs initiated by FCs.

22 Figure 15: Replacement of IRP with RP E.3 Insolvency Professional Entities During the quarter under review, three IPEs were recognised. As on December 31, 2024, there were 126 IPEs (Table 23). Table 23: IPEs as on December 31, 2024 Quarter No. of IPEs Recognised Derecognised At the end of the Period 2016 - 17 (Jan – Mar) 3 0 3 2017 – 18 73 1 75 2018 – 19 13 40 48 2019 – 20 23 2 69 2020 – 21 14 0 83 2021 – 22 10 2 91 2022 – 23 17 1 107 2023 – 24 15 0 122 Apr - Jun, 2024 1 0 123 July – Sept, 2024 2 2 123 Oct- Dec, 2024 3 0 126 Total 174 48 126 E.4 Insolvency Professional Agencies IPAs are front-line regulators and are responsible for developing and regulating the insolvency profession. They discharge three kinds of functions, namely, quasi-legislative, executive, and quasi- judicial. The quasi-legislative functions cover laying down standards and code of conduct through byelaws, which are binding on all members. The executive functions include monitoring, inspection, and investigation of professional members on a regular basis, addressing grievances of aggrieved parties, gathering information about their performance, etc., with the overarching objective of promoting best practices and conduct by IPs.

ers on a regular basis, addressing grievances of aggrieved parties, gathering information about their performance, etc., with the overarching objective of promoting best practices and conduct by IPs. The quasi-judicial functions include dealing with complaints against members and taking suitable disciplinary actions. As on December 31, 2024, there are three IPAs registered in accordance with the Code and Regulations. The IBBI interacts with the Managing Directors (MDs) of the IPAs and the IU every month, to obtain feedback on areas of concern for the profession of IPs and discuss the resolutions and the way forward. Table 21 presents the details of activities by the IPAs. Table 24 gives details of number of continuing professional education (CPE) hours earned by IPs. Table 24: Activities by IPAs Period Number of Pre- CPE Training Other Discip- Compl- regist- Progra- Work- Work linary aints ration mmes shops shops/ Orders (Forwar- Courses cond- for IPs Webinars/ Issued ded by conducted ucted Roundtables/ IBBI) Seminars Disposed 2018 – 19 16

7 100 4 11 2019 – 20 11 30 9 157 9 127 2020 – 21 14 193 66 102 42 102 2021 – 22 13 133 56 81 23 12 2022 – 23 15 231 104 192 85 125 2023 – 24 3 198 61 135 49 179 Apr - Jun, 2024 1 60 17 45 1 49 July – Sept, 2024 1 73 35 39 17 20 Oct- Dec, 2024 1 59 23 36 4 34 Total 75 977 378 887 234 659 Table 25: CPE Hours earned by the IPs Period Number of CPE Hours earned by members of IIIP ICAI ICSI IIP IPA ICAI Total 2019 – 20 1160 695 320 2175 2020 – 21 18465 8746 4647 31858 2021 – 22 14123 7890

by the IPs Period Number of CPE Hours earned by members of IIIP ICAI ICSI IIP IPA ICAI Total 2019 – 20 1160 695 320 2175 2020 – 21 18465 8746 4647 31858 2021 – 22 14123 7890 3872 25885 2022 – 23 22185 10732 3433 36350 2023 – 24 5803 9835 3715 19353 Apr - Jun, 2024 2314 2203 960 5477 July – Sept, 2024 4178 2466 902 7546 Oct- Dec, 2024 4513 2122 904 7539 Total 72741 44689 18753 136183 Average CPE hours per registered IP 26.19 36.78 42.72 30.73 E.5 Information Utility The Code provides that the data with the IU facilitates the CIRP. The RoD of the IU provides evidence of debt and default and assists the AA in deciding on an application for admission of insolvency proceedings against a CD. Sections 7(3) & 9(3) of the Code read with the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, require submission of RoD from an IU as evidence of default, among various other options, along with application for initiation of CIRP. The RoD issued by an IU has evidentiary value in IBC processes. It contains complete details of the parties to the debt, debt information, security details, default information, details of communication with debtor and authentication status by the counter parties of the debt categorized in accordance with regulation 21 of the IBBI (Information Utilities) Regulations, 2017. The IU issues RoD in every defaulted loan (unique debt) reported to it on completing the process of authentication. There is one IU, namely, the NeSL that provides authenticated financial information to the users.

RoD in every defaulted loan (unique debt) reported to it on completing the process of authentication. There is one IU, namely, the NeSL that provides authenticated financial information to the users. The IBBI interacts with the MD & CEO of the IU along with the MDs of IPAs every month to discuss the issues relating to receipt and authentication of financial information. As at the end of December, 2024, NeSL has issued

23 about 1,36,890 RoDs under Corporate Segment to support the IBC ecosystem. Figure 16 provides details of the registered users and information with NeSL, as submitted by it. Figure 16: Details of information with NeSL E.6 Registered Valuer Organisations The Companies (Registered Valuers and Valuation) Rules, 2017 (Valuation Rules) made under section 247 of the Companies Act, 2013 provide a unified institutional framework for development and regulation of valuation profession. Its remit is limited to valuations required under the Companies Act, 2013 and the Code. The IBBI performs the functions of the Authority under the Valuation Rules. It recognises Registered Valuer Organisations (RVOs) and registers RVs and exercises regulatory oversight over them, while RVOs serve as front-line regulators for the valuation profession. An individual having specified qualification and experience needs to enrol with an RVO, complete the educational course conducted by the RVO and clear the examination conducted by IBBI, before seeking registration with IBBI as an RV. There are currently 14 RVOs.

ds to enrol with an RVO, complete the educational course conducted by the RVO and clear the examination conducted by IBBI, before seeking registration with IBBI as an RV. There are currently 14 RVOs. The IBBI meets MDs / CEOs of RVOs every month to discuss the issues arising from the valuation profession, to resolve queries of the RVOs and to guide them in discharge of their responsibilities. The details of individual RVs, RVO-wise, as on December 31, 2024, are given in Table 26. A total of 5658 individuals have active registrations, four of them are registered for all three asset classes, 8785 are registered for two asset classes and the balance 5567 are registered for one asset class. As on December 31, 2024, the registration of four RVs have been cancelled. Table 26: Registered Valuers as on December 31, 2024 (Number) Sl. Registered Valuer Organisation No. of registration granted in each Asset Class Land & Plant & Securities Total Build- Machi- or Financial ing nery Assets 1 RVO Estate Managers and Appraisers 96 17 15 128 Foundation 2 IOV: IOV Registered Valuers Foundation 1659 263 190 2112 3 ICSI: ICSI Registered Valuers Organisation 0 0 254 254 4 IIV India registered Valuers Foundation 194 51 58 303 5 ICMAI: ICMAI Registered Valuers Organisation 63 34 320 417 6 ICAI: ICAI Registered Valuers Organisation 1 0 1127 1128 7 PVAI: PVAI Valuation Professional Organisation 327 56 140 523 8 CVSRTA: CVSRTA Registered Valuers 196 61 NA 257 Association 9 ACVA: Association of Certified Valuators and 0 0 4 4 Analysts* 10 CEV: CEV Integral Appraisers Foundation

Organisation 327 56 140 523 8 CVSRTA: CVSRTA Registered Valuers 196 61 NA 257 Association 9 ACVA: Association of Certified Valuators and 0 0 4 4 Analysts* 10 CEV: CEV Integral Appraisers Foundation 162 47 3 212 11 DJF: Divya Jyoti Foundation 119 20 73 212 12 Nandadeep Valuers Foundation 6 0 1 7 13 IBVA: International Business Valuers Association 5 2 24 31 14 AIVA: All India Valuers Association 2 0 0 2 15 AaRVF: Assessors and Registered Valuers 87 26 50 163 foundation Total 2917 577 2259 5753 Note: Registration of 4 RVs have since been cancelled. NA signifies that the RVO is not recognised for that asset class. *The RVO has merged with IOV Registered Valuers Foundation and the transfer of membership of members is under process. RVs are permitted to form an entity (Partnership / Company) for rendering valuation services. There are 116 such entities registered as RVs as on December 31, 2024, as presented in Table 27. 55 of them are registered for three asset classes, 22 are registered for two asset classes and 39 are registered for one asset class.

istered as RVs as on December 31, 2024, as presented in Table 27. 55 of them are registered for three asset classes, 22 are registered for two asset classes and 39 are registered for one asset class. The registration of RVs till December 31, 2024 is given in Table 28. Table 27: Registered Valuers (Entities) as on December 31, 2024 Registered Valuer Number Asset Class Organisation of Entities Land & Plant & Securities Building Machinery or Financial Assets RVO Estate Managers and Appraisers 6 6 4 5 Foundation IOV Registered Valuers Foundation 40 35 32 33 ICSI Registered Valuers Organisation 6 2 2 6 IIV India Registered Valuers Foundation 3 3 3 2 ICMAI Registered Valuers Organisation 18 10 9 17 ICAI Registered Valuers Organisation 19 1 0 19 PVAI Valuation Professional Organisation 5 4 4 5 CVSRTA Registered Valuers Association 1 1 1 0 CEV Integral Appraisers Foundation 2 2 2 0 Divya Jyoti Foundation 3 2 2 3 All India Institute of Valuers Foundation 1 1 1 1 International Business Valuers Association 10 9 7 8 Nandadeep Valuers Foundation 1 1 1 1 Assessors and Registered Valuers 1 1 1 1 foundation Total 116 78 69 101

stitute of Valuers Foundation 1 1 1 1 International Business Valuers Association 10 9 7 8 Nandadeep Valuers Foundation 1 1 1 1 Assessors and Registered Valuers 1 1 1 1 foundation Total 116 78 69 101

24 Table 28: Registration of RVs till December 31, 2024 (Number) Year / Quarter Land & Plant & Securities or Total Building Machinery Financial Assets 2017 – 18 0 0 0 0 2018 – 19 781 121 284 1186 2019 – 20 848 204 792 1844 2020 – 21 409 82 446 937 2021 – 22 302 67 303 672 2022 – 23 311 57 275 643 2023 – 24 138 23 89 250 Apr - Jun, 2024 29 7 24 60 Jul-Sep, 2024 35 9 31 75 Oct- Dec, 2024 64 7 15 86 Total 2917 577 2259 5753 Note: Registration of 4 RVs have since been cancelled. As on December 31, 2024, 1439 RVs (constituting 25% of the total RVs registered) are from metros, while 4314 RVs (constituting 75% of the total RVs registered) are from non-metro locations. The region-wise detail of RVs is given in Table 29. Table 29: Region wise RVs as on December 31, 2024 (Number) City / Region Land & Plant & Securities or Total Building Machinery Financial Assets New Delhi 92 39 267 398 Rest of Northern Region 481 96 398 975 Mumbai 127 56 343 526 Rest of Western Region 850 172 385 1407 Chennai 123 46 164 333 Rest of Southern Region 1147 135 533 1815 Kolkata 38 20 124 182 Rest of Eastern Region 59 13 45 117 Total 2917 577 2259 5753 The average age of RVs as on December 31, 2024 stood at 48 years across asset classes.

hern Region 1147 135 533 1815 Kolkata 38 20 124 182 Rest of Eastern Region 59 13 45 117 Total 2917 577 2259 5753 The average age of RVs as on December 31, 2024 stood at 48 years across asset classes. It was 48 years for Land & Building, 53 years for Plant & Machinery and 43 years for Securities or Financial Assets (Table 30). Of the 5773 RVs as on December 31, 2024, 582 RVs (constituting about 10% of the total RVs) are females. Table 30: Age profile of RVs as on December 31, 2024 Age Group Land & Plant & Securities or Total (in years) Building Machinery Financial Assets < 30 218 9 152 379

30 < 40 637 90 880 1607 40 < 50 568 121 691 1380 50 < 60 1046 171 335 1552 60 < 70 398 129 185 712 70 < 80 44 54 15 113 80 6 3 1 10 Total 2917 577 2259 5753 E.7 Complaints and Grievances The IBBI (Grievance and Complaint Handing Procedure) Regulations, 2017 enable a stakeholder to file a grievance or a complaint against a service provider. Beside this, grievance and complaints are received from the Centralised Public Grievance Redress and Monitoring System (CPGRAMS), Prime Minister’s Office (PMO), MCA, and other authorities.

provider. Beside this, grievance and complaints are received from the Centralised Public Grievance Redress and Monitoring System (CPGRAMS), Prime Minister’s Office (PMO), MCA, and other authorities. The receipt and disposal of grievances and complaints till December 31, 2024 is presented in Table 31. Table 31: Receipt and Disposal of Grievances and Complaints till December 31, 2024 (Number) Year / Complaints and Grievances Received Total Quarter Under the Through Through Recei- Dispo- Under Regulations CPGRAM/PMO/ Other ved sed Exami- MCA/Other Modes nation Authorities Rece- Dispo- Rece- Dispo- Rece- Dispo- ived sed ived sed ived sed 2017 – 18 18 0 6 0 22 2 46 2 44 2018 – 19 111 51 333 290 713 380 1157 721 480 2019 – 20 153 177 239 227 1268 989 1660 1393 747 2020 – 21 268 260 358 378 990 1364 1616 2002 361 2021 – 22 276 279 574 570 611 784 1461 1633 189 2022 - 23 235 211 399 386 238 272 872 869 192 2023 – 24 209 193 435 452 311 271 955 916 231 Apr - Jun, 2024 48 38 105 112 49 77 202 227 206 Jul- Sept, 2024 58 28 60 54 90 50 208 130 284 Oct- Dec, 2024 79 60 54 65 67 80 200 205 279 Total 1455 1297 2563 2534 4359 4269 8377 8098 279 E.8 Examinations E.8.1 Limited Insolvency Examination The IBBI publishes the syllabus, format, etc. of the examination under regulation 3(3) of the IBBI (Insolvency Professionals) Regulations, 2016. It reviews the same continuously to keep it relevant with respect to dynamics of the market.

t, etc. of the examination under regulation 3(3) of the IBBI (Insolvency Professionals) Regulations, 2016. It reviews the same continuously to keep it relevant with respect to dynamics of the market. It has successfully completed seven phases of the Limited Insolvency Examination. The eighth phase is going on from July 1, 2023. It is a computer based online examination available on daily basis from various locations across India. NSEIT Limited is the current test administrator. The details of the examination are given in Table 32. Table 32: Limited Insolvency Examination Phase Period Number of Attempts Successful (some candidates made Attempts more than one attempt) First Jan, 2017 – Jun, 2017 5329 1201 Second Jul, 2017 – Dec, 2017 6237 1112 Third Jan, 2018 – Oct, 2018 6344 1013 Fourth Nov, 2018 – Jun, 2019 3025 505 Fifth Jul, 2019 – Dec, 2020 5860 1016 Sixth Jan, 2021 – Feb, 2022 2741 474 Seventh Mar, 2022 – Jun, 2023 1677 198 Eighth Jul, 2023 - Mar, 2024 380 58 Apr, 2024 - Jun, 2024 184 27 July, 2024 – Sept, 2024 192 35 Oct, 2024- Dec, 2024 157 25 Total 32126 5664

Feb, 2022 2741 474 Seventh Mar, 2022 – Jun, 2023 1677 198 Eighth Jul, 2023 - Mar, 2024 380 58 Apr, 2024 - Jun, 2024 184 27 July, 2024 – Sept, 2024 192 35 Oct, 2024- Dec, 2024 157 25 Total 32126 5664

25 E.8.2 Valuation Examinations The IBBI, being the authority under the Valuation Rules commenced the Valuation Examinations for asset classes of: (a) Land and Building, (b) Plant and Machinery and (c) Securities or Financial Assets, on March 31, 2018. It reviews the examinations continuously to keep it relevant with the changing times. Presently, the fifth phase of valuation examinations is going on from May 1, 2024. It is a computer based online examination available from several locations across India. National Institute of Securities Markets is the current test administrator. The details of the Examinations are given in Table 33. Table 33: Valuation Examinations Phase Period Number of Attempts Number of Successful (some candidates made Attempts in Asset Class more than one attempt) in Asset Class Land & Plant & Securities Land & Plant & Securities Building Machi- or Financial Building Machi- or Financial nery Assets nery Assets First Mar, 2018 – 9469 1665 4496 1748 324 707 Mar, 2019 Second Apr, 2019 – 3780 757 4795 380 95 656 May, 2020 Third Jun, 2020 – 8370 2015 8377 620 139 781 Jun, 2022 Fourth Jul, 2022 - 4042 764 2459 392 72 262 Apr, 2024 Fifth May, 2024 - 235 32 145 31 6 17 Jun, 2024 Jul,2024- 391 51 181 54 10 21 Sep, 2024 Oct 2024- 373 40 164 55 8 21 Dec, 2024 Total 26660 5324 20637 3280 654 2459 E.9 Disciplinary Orders

62 Apr, 2024 Fifth May, 2024 - 235 32 145 31 6 17 Jun, 2024 Jul,2024- 391 51 181 54 10 21 Sep, 2024 Oct 2024- 373 40 164 55 8 21 Dec, 2024 Total 26660 5324 20637 3280 654 2459 E.9 Disciplinary Orders During the quarter, the Disciplinary Committee of the IBBI disposed of 11 show cause notices issued to the IPs and 1 show cause notice issued to an RV for contravention of the provisions of law by passing suitable orders. F. Orders F.1 Supreme Court Committee of Creditors of KSK Mahanadi Power Company Limited Vs. M/s Uttar Pradesh Power Corporation Limited & Ors. [Civil Appeal No. 11086 of 2024] AA rejected the application filed by one of the FC for consolidation of CIRP of KSK Mahanadi Power Company Limited (CD) with other two group companies. The appeal filed by FC before NCLAT was later withdrawn. In the meanwhile, Uttar Pradesh Power Corporation Limited (Respondent/ OC) filed a WP in Telangana HC, seeking relief of consolidation for maximization of assets. The HC had declined to grant the main relief and directed OC to approach the NCLT with the grounds available under the law and stayed the CIRP. Aggrieved by the order of HC, the CoC filed an appeal before SC. The issue for consideration before the SC was whether the HC was justified in granting stay during the first hearing without notice to CoC and others. The SC while allowing the appeal, has set aside the order of HC.

nsideration before the SC was whether the HC was justified in granting stay during the first hearing without notice to CoC and others. The SC while allowing the appeal, has set aside the order of HC. It observed that the decision of HC in deferring the CIRP proceedings is beyond its jurisdictional boundaries under Article 226 and held that such a decision “breaches the discipline of the law which has been laid down in the provisions of the Insolvency and Bankruptcy Code 2016.” GLAS Trust Company LLC Vs. BYJU Raveendran & Ors. [Civil Appeal No. 9986 of 2024 with SLP (C) No. 21023 of 2024] GLAS Trust Company LLC (GTCL), an administrative agent of the secured lender in the capacity of FC, had filed section 7 application against Think and Learn Private Limited, a subsidiary of M/s Byju’s Alpha Inc., a USA based entity. Earlier, the CIRP had already commenced against the CD on the application filed by OC i.e., The Board of Control for Cricket in India (BCCI). Therefore, GTCL was allowed to submit claims in the ongoing CIRP with the liberty to seek restoration of its petition. NCLT’s orders were challenged by the CD and FC before NCLAT which granted stay on the constitution of CoC. In the meanwhile, one of the directors of CD proposed settlement of dues with BCCI which was objected by FC and the appellant herein on the grounds of source of funds, round-tripping and that such payments would amount to preferential treatment to OC and prejudicial to FCs.

th BCCI which was objected by FC and the appellant herein on the grounds of source of funds, round-tripping and that such payments would amount to preferential treatment to OC and prejudicial to FCs. However, NCLAT while exercising inherent powers under rule 11 of National Company Law Appellate Tribunal Rules, 2016 (NCLAT Rules) allowed withdrawal of CIRP. On appeal by FC, the issue before SC was whether rule 11 can be invoked when provisions for withdrawal are prescribed under the law. SC while setting aside the judgment of NCLAT, examined the provisions of section 12A read with regulation 30A of CIRP Regulations and inherent powers under the rule 11 of NCLAT Rules and held that inherent powers can be exercised in cases where statutory provisions are silent or ambiguous and such powers cannot be used to go against the established legal framework provided under the provisions of the Code. Further, it also highlighted the importance of ensuring fairness and compliance with insolvency regulations to protect the interests of all stakeholders and directed that the funds in question remain in an escrow account under the oversight of the Committee of Creditors (CoC) until further developments. State Bank of India & Ors. Vs. The Consortium of Mr. Murari Lal Jalan and Mr. Florian Fritsch & Anr. [Civil Appeal Nos. 5023- 5024 of 2024] AA admitted Jet Airways (India) Limited (CD) into CIRP vide order dated 20.06.2019. Subsequently, AA approved the resolution plan of SRA. The implementation of the resolution plan was delayed beyond the timelines owing to extensions sought by the SRA.

RP vide order dated 20.06.2019. Subsequently, AA approved the resolution plan of SRA. The implementation of the resolution plan was delayed beyond the timelines owing to extensions sought by the SRA. The CoC objected for extensions as the dues payable to workmen, airport authorities, and other costs etc. were on the rise. Further, SRA approached NCLAT to exclude the period in deciding appeal from 180-day period for infusion of 1st tranche of funds and restrain FCs from encashing Performance Bank Guarantee (PBG). On 16.08.2023, the FC filed an affidavit before the NCLAT and submitted that, if SRA (i) infuses Rs. 350 crores by 31.08.2023; (ii) complies with the payment obligations to the workmen and employees, and (iii), follows the other terms and conditions of the plan - then it would not contest the issues relating to the grant of extension of time as well as the issue relating to the compliance of

26 the terms and conditions of the plan. On 28.08.2023, the NCLAT partly allowed the adjustment application filed by the SRA by holding that the payment of the first tranche of Rs. 350 Crore and remaining Rs. 200 Crore were allowed to be infused on or by 31.08.2023 and 30.09.2023 respectively and, accordingly timeline was considered. FCs filed an appeal before the SC against the aforesaid order. On 18.01.2024, the SC held that the PBG cannot be permitted to be adjusted against the first tranche payment and therefore, directed that the amount of Rs. 150 Crore be infused in cash on or before 31.01.2024 and prayer for extension of the compliance order was dismissed.

d against the first tranche payment and therefore, directed that the amount of Rs. 150 Crore be infused in cash on or before 31.01.2024 and prayer for extension of the compliance order was dismissed. Meanwhile, FCs’ submissions regarding non-fulfilment of the stipulations under the resolution plan was dismissed by NCLAT holding that SRA had complied with the conditions in the plan. FCs filed an appeal before SC against the order of NCLAT. While adjudicating upon the present appeals, SC held that the PBG could not have been adjusted against the first tranche payment, as it contravened its previous order dated 18.01.2024 and the terms of the resolution plan. It noted malafide intention on part of the SRA in delaying implementation of the resolution plan in the garb of pendency of litigation against non-fulfilment of terms and conditions and held that the adjustment of the PBG was impermissible under the terms of the resolution plan read with regulation 36B(4A) of the CIRP Regulations. SC, further held that the SRA, not having infused the first tranche payment of Rs. 350 Crore within a period of 180 days from the effective date, has defaulted on its obligation towards the payment of CIRP costs (which include airport dues) and has breached the terms of the resolution plan towards payment of workmen and employees’ dues and other statutory dues like PF and Gratuity.

the payment of CIRP costs (which include airport dues) and has breached the terms of the resolution plan towards payment of workmen and employees’ dues and other statutory dues like PF and Gratuity. Considering the above, it concluded that failure to implement the resolution plan by the SRA has rendered CIRP too costly for the FCs, leaving liquidation as the last resort to recover their money. SC reiterating the superiority of the commercial wisdom of the CoC in deciding resolution plan with minimum judicial interference, it suggested that the Central Government and the IBBI should explore the possibilities of better enforcement of the standards and practices enumerated in the Guidelines for CoC through an independent mechanism under the auspices of an oversight committee instead of making them self-regulatory. Further, SC observed that AA, while approving a resolution plan, should record the steps which are to be taken by the respective parties for implementation of the approved resolution plan. It also observed that the IBC should statutorily incorporate provisions for the constitution of a Monitoring Committee once the plan has been approved, for a smooth handover of the CD to the SRA, removing AA’s discretion to order constitution of such Committee. Lastly, SC, while allowing appeal, invoked Article 142 of the Constitution and held that the amount of Rs 200 Crore already infused by the SRA shall be forfeited and FCs were permitted to encash the PBG of Rs. 150 Crore furnished by the SRA and directed to commence liquidation of CD. Committee of Creditors Vs.

ore already infused by the SRA shall be forfeited and FCs were permitted to encash the PBG of Rs. 150 Crore furnished by the SRA and directed to commence liquidation of CD. Committee of Creditors Vs. Directorate of Enforcement & Ors. [SLP (Civil) Nos. 29327- 29328 of 2019] CoC had filed a civil appeal against Directorate of Enforcement (ED) challenging the provisional attachment orders issued by the latter post approval of resolution plan. The issue before SC was on the jurisdiction of the ED to attach the properties of the CD in the light of section 32A of the Code. In the peculiar facts of the case, considering the prayer of the ED to proceed with the investigation of the case registered against the promoters of Bhushan Power and Steel Limited- CD and seeking restitution of the attached properties to the SRA under the provisions of PMLA, SC directed ED to handover the properties that were provisionally attached, forthwith to SRA in terms of section 8(8) of the Prevention of Money Laundering Act, 2002 (PMLA) read with rule 3A of the said Rules. China Development Bank Vs. Doha Bank Q.P.S.C. & Ors. [Civil Appeal No. 7298 of 2022 & Ors.] A Deed of Hypothecation (DoH) was executed between China Development Bank (lender/appellant) and Rcom entities comprising of four entities including Reliance Infratel Limited-CD-Chargors, whereby a charge was created on pooled properties, for securing repayment of the facilities provided by the lenders.

ities comprising of four entities including Reliance Infratel Limited-CD-Chargors, whereby a charge was created on pooled properties, for securing repayment of the facilities provided by the lenders. It was agreed between the parties that if any entity fails in repayment, then all would jointly and severally be liable to make the repayment after realisation of hypothecated assets. The lenders submitted their claims as FCs after CIRP initiation against the CD and their claims were admitted as FC. Doha Bank another FC challenged the lender’s status as FC, before NCLT, as the latter is not involved in the direct lending. AA upheld the status of lender as FC. In the appeal filed by another FC, NCLAT reversed the order of NCLT. Aggrieved by the NCLAT order, the lender filed an appeal before SC. The issue before SC was whether the appellants can be classified as FCs within the meaning of section 5(7) of the Code and can they be classified as secured creditors and paid as per security interest. The SC observed that financial debt defined in section 5(8) of the Code includes liabilities arising from guarantee and direct lending is not a pre-requisite of section 5(8), when the debt arises from a valid guarantee. Through Master Security Trustee Agreement (MSTA), lenders have authorised a security trustee to enforce the security in accordance with the provisions of the agreement and to receive and apply all money in accordance with the security documents.

A), lenders have authorised a security trustee to enforce the security in accordance with the provisions of the agreement and to receive and apply all money in accordance with the security documents. Therefore, the secured lenders have authorised the Security Trustee to accept the security on their behalf. The DoH comprises of elements of guarantee and its legal effect must not be seen from its nomenclature. Clause 5(iii) of the DoH obligates that CD, who is not the borrower of the appellants, but agreed to discharge the liability of the third parties i.e., RCom entities to the lender in the case of default of RCom entities. Thus, by the covenants of the DoH, a guarantee was provided by the CD to the appellants in terms of section 126 of the Contract Act. SC while allowing the appeal held that there is no requirement under section 5(8) of the Code that a debt becomes financial debt only when default occurs and restored the order of AA. F.2 High Court Vijendra Kumar Jain Vs. IBBI [W.P. No. 12320 of 2024] One of the OCs had filed an appeal before NCLAT against the approved resolution plan. The NCLAT observed that the RP should have been more dutiful and alert in responding to the emails of OC concerning their claims backed by arbitral award. RP also failed to take cognizance of objectional comments of SRA on Arbitral award passed in favour of OC, while the resolution plan was in consideration before the CoC and AA. Subsequently, IBBI after investigation, issued show cause notice (SCN) to RP for dereliction of duty.

ard passed in favour of OC, while the resolution plan was in consideration before the CoC and AA. Subsequently, IBBI after investigation, issued show cause notice (SCN) to RP for dereliction of duty. Thereafter, his registration as RP was suspended for a period of one year by the order of Disciplinary Committee (DC). Thereafter, RP filed WP in Bombay HC, challenging the order of

27 DC. The HC while dismissing WP observed that the SCN was issued on the sufficient grounds, and the DC had adhered to the principles of natural justice in passing the order. Further, it observed that there was sufficient material available with DC, on the basis of which the SCN was disposed. It noted that by not taking into account the claim of OC in CIRP and not taking cognizance of remarks made by SRA on the arbitral award, in the resolution plan, RP had failed in the performance of his duties. HC held that the suspension order is proportionate based on material available, and the DC has jurisdiction under the Code to take into consideration all related aspects including the conduct of RP. Siti Networks Limited Vs. Rajiv Suri [IA(Lodg.) No. 31055 of 2024 in Appeal No. 597 of 2016 in Suit No. 2295 of 2002] During the pendency of an appeal in execution of a decree, the judgment debtor was pushed into CIRP. The CD filed an application before the HC of Bombay seeking withdrawal of such appeal and release of the amount deposited with the appellant court.

a decree, the judgment debtor was pushed into CIRP. The CD filed an application before the HC of Bombay seeking withdrawal of such appeal and release of the amount deposited with the appellant court. The issue for consideration before the HC was whether such amount deposited by the CD in appellate court would form part of the CD’s asset? HC while disposing the application held that- i. Such amounts due from the CD under a judgement or decree would give way to the IBC; ii. Monies deposited with the court are assets of the CD, with possession being in the hands of the Court. iii. Though such amount constitutes “security interest” under the purview of section 3(31) of Code with regards to “performance of an obligation”, but its enforcement is subject to provisions of IBC. iv. With regard to release of the deposited amount, it observed that “No meaningful purpose would be served in continuing with the deposit, since even if the Appeal were to fail, the Respondent would need to be subjected to the CIRP run by the Committee of Creditors through the Resolution Professional. If the resolution attempts fail, the Respondent’s rights under the Impugned Judgement would be subject to the waterfall mechanism for distribution of liquidation proceedings, stipulated under the IBC”. While allowing the withdrawal of original appeal, HC allowed release of the amount to the CD. Harsh Mehta Vs. Securities and Exchange Board of India & Ors. [W.P. No.

dings, stipulated under the IBC”. While allowing the withdrawal of original appeal, HC allowed release of the amount to the CD. Harsh Mehta Vs. Securities and Exchange Board of India & Ors. [W.P. No. 4844 of 2024] Harsh Mehta (petitioner) had acquired 6700 equity shares of the Reliance Capital Limited-CD subsequent to the approval of resolution plan by AA. The approved resolution plan provides NIL value to the equity shareholders and shares of CD were delisted accordingly. The stock exchange issued circulars suspending trading of CD’s shares. The petitioner being aggrieved with the delisting of shares of CD, filed a WP, challenging the regulation 3(2)(b)(i) of the SEBI (Delisting of Equity Shares) Regulations, 2021 (Delisting Regulations) as the said regulation was ultra vires to Securities Contracts (Regulation) Act, 1956 (SCRA) and Securities and Exchange Board of India Act, 1992 (SEBI). The issue before HC was whether the regulations are manifestly arbitrary and violative of Article 14 of the Constitution. The HC while dismissing the WP, observed that (i) The petitioner invested in a minuscule percentage of shares after being aware that CD was in CIRP. (ii) The Delisting Regulations provides that it would not apply to delisting of shares of a listed company, made pursuant to IBC approved resolution plan. The provisions of SEBI and SCRA, empower SEBI to regulate financial markets and protect the interest of investors, and SEBI acted within its regulatory scope and no breach of power had been committed.

he provisions of SEBI and SCRA, empower SEBI to regulate financial markets and protect the interest of investors, and SEBI acted within its regulatory scope and no breach of power had been committed. (iii) IBC aims to provide a comprehensive framework for expeditious resolution and asset maximisation, and SEBI’s decision to not govern the delisting cannot be held to be ultra vires as the NCLT approved plan is consistent with the objective of SEBI Act. Mandava Holdings Private Limited Vs. PTC India Financial Services Limited & Ors. [W.P. No. 20620 of 2024] CIRP in terms of section 10 of the Code was initiated by AA vide its order dated 18.01.2018. An OTS was proposed by the promoter of CD which was rejected by CoC. Thereafter, CoC approved the resolution plan with 83.35% of votes. A writ of Mandamus was filed by the promoter challenging such rejection of OTS. Some of the major issues for consideration before Telangana High Court were- (i) Can the RBI Regulations create new rights which are not contemplated under the IBC? (ii) Can a sole FC, entertain OTS once the CIRP of CD commences? and (iii) Can an application for withdrawal from CIRP be entertained after the approval of plan by CoC? HC held that any settlement must be done within the statutory framework of the IBC only.

ences? and (iii) Can an application for withdrawal from CIRP be entertained after the approval of plan by CoC? HC held that any settlement must be done within the statutory framework of the IBC only. It observed that “The Court is hence of the view that the mandate of the RBI Framework must give way to the CIRP of the Borrower Entity once the process has been initiated. It is further relevant that paragraph 14 of the RBI Circular provides that “the compromise settlements with the borrowers under the above framework shall be without prejudice to the provisions of any other statute in force” which indicates that the RBI Framework recognizes the precedence of the relevant statute (the IBC in this case) …”. With regards to issue of sole creditor entertaining the OTS, it was held that if any entity wants to withdraw from the CIRP, it has to obtain the approval of the entire CoC in accordance with law. The option of negotiating with only one creditor is not contemplated under the law. Further, section 12A of the IBC makes it clear that once a resolution plan is approved by the CoC, it becomes binding and cannot be undone even by the NCLT and neither the CoC nor the SRA can deviate from the approved resolution plan. F.3 National Company Law Appellate Tribunal Commissioner of Income Tax (TDS-1), Mumbai Vs. Sundaresh Bhat & Ors. [CA(AT)(Ins) No. 575 of 2023] The appellant-Income Tax Department (ITD) submitted its claim of Rs.10.14 crore after the last date for submission of claims but before the resolution plan was approved.

[CA(AT)(Ins) No. 575 of 2023] The appellant-Income Tax Department (ITD) submitted its claim of Rs.10.14 crore after the last date for submission of claims but before the resolution plan was approved. It claimed that it was not informed of its rejection by RP. On an application filed before AA by ITD against the rejection of their claim, the said application was dismissed. On appeal by ITD, the issue before the NCLAT was whether the ITD showed due diligence in submitting the claim. The NCLAT while dismissing the appeal ruled that (i) the RP was empowered to seek additional evidence to analyse the admissibility of the claim. (ii) CIRP Regulations does not provide any discretion to RP for admitting the claim after the extended period. (iii) Putting the status of claims of the creditors on the websites of CD and IBBI portal amounted to deemed knowledge and constructive notice on the ITD in respect of rejection of its claim. (iv) the provisions of the Income Tax Act do not create any charge or security interest on the CD. (v) after approval of a resolution plan by both the CoC and the AA, no surprise claims should be flung on the SRA.

ions of the Income Tax Act do not create any charge or security interest on the CD. (v) after approval of a resolution plan by both the CoC and the AA, no surprise claims should be flung on the SRA.

28 Avil Menezes RP of Topworth Urja & Metals Limited Vs. Ministry of Coal Through its Secretary & Ors. [CA(AT)(Ins) No. 944 of 2024] During the CIRP process of the CD, the Coal Ministry issued withdrawal of mine opening permission for certain coal blocks owing to non-deposit of Annual Mine Closure Costs (AMCC). Subsequently, the resolution was approved by CoC with requisite majority. AA in its order partly approved plan directing RP to keep aside the AMCC; and directed the RP to be personally liable for disposal of mined coal in terms of the mine agreement. The RP filed an appeal before NCLAT. The NCLAT while disposing the appeal has stated that AMCC funds deposited into an escrow account were not held in trust as opening of a separate trust is not contemplated under the agreement. It observed that Respondents (Ministry of Coal and others) cannot be allowed to recover the pre- CIRP AMCC dues outside the resolution plan framework as it would be a discriminatory arrangement not envisaged under IBC. NCLAT observed that AMCC should be treated as part of IRP cost during the CIRP and pre-CIRP AMCC to be part of the claim. It held that the IBC, being a special and the subsequent law, overrides inconsistent provisions of Mines and Minerals (Development and Regulation) Act, 1957.

nd pre-CIRP AMCC to be part of the claim. It held that the IBC, being a special and the subsequent law, overrides inconsistent provisions of Mines and Minerals (Development and Regulation) Act, 1957. It did not agree with the Ministry of Coal’s reliance on the Rainbow Papers judgment and held that no security interest had been created for the AMCC by virtue of any law. Sunil Kumar Sharma Vs. ICICI Bank Limited & Ors. [CA(AT)(Ins) No. 1158 & 1162 of 2024] Jaiprakash Associates Limited-CD involved in the business of infrastructure development, had slipped into NPA in the year 2014. The joint lender forum (JLF) approved Debt Realignment Plan (DRP) in 2016. Thereafter, the JLF approved Comprehensive Reorganisation and Restructuring Plan (CRRP) and Master Restructuring Agreement in October 2017. As it did not materialise, the lenders filed section 7 application against the CD. AA admitted CD into CIRP on 03.06.2024. The suspended director challenged the admission orders before NCLAT.

r 2017. As it did not materialise, the lenders filed section 7 application against the CD. AA admitted CD into CIRP on 03.06.2024. The suspended director challenged the admission orders before NCLAT. The issues for consideration were (i) whether the pendency of a scheme of arrangement under the Companies Act preclude the initiation of CIRP under section 7 of the IBC? (ii) whether restructuring agreements, including DRP and MRA, waive of the pre-existing defaults? (iii) whether the submission of an OTS proposal by the CD constitute acknowledgment of debt and default? (iv) whether RBI, under section 35AA of the Banking Regulation Act can direct banks to initiate CIRP? NCLAT while dismissing the appeal held that pendency of scheme of arrangement before AA does not bar initiation of CIRP against the CD. The Code being a special statute prevails over other laws when it comes to resolving corporate insolvencies. It observed that master restructuring agreements do not automatically extinguish pre-existing defaults. Further, it also rejected the averment of the CD that OTS proposal waived of the default. On the issue of RBI issuing direction to the Banks, it observed that “Directions issued by the RBI, based on defaults within the meaning of Section 3(12) of the IBC, are binding and cannot be disregarded. These directions form a crucial basis for initiating insolvency proceedings.” K.H. Khan & Anr. Vs. Art Constructions Private Limited & Ors. [CA(AT)(Ins) No. 1116 & 1117 of 2024] Owners of the land (appellants) had entered into a collaboration agreement with M/s.

proceedings.” K.H. Khan & Anr. Vs. Art Constructions Private Limited & Ors. [CA(AT)(Ins) No. 1116 & 1117 of 2024] Owners of the land (appellants) had entered into a collaboration agreement with M/s. Era Landmarks (India) Limited (CD) to develop and construction project on their land. Later, CIRP was initiated against the CD under section 7. Subsequently, another developer issued public notice intending to enter into a Joint Development Agreement with the Owners, for the development of the same property which was part of the earlier collaboration agreement between CD and the owners. The application of owners to remove the said property from CIRP was rejected by the AA. Aggrieved by the order, the owners approached NCLAT. The following issues were before NCLAT for its consideration: (i) whether AA had power to decide the subject land to be the assets of the CD under section 60 of IBC (ii) whether RP could have included the subject land in the CIRP process of the CD in terms of explanation to section 18(1)(f) of the Code. Relying upon the SC dictum in Victory Iron Works Ltd. vs. Jitendra Lohia & Anr., wherein it was held that the development rights created in favour of the CD constitute “property” within the meaning of section 3(27) of the IBC, NCLAT held that AA did not lack jurisdiction in adjudicating the question of development rights and deciding as to whether some assets are part of the CIRP. Thus, AA is the proper forum, and the parties need not be relegated to the Civil Court.

in adjudicating the question of development rights and deciding as to whether some assets are part of the CIRP. Thus, AA is the proper forum, and the parties need not be relegated to the Civil Court. Answering the second question in affirmative, NCLAT noted that the assignment of rights and obligations was contemplated under the collaboration agreement itself with the consent of other party, which indicated that the developers had development rights to the extent of 70.5% in the assets. Since the impugned case contains similar facts, NCLAT reiterated its own decision in the case of Nilesh Sharma, Resolution Professional. Vs. Mordhwaj Singh & Ors. and held that the CD has development rights in the immovable assets. Thus, NCLAT while dismissing the appeal held that RP has rightly included the subject land in the CIRP. Narottamka Trade & Vyapaar Private Limited Vs. SPP Insolvency Professionals LLP, Liquidator, Kamachi Industries Limited & Ors. [CA(AT)(Ins) No. 305 & 306 of 2024] On an IA filed by the liquidator, AA confirmed the sale of CD as a going concern. Two appeals were filed by minority shareholder seeking to quash the e-auction and prayed for considering the scheme under section 230 of the Companies Act, 2013 (CA) proposed by them as the same was earlier rejected by SCC on grounds that the value offered was lower than the liquidation value and no clarity on source of funds was provided.

ompanies Act, 2013 (CA) proposed by them as the same was earlier rejected by SCC on grounds that the value offered was lower than the liquidation value and no clarity on source of funds was provided. The NCLAT has examined the basic premise that a CD has to be revived, evaluated the provisions of section 230 of CA, 2013 vis-à-vis sale as a going concern under regulation 32A of the liquidation regulations. It observed that the intention of the legislature is very clear that a company should be continued, to the maximum extent possible, as a going concern, while addressing the issues of insolvency / sickness, it envisages certain processes and procedures to be followed as laid down in section 230. With enactment of IBC, the process of insolvency resolution has been fast tracked and therefore, the significance of section 230(1) in addressing the issue of insolvency / sickness has diminished. The sale of the CD as a going concern under regulations 32(e) and 32A of liquidation regulations are more transparent and effective; the arrangement under section 230 of CA, 2013 should not be put on a higher pedestal; since it is a carryover from an earlier legal regime. NCLAT while dismissing both the appeal held that “while taking action under Chapter 6 of Liquidation Process Regulations, dealing with

pedestal; since it is a carryover from an earlier legal regime. NCLAT while dismissing both the appeal held that “while taking action under Chapter 6 of Liquidation Process Regulations, dealing with

29 realizations of assets of the Corporate Debtor, selling the Corporate Debtor as a going concern, will have to be the first priority for the Liquidator, in order to meet the objective of the I & B Code, 2016, i.e. the Corporate Debtor is to be kept, as a going concern after resolution of the insolvency. Therefore, the sale of the Corporate Debtor as a going concern will have precedence, rather than resorting to the Scheme of Compromise under Section 230 (1) of the Companies Act, 2013.” Praveen Arya & Ors. Vs. Anju Aggarwal (RP) & Anr. [CA(AT)(Ins) No. 40, 45 and 61 of 2024] Approved resolution plan was challenged by the dissenting financial creditors (DFCs) who were allottees of commercial space, sought exclusion of their allotted units from the asset of CD. The pivotal issue for consideration before NCLAT was whether by virtue of lease deed between lessees and the CD for the allotted unit of one of the DFCs pending registration, can lessor be held to be the owner of the units allotted to them so as to get the units exempted from the asset of the CD? NCLAT observed that executing a lease deed cannot be claimed as ownership for the commercial spaces and more so, the allotted property has not been registered in the name of DFC.

the asset of the CD? NCLAT observed that executing a lease deed cannot be claimed as ownership for the commercial spaces and more so, the allotted property has not been registered in the name of DFC. NCLAT dismissed the appeal holding that a contract between the parties at best, can lead to specific performance only and the property would continue to be dealt as asset of CD. Getz Cables Private Limited Vs. State Bank of India & Ors. [CA(AT)(Ins) No. 1953 of 2024] CD had availed certain credit facilities from SBI and the Northern ARC Capital Ltd (FCs) separately for which Getz Cables Pvt. Ltd. executed a Corporate Guarantee in favour of the FCs. As the account slipped into NPA, ARC issued a demand notice to the corporate guarantor. Another FC-SBI initiated proceedings under section 13(2) of the SARFAESI Act, 2002 against CD and corporate guarantor and subsequently possession notice was issued. Thereafter, the corporate guarantor had filed section 10 application under the Code. In the meanwhile, the District Magistrate has ordered physical possession of property on an application filed by SBI under section 14 of SARFAESI Act. In the section 10 application filed by the corporate guarantor, SBI filed an IA prayed for dismissal of application as the same was filed with malicious intention. AA disposed of the application of SBI and held that the corporate guarantor had filed application with fraudulent and malicious intention in terms of section 65 of the Code and imposed a penalty of Rs.1 lakh.

ed of the application of SBI and held that the corporate guarantor had filed application with fraudulent and malicious intention in terms of section 65 of the Code and imposed a penalty of Rs.1 lakh. On appeal, the issue for consideration before NCLAT was whether filing of an application by the corporate guarantor under section 10 IBC can be termed as initiation of proceedings with fraudulent and malicious intent. The NCLAT observed that for allowing section 65 application i.e., fraudulent and malicious intention of CIRP, two elements are required to be proved – (i) to commit a wrongful act in absence of any justification and (ii) intent of causing a particular harm. Thus, it held that merely proceeding under section 13(2) and 13(4) of the SARFAESI Act are initiated by the FC prior to filing of section 10 application under the Code, it cannot be a ground to hold that the said application is filed with malicious and fraudulent intent. While allowing the appeal, it held that mere fact that section 10 application is filed, consequent of which the recovery proceedings, cannot lead to conclusion that intent and purpose of the application is malicious and fraudulent. Supriya Singh & Anr. Vs. Ansal Urban Condominiums Private Limited & Ors. [CA (AT) (Ins) No. 1974 of 2024] After approval of the resolution plan with 100 percent votes, a group of homebuyers, who has been awarded decree by UPRERA prior to initiation of CIR process of the CD, preferred an appeal seeking amendment in the IM and restoration of status of their units which were shown as cancelled in the records of the CD.

y UPRERA prior to initiation of CIR process of the CD, preferred an appeal seeking amendment in the IM and restoration of status of their units which were shown as cancelled in the records of the CD. The issue for consideration before the NCLAT was whether the decree holders, in the interest of natural justice, could get the IM amended in order to get back their allotted status as homebuyer? The NCLAT while dismissing the appeal, observed that the homebuyers had submitted their claim and participated in the CIRP and were aware of their cancelled status. It noted that decree holders started litigating after knowing about the treatment given to them in the approved resolution plan wherein, they were given allotment against the cancelled units on payment of full amount as opposed to the initial allotment before CIRP. It was further observed that despite several opportunities to challenge their cancelled status even up to approval of such resolution plan, the decree holders failed to do so. Since the decree holders had accepted partial amount towards the satisfaction of decree passed by UPRERA prior to CIRP of the CD and that CoC in its commercial wisdom approved the resolution plan, IM cannot be allowed to be amended. Prabhat Jain, Liquidator of Narmada Cereal Private Limited Vs. MP Industrial Development Corporation Limited & Ors. [CA(AT)(Ins) No. 697 of 2023] The e-auction conducted several times for the sale of CD as a going concern during the liquidation process did not yield successful bidders.

t Corporation Limited & Ors. [CA(AT)(Ins) No. 697 of 2023] The e-auction conducted several times for the sale of CD as a going concern during the liquidation process did not yield successful bidders. The scheme of compromise proposed by the ex-director under section 230 of Companies Act, 2013 (CA ) failed as the sole FC did not approve the same. The liquidator of the CD, in order to manage the CD as going concern, sub-leased the plant and machinery and land allotted to it by MPIDC to a lessee for a period of eleven months upon some consideration. MP Industrial Development Corporation Limited (MPIDCL), the lessor/owner of the land, issued a notice to liquidator for the breach of the lease agreement, as the sub-lease was done without any prior approval contemplated under the terms of lease agreement. The liquidator challenged the same before AA who dismissed the IA. On appeal filed by the liquidator, the issue for consideration before NCLAT was whether section 238 of the Code would override the ability of a public body to regulate its lands in accordance with relevant statutory provisions? NCLAT while disposing the appeal observed held that mere plant and machinery can not be leased without the land over which the factory is situated. Further, it observed that in terms of section 35(1)(d) of the Code liquidator was not entitled to grant sub-leases over properties not owned by the CD and therefore section 238 of the Code cannot be interpreted in a manner that has the effect of overriding the MPIDCL’s duty to enforce the relevant Rules on how public lands are to be regulated.

e CD and therefore section 238 of the Code cannot be interpreted in a manner that has the effect of overriding the MPIDCL’s duty to enforce the relevant Rules on how public lands are to be regulated. While dismissing the appeal, it held that “the statutory powers of a public body to regulate public lands cannot be overridden by provisions of the Code.” Central Transmission Utility of India Limited Vs. Summit Binani, RP of KSK Mahanadi Power Company Limited [TA(AT) No. 174 of 2021 in CA(AT)(Ins) No. 1011 of 2020] Central Transmission Utility of India Limited (CTUIL) issued a

30 termination letter to CD for not opening the letter of credit as required. The RP challenged the termination by filing a petition before Central Electricity Regulatory Commission (CERC). However, the said proceedings before CERC were disposed of as infructuous, as the CD deposited cash of Rs.108.44 crores instead of opening letter of credit for complying with the pre-deposit of the said sum. Meanwhile, CIRP was initiated against CD. Post CIRP, CTUIL invoked the security deposit for adjustment towards the pre- CIRP dues. CD challenged such invocation of security before AA, which was allowed by AA. CTUIL preferred an appeal against such order of AA. Issue before NCLAT was whether a deposit lying with a third party, CERC can be adjusted by CTUIL against the pre- CIRP dues during the pendency of CIRP? NCLAT emphasized that as per section 14(1)(c) of the Code, there is prohibition for any action to foreclose, recover or enforce any security interest created by the CD.

s during the pendency of CIRP? NCLAT emphasized that as per section 14(1)(c) of the Code, there is prohibition for any action to foreclose, recover or enforce any security interest created by the CD. Thus, while dismissing the appeal it was held that the recovery of past dues is specifically prohibited, moreover, the specified procedure envisaged provides that the creditor must file their claims before the IRP/RP through the prescribed procedure. D.D. International Private Limited & Anr. Vs. Rajesh Kumar Agarwal Liquidator, Divine Alloys and Power Company Limited & Ors. [CA(AT)(Ins) No. 1559 of 2023] On the issue whether the AA can forfeit 50% of the EMD towards damages in the event of failure to pay the full sale consideration by the highest bidder in the e-auction sale conducted by the liquidator, was dealt by the NCLAT. In the facts of the case, the highest bidder having paid EMD and refundable participation deposit in the e- auction conducted by the liquidator, subsequently raised concern that a piece of land on which a plant is situated, did not belong to the CD. Thereafter, the liquidator forfeited both the sums for not making the balance payment on time. The bidder filed an application before AA under section 60(5) of the Code. AA, although, observed error on the part of the liquidator in non-disclosing the status of ownership of CD over the land, observed that bidder had access to virtual data room and had even inspected the site, before participating the e-auction and thus, due diligence was required from the bidder.

hip of CD over the land, observed that bidder had access to virtual data room and had even inspected the site, before participating the e-auction and thus, due diligence was required from the bidder. The NCLT ordered the forfeiture of 50% of EMD and refundable participation deposit as damages caused to CD. The highest bidder filed appeal before NCLAT. The NCLAT observed that although the virtual data room was provided to bidder, exact details of the property put for sale were not disclosed to the bidder. It held that there is no procedure for imposing damages; for the sake of argument, even if it is presumed that AA has jurisdiction to impose damages, the Tribunal is firstly required to quantify the damages caused to CD and how the said damages can be compensated. While allowing the appeal, it held that forfeiting the deposit amounts towards damages is arbitrary and directed the liquidator to return the deposited amounts. NCC Limited Vs. Golden Jubilee Hotels Private Limited & Ors. [CA(AT)(Ins) No. 426, 430, 432 & 710 of 2020] The appeals were filed by some OCs challenging the approved resolution plan of Golden Jubilee Hotels Pvt. Ltd-CD on the grounds that the plan was discriminatory, as it provided full payments to certain OCs who were categorized as “Special Operational Creditors” (SOC), while other OCs received nothing. The SOC comprising of Telangana State Tourism Corporation Limited (TSTCL) and Shilparamam Arts, Crafts & Cultural Society were deemed critical to the CD’s survival due to their role as lessors of the land on which the hotel was constructed.

rism Corporation Limited (TSTCL) and Shilparamam Arts, Crafts & Cultural Society were deemed critical to the CD’s survival due to their role as lessors of the land on which the hotel was constructed. The key issues in this case were whether sub-classification within the category of OCs is permissible under the Code and whether differential treatment among creditors within the same class is justified. The NCLAT ruled in favour of the resolution plan, emphasizing the paramountcy of the CoC’s commercial wisdom. It stated that sub- classification is permissible as long as it is based on reasonable criteria, such as the criticality of certain creditors to the CD’s survival. Payments to SOC were upheld, as their role in sustaining the CD’s operations justified their prioritization. It clarified that the Code requires fairness and equity in creditor treatment but does not mandate equality or proportionate distribution. The resolution plan provided nil payment to most OCs, as the same is justified by the nil liquidation value in terms of section 53 of the Code. FCs faced significant haircuts, recovering only 40% of their claims. However, the plan ensured payments to SOC to maintain essential assets for the debtor’s operations. In a broader observation, the tribunal suggested revising the waterfall mechanism to allow smaller OCs to receive a minimum recovery, emphasizing the need for legislative amendments to address systemic inequities. Straw Commodities LLP Vs. Anram Agro Trading Private Limited [CA(AT)(Ins) No.

maller OCs to receive a minimum recovery, emphasizing the need for legislative amendments to address systemic inequities. Straw Commodities LLP Vs. Anram Agro Trading Private Limited [CA(AT)(Ins) No. 2292 of 2024] The AA, on the basis of various communications between the parties on WhatsApp concluded that there were pre-existing disputes and dismissed the OC’s application. The OC filed an appeal before NCLAT. The issue for consideration is whether there were pre- existing disputes between the parties. The NCLAT observed that although the CD has not responded to the notice issued under section 8 of the Code, there were pre-existing disputes between the parties as evidenced by the conversation between the OC and CD through WhatsApp. The NCLAT has not considered the submission of the OC that these messages have to meet with provision of section 65B of Indian Evidence Act. It observed that the OC has not denied the conversation between the parties in the grounds of appeal. NCLAT while dismissing the appeal of OC held that there were pre-existing disputes between parties and noted that WhatsApp is a common mode of communication. F.4 National Company Law Tribunal UCO Bank Vs. Subrata Das [CP(IB) No. 286 of 2024] FC filed an application against the PG to CD under section 95 of IBC, while no CIRP was initiated against the CD.

. F.4 National Company Law Tribunal UCO Bank Vs. Subrata Das [CP(IB) No. 286 of 2024] FC filed an application against the PG to CD under section 95 of IBC, while no CIRP was initiated against the CD. AA dealt with the following issues: (i) Whether proceedings filed against PG under section 95 of the Code is maintainable even when no CIRP proceedings have been initiated against the CD (ii) Whether application filed under section 95(1) of the Code would be maintainable before NCLT, or should the creditor approach the DRT for relief? The AA considered various judgments of SC, HC and NCLAT on the issue and observed that proceedings under section 94 / 95 of the Code before NCLT will commence when there is a CIRP initiated or pending against the CD; and in the absence of CIRP “initiated” or “pending” or “concluded” against CD, an application under section 95 to initiate IRP against a PG to a CD will not be maintainable before the NCLT. The recovery proceedings will lie only before the DRT having territorial jurisdiction.