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15th May, 2024 Quarterly Newsletter for Jan-Mar, 2024 (35.49 MB)

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uth. Insolvency

Insolvency and cy Board of India Bankruptcy News

The Quarterly Newsletter of the Insolvency and Bankruptcy Board of India

January - March, 2024 |[Vol] ~~[.]~~[30]

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- Insolvency and Bankruptcy Board of India
(0):(-) ererrnny f ° Supreme Court
- ° High Court
- National Company Law Appellate Tribunal
- ° National Company Law Tribunal
- Insolvency and Bankruptcy Board of India

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----- Start of picture text ----- Corporate Processes ........scssssssssssssssesccecssssesssenccenseeseeseenssensenssesseessenseassenssensesseneenssessseneesesssensseasennsecsansesseasessesssensenssessesssesssesseesssssesssessesssenssessenseeeee EL ° Insolvency Resolution * Liquidation ° Voluntary Liquidation Individual Processes ............sscssscscccssssscssssscsssssssccssseescsssssssssssesssssssesessseseseseseeesesessnsssesensssssecnsssessesesseesessseseesssscoesescnessssssscssssssssssccscsessccssssscssssscseseeoe LD Service Providers sasocsssssssssssssssesssssseesensesessnseeetsnseessueseesusnseessseseesusnseesueeseenssneecennnseeeuneeeeeunessenseseecennssseesneseeenneseessnaeeessanseessensecssnnssessensneeees 20 * Insolvency Professionals ° Information Utility ----- End of picture text -----

Registered Valuers

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6 ¢) ‘With recapitalization and IBC, we have made Bharat’s banking system one ofthe strongest in the world.

Shri Narendra Modi, Hon’ble Prime Minister of India, during his address at the inauguration ofVibrant Gujarat Summit 2024 in Gandhinagar on January 10, 2024. ‘The credible ‘threat of insolvency’ ignited by the Code has strengthened the negotiating powers ofthe creditors, in the absence ofwhich it is most likely that those defaults would have lingered ® for much longer, resulting in value destruction’

Shri Shaktikanta Das, Governor, Reserve Bank of India, during his keynote address at the Conference on Resolution of Stressed Assets and IBC organised by the Centre for Advanced Financial Research and Learning (CAFRAL) on January I 1, 2024.

From Chairperson’s Desk

Record Resolutionse by NCLT

The Insolvency and Bankruptcy Code, 2016 (IBC/Code) was 41% of the admitted claims. Furthermore, the resolution plans introduced with the aim to reorganise the distressed corporate approved in five cases under the Pre - packaged Insolvency Resolution debtors (CDs) in a time bound manner for maximisation of value of Process (PPIRP), resulted in 25% realisation as against the admitted assets of such CDs. The reorganisation in essence resolves the claims. Full claims of operational creditors (OCs) were settled in distressed state of the CD by way of maintaining the going concern of these five cases. the CD and handing over the affairs to the new management. The The objective of IBC extends beyond mere recovery; it is FY23 - 24 has witnessed an unprecedented surge in the approval of fundamentally geared towards the preservation of businesses. By resolution plans under the IBC, showcasing the effectiveness of the prioritizing resolution over liquidation, the IBC endeavors to legal framework in facilitating the revival of insolvent businesses. A safeguard the economic fabric by ensuring the survival and record number of 269 resolution plans were approved by NCLT sustainability of financially distressed entities. The August 2023 during the FY24, as against the approval of 189 resolution plans Report of IIM Ahmedabad on ‘Effectiveness of Resolution Process’ during the FY23 — indicating a significant increase of 42% from the finds that overall the resolved firms that went through the resolution FY23. Since inception till the end of FY24, 947 resolution plans have process under the Code have significantly improved their been approved. These CDs resulted in realisation of 32% as against performance in the post - resolution period. Specifically, these firms’ the admitted claims and 162% as againstthe liquidation value. profitability, liquidity, activity, and turnover ratios have improved 269 during the post - resolution period. The Report of IIM Ahmedabad is a testament to the fact that the Code has been able to resolve distress (89 and achieve much beyond recovery, benefiting the overall economy. 132 144 The surge in resolution plans approved under the IBC in FY24 119 reflects its instrumental role in reviving distressed businesses and . . F . = 19 J75 : | / successfulmaximiziresolutio n gvs.resolut asset liqu i d tioonsv a lue.i n cases, Withpreviously behavioralnotabledefunctimprove shiftscases a m andeo n tsgFiSPs, debtors,in ratiothe andIBCof AU I S OI E ) W N) a ia e ne A E) a re continues to demonstrate its effectiveness in resolving insolvency. Fig: Year - wise number of resolution plans approved under IBC Still, the challenges remain. The resolution process, on an average, is The ratio of number of cases ending with resolution vis - a -v is cases in taking 679 days to conclude as against the standard timeline of 330 which liquidation is ordered, has improved from 0.46 in FY23 to 0.61 days. The delays often due to litigations by multiple stakeholders with during the FY24. competing interests, erodes the value of already distressed CD further, and minimize the recovery value to the creditors. Data of o a 947 resolved cases as on March, 2024 indicates a direct correlation 0 . 42 0.46 between the length of the resolution process and the recovery rate. 0 . 34 Cases resolved within shorter timeframes tend to yield higher 0 2 1 0 . 25 0 . 24 recovery rates, while the longer resolution periods coincide with diminished recovery rates. 2017-18 2018-19 2019-20 2020-21 2021-22 2022-23 2023-24 Resolution in (Days) No. of Cases Recovery Fig: Ratio of Resolution and Liquidation orders In addition, the IBC has facilitated the rescue of 308 CDs in FY24, with 159 rescued through withdrawal under section |2A of the Code, and 149 cases through orders of NCLT and NCLAT, wherein _ ; _ the matter was withdrawn on appeal/review/settlement by the Hence, it is important for all the stakeholders to expedite decision stakeholders. This showcases a notable shift in the debtor behavior making during the process in the collective interest of all. Various towards early settlement. measures; have been taken by the Insolvency; and Bankruptcy Board. of India (IBBI/Board) to reduce delays in the process such as putting a Asignificant aspect of the IBC’s success lies in its abilityto revive long - cap on number of modifications in the resolution plan, sharing of standing or defunct cases, with around 40% of corporate insolvency information by creditors with the Resolution Professional (RP), resolution processes (CIRPs) leading to resolution plans being including organising capacity building programs for Insolvency previously with the Board for Industrial and Financial Reconstruction Professionals (IPs) so as to enhance their skills and expertise, to run (BIFR) or defunct cases. Despite their age, these cases have resulted the resolution process effectively and efficiently. Needless to say, in realisation of around 20% of admitted claims and 155% of the continued efforts to streamline the resolution process, enhance liquidation value. transparency, and provide greater clarity on regulatory requirements CIRPs of four financial service providers (FiSPs) have yielded are underway to further bolster the effectiveness of the IBC. resolutions under the Code. The average realisation in these cases is (Ravi Mital)

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----- Start of picture text ----- NSO) VENCY AND BANKRUPTCY NEWS IBBI Updates Dr. Manoj Govil, Secretary, MCA delivered the special address. He acknowledged . Governing Board thatavailable the performancefor dispute ofresolution.the CodeMr. has beenRavi Mital, significantlyChairperson, better thanIBBI other regimesin his special The Central Government vide its notification dated March 21, 2024 appointed address emphasized the need for continuous innovation in the ecosystem by all Mr. Dinabandhu Mohapatra, Former MD & CEO, Bank of India and Mr. M. P Ram the stakeholders. Mr. Scott Atkins, President INSOL International, in his opening Mohan, Professor, Indian Institute of Management Ahmedabad as Par t- Time remarks, applauded the Code to be a breakthrough legislation ushering the Members in the IBBI with effect from February |9, 2024 for a period of five years insolvency regime in India. He emphasised that PPIRP is vital, and the role of or till they attain the age of sixty - five years or until further orders, whichever is mediation is critical in the insolvency ecosystem. Mr. Dinkar Venkatasubramanian, earlier. President, INSOL India delivered the welcome address which stressed on three factors as performance indicators for the Code - inflow of credit flow; reduction in in protection ofvalue. a ~ Ga ." a MAG = x ‘| gross non-performing assets (NPAs) and promptness nA ™wA we) a bySS r CO » ay ria i te zs 4 a Ce a Pat Be SSS Mr. Dinabandhu Mohapatra Mr. M. P Ram Mohan yeas | \ loll i | ove | a -— A a} “ | } a al Events ; . IBBI and INSOL India International Conclave 2024, January 20, 2024 IBBI and INSOL India International Conclave 2024 The IBBI in association with INSOL India organised an International Conclave The Conclave included five panel discussions on the themes Out-of-court and 2024 on the theme ‘The Insolvency and Bankruptcy Code, 2016 — Looking Ahead’ hybri d mechanisms of restructuring; Group Inso l ven cy; Insolvency in Asset Lean/ onChairperson, January 20, 2024NCLAT at Legraced Meridien,the occasion New Delhi.as ChiefHon'bleGuest. JusticeWhileAshokdelivering Bhushan,the PervicesnsolvencysectorEstate.Insolvency:Litigation FaseFunaing.of Compliance ~ Disclosures by IPs; and Funding keynote address, he noted that the journey of IBC from its inception to its current Large number of stakeholders of the IBC ecosystem, including IPs, legal firms, implementation showcases India’s dedication to establishing a resilient, consulting firms, financial creditors (FCs), service providers, professionals, transparent, and effective insolvency framework. regulators, academia and government officers joined the Conclave both in physical as well as online mode. Mr. Jayanti Prasad, WTM, IBBI concluded the =z 7 ee conclave with summarized closing remarks and thanked all present at the event. a F ng i ee | f i| ; : | eriay edieBi PM a aleeByhe ome Pa oeee” oe eyPe Hon'ble Justice Ashok Bhushan, Chairperson, NCLAT, January——— 20, 2024 - IBBI aand INSOLnet India InternationaleT O Ng ONINEConclave 2024, January 20, 2024 Hon'ble ChiefJustice (Retd.) Shri Ramalingam Sudhakar, President, NCLT graced International Women’s Day the occasion as Guest of Honour. He recited the core mantra of the Code as The IBBI celebrated the International Women’s Day 2024 on March 8, 2024 at the‘Resolvecurrent and evolve’.FY 2023He - 24 notedand theapplaudedrecord numberthe IBBIof resolution plansfor rolling out approvedmeticulous in Indiainclusion’.InternationalDr. NeetaCentre,Singh, NewProfessor,Delhi.DepartmentThe themeofofObstetrics the seminar& wasGynecology,‘Inspire regulatory regime in consideration with the larger economic narrative of the All India Institute of Medical Sciences, New Delhi graced the occasion as Chief nation. Guest. Her address reflected the spirit of inspiration and resilience of women in every sphere of life. She highlighted multifaceted issues including biological, psychological, and social factors that influence women’s overall well - being ae throughout their lives. Lai LS a rnation ES omen’s Day 2024 { : NSO 4 ee 8° Marfaete 4 Lb: Mnternational Centre, ~ ear | ral : " y oS i wy MY is HY A : | fe Soh ee Hon'ble ChiefJustice (Retd.) Shri Ramalingam Sudhakar, President, = —— —— NCLT, January 20, 2024 Dr. Neeta Singh, Professor, Department of Obstetrics & Gynecology, AIIMS, New Delhi, March 8, 2024 = = ----- End of picture text -----

Et (NSO! VENCY AND BANKRUPTCY NEWS

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----- Start of picture text ----- ania Bashenptey Bevel 1 frnaifrciney nf findiw | peaeeaaesmmes ¢) @) — s tur RE Ae ae ¢ = Y ew F2= RAST Ee Pie = BY WH AR Bo Fa \ iE ee Celebration of International Women’s Day, March 8, 2024 Submission of Report on Framework for Use ofMediation under IBC, January 31, 2024 IIM Ahmedabad Annual Research Workshop on Insolvency and Bankruptcy 67" Report of Standing Committee on Finance The IIM Ahmedabad in association with IBBI organised its first Annual Research The 67" Report of Standing Committee on Finance was presented to Lok Sabha Workshop on Insolvency and Bankruptcy on March I1-12, 2024 at IIM on February 6, 2024. The Report deals with action taken by the Government on Ahmedabad campus. The workshop aimed to develop an insolvency research the recommendations /observations contained in their 32" Report (Seventeenth ecosystem connecting all stakeholders. Dr V. Anantha Nageswaran, Chief Lok Sabha) on the subject ‘Implementation of Insolvency and Bankruptcy Code - Economic Advisor, Government of India, delivered the Inaugural address and Pitfalls and Solutions’ of the Ministry of Corporate Affairs (MCA) which was TheMr. Ravi Mital, Chairperson, IBBI delivered the Special Address at the occasion. presented to Lok Sabha/ laid in Rajya Sabha on August 3, 2021. The complete two -d ay Workshop included 20 research paper presentations on varied Report can be accessed at the website of the IBBI. themes, along with a panel discussion on ‘Ecosystem for Insolvency Research’. Large number of stakeholders of the IBC ecosystem, including IPs, legal firms, Human Resources Workenes firms, FCs, service providers, and other professionals joined the Employee Trainings and Workshop The IBBI organised the following workshops and trainings for its officers during = a the quarter January — March, 2024: = ae Si =a ar = a 28.02.24] Session on ‘Right to Information’ Mr. Deepak Kumar Bist, ro : \ ——— Te S- =~ eg ia ay i Joint Director, Institute of —— ————.. >& ae Tw he ie Ses fn toa £ Secretariat Training& ta eS Le(aapase e =aps a ey «i Management ee. mh) = eer, nae r << 14.03.24] Session on Litigation Funding Ms. Antonia Menezes, rr a elie= | a » \ 1 Pait ‘ : SeniorSpecialist, FinancialWorld Sector Bank; and = . ae a a aT Mr. Charles Booth, World _ ears . , SS 4 iP Bank experton Insolvenc 2 sh | oy : = 20.03.24| Session on Drafting of Show Cause Mr. Vikas Mehta, Advocate _ — ,\ Sy = a i Notice (SCN), Order ofDisciplinary IIM: — —— Committee, Pleadings before Courts& Ahmedabad Annual Research Workshop on Insolvency and Bankruptcy, Tribunals and briefing to Senior Advocates March | 1, 2024 NCLT colloquium in Odisha == — == The NCLT, in association with the MCA, the IBBI and the National e - Governance —— — a ——= Services Limited (NeSL), organised a three - days Colloquium from March |5 - 17, | — Ors ae ge FS berreats jay Sas > p 2024 in Bhubaneswar, Odisha. The inaugural session of Colloquium was presided ‘ OF Cy ie, on NS Taf é i a over by Hon'ble Chief Justice (Retd.) Ramalingam Sudhakar, President NCLT. iL 7 > pea a a? J ges + Dr.RayManoj Govil, Secretary,MCA; Mr. Sandip Garg, WTM, IBBI; and Mr. Debajyoti _ .& aca 4 ll ~~ ee Chaudhuri, MD, NeSL addressed the participants at the Colloquium. The , ee a / alee } Ya: ~<a y WE. three - days Colloquium marked the detailed deliberations on matters under the : = = AAI Slee tA IBC and the Companies Act, 2013. «Be ef | / ALY ORE Se Reports heel PRL 5g UI SN = TheReportmediationExpert onin FrameworkCommittee,respect of processesforconstitutedUse of underMediationby the the IBBI,IBC undersubmittedto examinethe IBCitstheReportscopeonof Januaryuse of Se- — Sessionfa by Mr., DeepakCED) Kumar deeBist. , Se)February 28,, 2024\ed Weer 31, 2024. The Members of the Expert Committee - Dr. T. K. Viswanathan; ee Mr. Sudhaker Shukla, Mr. Sumant Batra and Mr. Santosh Kumar Shukla were present during the submission of the Report to the IBBI. The Expert Committee in Ss 6 its Report made recommendations on the likely framework for the introduction 5 > we. io; Hie of mediation as a complementary mechanism for resolution of disputes around be’ } Cont, a Fs the processes under the Code. The mediation framework under th e Code, as _ % yo = or blueprintrecommendedwithinbythetheCode,Committee,with independentwould bestinfrastructureoperate astoa ensuresel f- containedthat the ; - —a — ae= “LA.r 1 os= maa objectives of the Code are met without compromising or diluting the basic j @B) wort sank croup i ——.—— structure of the Code in termsoftimelines, public rights, etc. The core essence of ~— ‘ 4 = F | Oo © the framework is its independence and flexibility to provide room for quick fe | = _ —_ ’ ~ * incorporation of implementational learning. a = vi 2 SSS Session by World Bank Group, March 14, 2024 98 ----- End of picture text -----

~~NSO)~~ VENCY AND BANKRUPTCY NEWS S== : = SS made certain changes to facilitate a smoother process for liquidation, ensuring —! = : A A accountability, and bolstering the confidence of stakeholders in the liquidation . ——— = ; eo SS process: - (a) The liquidator may reduce the reserve price by up to 25% for assets on ae && hey > oe array = | : 5 B. Se with existing valuation of the CIRP on one occasion with the approval of the x hess, 4by & xVER keFaint Areaee ‘ — 2 my Ce Stakeholders’assets where fresh valuation Consultation Committeeis conducted(SCC) during atliquidation, any time during the the reserve process. price For can ies CS — | a PRS ia “et be reduced by up to 10% in subsequent auctions with SCC’s approval; (b) The bee,[=] oY ——og Se Jeaeews aste ea Ses> consultationliquidator may with sell SCC, the assets and the of successfulthe CD bybuyer means shall of be private confirmed sale only only upon after prior such Ly) y D y F Ay . consultation. Further, the option for the private sale of an asset, i.e., ‘the asset is / ta y 3 #1 i f sold at a price higher than the reserve price of a failed auction’ by[the][liquidator,][has] ; —____ ee) ol been removed; (c) Liquidator is mandated to convene SCC meetings with a ya 3 maximum interval of 30 days, to ensure timely decisions and oversight. However, Session by Mr. Vikas Mehta, March 20, 2024 the SCC may reduce the frequency of meetings if deemed necessary, provided , , that at least a minimum of one meeting is held per quarter. Decisions during these Legal and Regulatory Framework meetings are to be taken based on present and voting members; (d) At every SCC Amendments to Regulations meeting, liquidator is required to present a comprehensive report which inter alia includes progress made in the liquidation process, the consolidated status of all Amendments to IP Regulations legal proceedings, and cumulative costs incurred during the process. Any cost The IBBI notified the Insolvency and Bankruptcy Board of India (Insolvency overruns beyond initial estimates must be justified with a rationalization plan; Professionals) (Amendment) Regulations, 2024 on January 31, 2024. The (e) For fresh asset valuations, liquidator is required to facilitate meetings where amendment: - (a) Introduced the provision to allow an IP to resign from the Registered Valuers (RVs) explain their methodology and, upon receiving the assignment in CIRP liquidation process and insolvency resolution process of valuations, reasons for significant deviations, if any, from the CIRP valuations. personal guarantor (PG) to CD subject to the recommendation of the respective Further, the liquidator shall share the valuation reports with the SCC members committees in the processes or the debtor or the creditor, as the case may be, and after obtaining a confidentiality undertaking; (f) Before initiating or continuing any approval of the Adjudicating Authority (AA). The IP shall however continue to legal proceedings, liquidator must consult the SCC, presenting the economic discharge his duties, functions, and responsibilities till the approval of resignation rationale; (g) The liquidator, upon considering the[viability,][must][ consult][ the][ SCC] by the AA; (b) Inserted the explanation to allow an Insolvency Professional Entity before deciding to run the affairs of the CD as a going concern. Further, the sale of (IPE) acting as IP to engage or appoint its partner or director, as the case may be, the cD as a going concern cannot be put on an auction exclusively after the first for or in connection with any work relating to any of its assignment other than auction, and in case of a failed auction, the liquidator shall review the marketing work related to valuation and audit of the debtor; and (c) Inserted the explanation strategy in consultation with the SCC; (h) Prior to applying for early dissolution, to allow an IPE acting as IP to provide any service, other than service related to the liquidator must seek the SCC’s views and recommendations, providing a valuation and audit, for or in connection with the assignment which is being detailed report in the applicationto the AA; (i) To capture additional details undertaken by any ofits partners ordirectors, as the case may be. regarding the realisation and distribution made during the Process, the Amendments ; Compliance Certificate under Form H has been modified; (j) During the period to Model Bye - Laws Regulations after submission of the final report but before a CD is dissolved, stakeholders The IBBI notified the Insolvency and Bankruptcy Board of India (Model Bye - Laws claiming entitlement to any amounts deposited in the Corporate Liquidation and Governing Board of Insolvency Professional Agencies) (Amendment) Account can apply to the liquidator for withdrawal. Upon receiving such a Regulations, 2024 on January 31, 2024. The amendment relaxed the validity of request, the liquidator shall verify the claim and request the Board to release the Authorisation for Assignment (AFA) of IPs from existing one year period and also funds to him/her for onward distribution; (kk) The liquidator shall file the proposal aligned it with the duration of panel of IPs prepared for appointment by the AA. of compromise or arrangement only in cases where the committee of creditors Amendments seg as . (CoC) made such a recommendation during the CIRP and such proposal shall not to Voluntary Liquidation Regulations be filed after the expiry of thirty days from the liquidation commencement date The IBBI notified the Insolvency and Bankruptcy Board of India (Voluntary (LCD); (I) The liquidator may extend the payment period of balance sale Liquidation Process) (Amendment) Regulations, 2024 on January 31, 2024. The consideration beyond ninety days, after consultation with the SCC; (m) Wherever amendment made the modifications: - (a) The directors of the corporate person the CD has given possession to an allottee in a real estate project, such asset shall while initiating the voluntary liquidation process shall make disclosure about not form a part of the liquidation estate of the CD; and (n) The Form A for pending proceedings or assessments before statutory authorities, and pending reporting consultation with the stakeholders has been modified to capture the litigations and shall also declare that sufficient provision has been made to meet meetings details such as the interval between two meetings, dissent by the SCC the likely obligations arising, if any, on account of the pending proceedings; (b) If etc. the liquidator fails to liquidate the corporate personwithin stipulated period of 90 Amendments to CIRP Regulations days or 270 days as the case may be, he shall hold a meeting of contributories of the corporate person and present a status report within fifteen days from the end The IBBI notified the Insolvency and Bankruptcy Board of India (Insolvency of such period and thereafter at the end of every such succeeding period, Resolution Process for Corporate Persons) (Amendment) Regulations, 2024 on specifying the reasons for not completing the process within the stipulated time February |5, 2024. The amendment introduced several important changes aimed period and apprise the meeting about additional time required for completing the at enhancing the CIRP. Key modifications include the requirement for separate process; and (c) In the period after submission of final report but before a bank accountsfor each real estate project of the CD, and the mandatefor monthly corporate person is dissolved, stakeholders claiming entitlement to funds in the CoC meetings, with the option to extend this interval to once per quarter if Corporate Voluntary Liquidation Account can apply to the liquidator for necessary. The regulations also refine voting procedures, allowing the CoC to withdrawal. Upon receiving such a request,the liquidator shall verify the claim and determine the duration of the electronic voting window and providing an request the Board to release the funds to him/her for onward distribution. extension mechanism. Furthermore, the amendment mandates the RP to obtain Amendments . CoC approval for all CIRP-related costs, including those associated with to PG to CD regulations maintaining the business as a going concern. The amendment enhances The IBBI notified the Insolvency and Bankruptcy Board of India (Insolvency transparency by requiring the disclosure of valuation methodologies before Resolution Process for Personal Guarantors to Corporate Debtors) computation and the fair value in the information memorandum if the CoC (Amendment) Regulations, 2024 and Insolvency and Bankruptcy Board of India decides on the same. In real estate cases, the CoC can instruct the RP to solicit (Bankruptcy Process for Personal Guarantors to Corporate Debtors) separate resolution plans for each project. Additionally, the CoC may establish a (Amendment) Regulations, 2024 on January 31, 2024. The amendment removed monitoring committee to oversee the implementation of the resolution plan, the restrictions on an IP to be appointed as RP or bankruptcy trustee in the including the RP other insolvency professionals, or additional members, with insolvency resolution process or bankruptcy process of PGs to CDs respectively, provisions regarding the RP’s compensation. Lastly, the amendment allows the RP if she has acted or is actingas interim resolution professional (IRP), RP or[liquidator] to continue the resolution process while awaiting a decision on an extension during the CIRP or liquidation process of the CD. Further, to address the application by the AA. complexities and unique challenges inherent in the PG cases, the amendment Circulars made the convening of the meeting of creditors mandatory. Amendments sg ae . Reduction of cooling-off period for Examinations on to Liquidation Regulations re The IBBI vide its circular dated 18. 2024 reduced the ti ‘od betw The IBBI notified the Insolvency and Bankruptcy Board of India (Liquidation twoe consecutivevide its circular attemptsdated fromJanuai 2 months, to 21 reduceddays forthe bothtime Limitedperiod Insolvencybetween Process) (Amendment) Regulations, 2024 on February |2, 2024. The amendment Examination and Valuation examinations. The test administrators / candidates —= @

NSO) VENCY AND BANKRUPTCY NEWS

were advised to implement/ follow the said requirements in Limited Insolvency creditor. SC observed that its view is in conformity with the judgments given in the Examination and Valuation Examinations conducted/ attempted after the expiry matters of CoC of Essar Steel India Ltd. v. Satish Kumar Gupta and Ors. and Jaypee of 3 months from the date of this circular. Jaypee Kensington Boulevard Apartments Welfare Association & Others v. NBCC Measures for rationalisation of the regulatory framework of IPEs (India) Limited & Others which provide for the minimum entitlement of value of The IBBI vide its circular dated February | , 2024 provided clarity on three areas to thetwo ~~-js~~ ecurityudge benchinterest. of theHowever, Hon’ble Supremeon account Court of a on differing this issue viewin the taken matterby another of India facilitate IPEs to undertake their expanded role under the Code: - (a) in case the Resurgence ARC case, the Bench directed the matter to be placed before the assignment is undertaken by the IP which is an IPE, the show -c ause notice under Hon’ble Chief Justice for appropriate order for reference of the matter to a larger regulation || of the IBBI (Inspection and Investigation) Regulations, 2017 shall be bench. Another issue before the Bench was whether the amended section authorisedissued to: (i) its partner or director, as the case may be, who is an IP and was 30(2)(b)(ii), amended by the entry into force of the[Amendment] Act of 2019, was (ii) the IPE, toif insigntheandopinionact onof thebehalf ofBoard,it forthere thearerespectiveeither repeatedassignment;instancesand/orof onapplicablethe judgment to the presentin the matter case whenof CoC it wasof Essar beingSteel heardIndia beforeLimited the NCLAT.v. Satish RelyingKumar contravention against one or more partners or directors of the IPE or instance of Gupta & Ors. (2020 8 SCC 531), the Bench held that since the proceedings were systemic failure on the part of such IPE; (b) clause 22 of Code of Conduct specified pending, the amended section 30(2)(b)(ii) should have been considered by the in First Schedule to the IBBI (Insolvency Professionals) Regulations, 2016 (IP NCLAT. Regulations) (in relation to limit on numberofassignments) does not apply to an IP ae oe ee a which is an IPE; and (c) regulation 34B of the IBBI (Insolvency Resolution Process Shar ok soba too Anr. Vs. Vijaykumar V. lyer & Ors. [Civil Appeal for Corporate Persons) Regulations, 2016 (CIRP Regulations) (in relation to fee Nos. . of ] structure) does not apply to an IP which is an IPE. In this case a two Judge Bench ofthe SC made observations regarding the right ofa Measures for[facilitating][ efficient][ conduct][ of][the][ processes][ by][ IPs] creditor to claim set-off of any amount that it owes to a CD against the debt owed The IBBI vide its circular dated February | , 2024 provided clarity on two areas to byDuringthe CDthe tocoursesuch creditor,of businesspostactivity,commencementAirtel andofAircelinsolvencyhad enteredproceedings.into facilitate smooth and efficient conduct of the processes: - (a) to facilitate smooth understanding for adjustment of some business entries. Owing to disputes in implementation of the resolution plan, it was clarified that an IP may render offsetting of charges between both the entities, Airtel approached the AA, who professional service in relation to implementation of resolution plan approved by had held that the Airtel has a right to set off. On appeal preferred by RP NCLAT the AA, provided details of such service are mentioned in the resolution plan allowed the appeal holding that set - off is violative of the basic principles and approved by the AA; and (b) for the purposes of clause 25C of Code of Conduct protection accorded under any insolvency law. Airtel filed appeal before SC specified in First Schedule to IP Regulations, the bill or invoice may be raised in the against the said order of NCLAT. The issue for consideration before SC was name of the IPE or the professional or the firm in which such professional is a whether the right to claim set - off is available in the CIRP when the RP has Partner. proceeded to take immediate custody and control of all assets in terms of clause Sharing of the report prepared by the RP under section 99 of the Code (a) to sub-section (2) of section 25 of the Code, 2016.SC made detailed analysis of ae J J The the meaning, importance and types of set off and even highlighted the difference copyIBBI vide its circular dated February 12, 2024, advised the RPs to provide a between set-off of transaction pertaining to period prior to CIRP during CIRP and of the report prepared under section 99 of the Code, to both debtor and during liquidation. creditorinformedinaboutall cases.the Thisevaluationwould andensurerecommendationsthat the debtor andmadethebycreditorthe RParetherebywell - SC held that the provisions. of statutory set-off ;in terms of Order VIII Rule 6 of promoting transparencyand informed decisio n- making. CPC or insolvency set-off as permitted by regulation 29 of the IBBI (Liquidation . . . an oo Process) Regulations, 2016 (Liquidation Regulations) cannot be applied to the Reporting/ Sharing ofinformation in the voluntary liquidation process CIRP The aforesaid rule would be, however, subject to two exceptions or The IBBI vide its circular dated February 13, 2024, provided that the liquidator situations. The first is where a party is entitled to ‘contractual set -o ff’ (where shall ensure that, if the corporate person falls under the category of FiSP it shall parties agree for set - off in a particular manner beforehand), on the date which is declare that: (a) the category of FiSP has been notified by the Central Government effective before or on the date the CIRP is put into motion or commences. The under section 227 of the Code, and (b) the corporate person has obtained prior second exception will be in the case of ‘equitable set -o ff’ when the claim and permission from the appropriate regulator. The circular further required the counter claim in the form of set - off are linked and connected on account of one or liquidatorto submita copy of Form H and final report filed before the AA, and the more transactions that can be treated as one. Thus, SC keeping in view the order for dissolution to the Board at the given email id. provision of doctrine of par i- passu (same class of creditors should be given equal Enhancing t d stakehold t in liquidati treatment) and anti-deprivation (common law rule that prevents creditors from nnancing transparency anc’ stakeholder engagement In liquidation being disadvantaged by contractual provisions that undermine insolvency laws) Process did not allow statutory set - off and insolvency set -o ff. Unlike the provisions of the The IBBI vide its circular dated February 22, 2024, provided for the liquidator to: - Companies Act, 1956 or the Companies Act, 2013, IBC in the case of CIRP does (a) share the progress reports with the members of the SCC after receiving a not give the indebted creditors the right to set - off against the CD. In the case of confidential undertaking; (b) seek suggestions / observations of the members of partnerships and individual bankruptcies, section 173 of the IBC permits set -o ff. the SCC while preparing the preliminary report and finalise the said report after Section 36(4) permits the IBBI to specify assets which could be subject to set - off considering such suggestions / observations; and (c) submit a copy of Form H during liquidation process on account of mutual dealings between the CD and the along with final report filed before the AA, and the order for process creditor. Though regulation 29 of the Liquidation Regulations does not refer to closure/dissolution to the Board at the given email id. section 36(4), it provides for mutual credits and set -o ff. However, the Liquidation precede‘ withdrawal. of unclaimed. dividendsAv and / or undistributed# ee CIRP.Regulations SC while are dismissingnot applicable the appeal,to ChapterheldII thatPart IBCIl of theis a completeIBC, which Coderelatesin toitself the The IBBI issued circulars on February |3 and February 22, 2024, specifying the andrelyingnullified upon thethe openingargument part ofraisedtheby enactment the Airtel andthat sections they are 238entitled and 243to takestatutory care AccountForms forandwithdrawalCorporateofVoluntary the amountLiquidationdeposited Accountinto thebeforeCorporatethe dissolutionLiquidationof s e t-offor insolvency. set-off, in the CIRP ae the CD and corporate person respectively. The Forms would facilitate the Ansal Crown Feige Fiateuyers Association e e) ve ooesal Crown liquidator to apply for withdrawal, on the request made by the stakeholders who Infrabuild Pvt. Ltd. rs. [Civil Appeal Nos. 4480-448 | of ] claim to be entitled to any amount deposited into the Accounts. CIRP was initiated against the Ansal Crown Infrabuild Pvt. Ltd. - CD carrying on Orders the activity of construction of homes. The Homebuyers’ Association of CD filed an execution application before National Consumer Disputes Redressal Supreme Court Commission (NCDRC) seeking execution of its previous order against the CD DBS an . . . . and suspended directors/ officers of CD. However, the NCDRC declined to [Civil Bank[Appeal] Limited[No.][9133] Singapore[of][2019]] Vs. Ruchi Soya Industries Limited and Anr. executeoperationitsoforder,moratoriumholdingunderthat sectionthe decree14 ofcannot the Code.be executedOn an appealdue filedto theby A two -j udge bench of the SC in Ruchi Soya has examined the issue as to whether Homebuyers’ Association, SC while disposing of the appeal observed that it the minimum value payable to a dissenting secured FC - DBS Bank in terms of cannot be said that no proceedings can be initiated against the directors/ section 30(2)(b)(ii) is required to be calculated on the basis of the voting share promoters of the CD because there is a moratorium in place under section |4 of enjoyed by such creditor in the CoC of the concerned CD or on the basis of the the Code. Relying on the judgment passed by itself in the matter of P Mohanrgj v. value of the security interest enjoyed by such FC. The Bench took the latter view Shah Bros. Ispat (P) Ltd., SC held that liability, if any of the directors/ officers of CD and held that the minimum value payable to a secured dissenting FC should be will continue and protection of moratorium in terms of section 14 of the Code is calculated by taking into account the value of[the][ security][ interest][ enjoyed][by][ such] only available to the CD and shall not be applicable to the directors.

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Greater Noida Industrial Development Authority Vs. Prabhjit Singh Soni assessment order as void ab initio, on the grounds of violation of the moratorium & Anr. [Civil Appeal Nos.7590 - 759 | of 2023] under section | 4(1)(a) of Code. WP was filed against AA before Kerala HC. While GNIDA provided a plot of towardsconstructingunpaidresidentialinstalmentsflats.landpayable toGNIDA the towardssubmittedJNC Constructionpremiumits claim (P)offor Ltd¥ the 43,40,31, (CD) onlease. However, le ~~95as~~ e,as1/- forFC Settingpreventeld thataside assessmentwhilethe orderthe or determinationmoratorium of HCpronibits bie of taxliabilities.entorcement te matter backof claims, for consideration,it does no the RP treated the GNIDA as an OC and, vide e - mail dated February 4, 2020, Kunwer Sachdev Vs. IDBI Bank & Ors. [W.P.(C) 10599/2021 and CM requested the GNIDA to submit its claim in Form B, as an OC of the CD. GNIDA Appls. 32697/2021 & Ors.] did not submit its claim afresh as an OC. In the meantime, the resolution plan was Ex - director of CD/ Petitioner herein filed WP before Delhi HC seeking directions approved. The dues shown payable to the GN Mea 03h ee na * an for IBBI, Reserve Bank of India (RBI) and Indian Banks’ Association (IBA) to whileGNIDA dinresin a ne achedth Pv torlication recallinh aeli tha t eGNIDAter ofan eerovalt tak ofvesolutionti plan.Ia | AAt obsdev e loprvedguidel‘Cons i dn e rings forth e ffectivesignificantmonitoring role which theand CoCfunctioning plays in theof the entire CoC. CIRP andHC a the 8 the application ne a ta NOt take any ql RP GRIDS the sanctity ofthe ‘commercial wisdom’[of][ the] CoC[which][ is][ protected][ by][ the][ legislative] decision of the RP inspite of the knowledge about the ongoing IRR NIDA mandate from unnecessary interference, there is a compelling need for the code of preferred an appeal contesting Its right as FC, before NCLAT which was conduct/ guidelines for the effective working of the CoC in order to fulfil the bonafide dismissed. Subsequently, GNIDA filed an appeal. Hon’ble SC while allowing the objectives ofthe Code’ appeal of GNIDA, set aside the resolution plan and sent the same to CoC for , resubmission after satisfying the parameters as set out by the Code. It observed Nirmal Singh & Ors. Vs. State of U.P. & Ors. [WRIT - C. No. - 41110 of that the resolution plan fails not only in acknowledging the claim made but also 2019 & Ors.] failed in mentioning the correct amount due and payable. The resolution plan did NOIDA allotted land to M/s Hacienda Projects Private Limited (HPPL - SP oncenotspecifically place GNIDAin the categoryof a secured creditor. It observed that Company) to build and develop a residential project ‘Lotus 300’ in Noida and have it is proved that GNIDA has submitted its claim with proof th e n it could not executed a lease deed with HPPL. The promoters of HPPL had syphoned away wordsbeen overlooked merely because it was in a different Form —"The use ofthe = 190 crore approx. out of ~ 636 crore collected towards sale/booking of flats “a person claiming to be an operational creditor” in the opening part of from the homebuyers. Instead of developing the project, the said sums were Regulation 7, and the words “a person claiming to be a financial creditor” in Regulation diverted from the CD and interest - free loans were given to other companies of 8, indicate that the category in which the claim is submitted is based on the own the promoters. Homebuyers of the project lodged First Information Report i.e. understanding of the claimant. Thus, there could be a situation where the claimant, in FIR against the promoters of the CD. After negotiations, a memorandum of good faith, may place itself in a category to which it does not belong.’ Generally, understanding was entered between homebuyers’ association and promoters on wisdomfeasibilityand viabilityof a plan are economic decisions best lefttothe commercial behalf of the CD for completion of the project. As the promoters failed to the ofthe CoC. However, where the plan envisages use of land not owned by complete the activity, NOIDA sent a recovery notice of % 63.65 crore. Aggrieved be CD but by a third party, such as GNIDA, which is a statutory body, there must by the said notice, promoters filed WP before Allahabad HC with the prayer to acloser examination ofthe plan’s feasibility. SC further pointed out that neither quash the recovery notice. In the meantime, CIRP was also initiated against CD on NCLT nor NCLAT while deciding the application /appeal took note of the fact that FC’s application. The issue before HC was whether Code would provide any GNIDAproceedingshad not been served notice of the meetingof the CoC. The entire protection to the promoters/directors in terms of moratorium under section 14 GNIDA up to the stage of approval of the resolution plan were ex parte to of the Code, against the criminal liability for the prosecution of fraud? HC noted law, which had submitted its claim, and was a secured creditor by operation of promoters have played a fraud on the homebuyers, NOIDA, FC as well as on the yet the resolution plan projected GNIDA as the one who did not submit its Court. It held that moratorium under the Code is confined only to the CD and the claim. SC held that resolution plan did not meet all the parameters laid down in directors/ promoters shall continue to be liable and be prosecuted for such sub -s ection (2) of section 30 of the IBC read with regulations 37 and 38 of the offence. CIRP Regulations and the same shall be sent back to the CoC for r e- submission . after[satisfying] the parametersset out by the Codeas exposited above. Shiv Charan & Ors. Vs. AA under the PMLA & Anr. and connected petitions [WP (L) No.9943 & 29111 of 2023] High Court In cross - writ petitions namely - (1) the successful resolution applicant (SRA) CA V. Venkata Sivakumar Vs. IBBI & Ors. [Writ Petition Nos.16650 of preferred a WP before HC seeking directions to Directorate of Enforcement 2020 and 14448 of 2021 & W.M.P.No.24548 of 2020] (ED) to release the attached properties in view of approved resolution plan; (2) on two writ. petitionsa (WPs) were filed. before Madras HC by CA V. Venkata theapproving the other hand, plan the and ED direction also preferred for releaseWP interof aliaCD’s praying to assets. The quash issues AA's before order HC of Sivakumar (RP). In one of the WP RP challenged section 204 of the Code as being were (a) can an attachment by ED continue over CD’s assets post approval of ultra vires to Article 14, 19 (!) (g) and 21 of the Constitution. In another WF the resolution plan under the scheme of IBC; and (b) whether the NCLT has the said Re Challenged Cause 234 of the IBBI model prelawsbsnoeciel Bs8 B oard jurisdiction to direct the ED to release attached properties under section 32A? The issue that arose for consideration was firstl whether clause 23A of Model approving a resolution plan, to ensure that the resolution plan is capable of being ByeY - Laws. Regulationsgu is liable: to be struck ee as manifestly: y arbitra2 ry effectivelyimmunity toimplemented.the CD fromAfter approvalthe liabilities/ofoffences resolutioncommittedplan, sectionby it 32Aprior providesto the conferring unbridled, excessive power on Insolvency Professional Agencies (IPAs) commencement of CIRP It observed that for availing such immunity, there must and for violation of principles of natural justice? secondly, whether section 204 of be a change in the ownership and control of the CD However. the immunity Code 's violative of Article 20(2) of the Constitution of India, in as much as it under section 32A will not be available to the promoters/ KMP or related persons. provides for disciplinary proceedings by two agencies namely, IPA and the IBBI HC upheld the AA's directions to release the CD’s attached assets and to ensure with unbridled and excessive powers to the agencies? HC while disposing these that the resolution plan approved in relation to the CD be implemented WPs has upheld the validity of clause 23A of the Model Bye-Laws Regulations and effectively. It further observed that once a resolution plan is approved and CD held that IPAs do not exercise discretion as the suspension happens automatically qualifies for immunity under section 32A, then it is incumbent upon quasi -j udicial once the disciplinary proceedings are initiated. The power of suspension is nota authorities such as the AA under the PMLA to take judicial notice of the same and punishment but is an ad-interim measure. The Purpose of suspension Js release the properties attached on their own. It also held that section 32A of the immediately to keep the erring RP away from the office so that relevant material Code having a non -o bstante provision will prevail over the PMLA which is a and evidences on record car properly be collected it an impart an fair subsequent legislation. It further held that AA is empowered in its jurisdiction enquiry. It Turther observed tat mere Nards ip cannot be a groun for ¢ anenging under section 60(5) to decide any fact or law arising in or relating to insolvency the very regulation itself.’ HC further clarified that petitioner had previously also di filed WP challenging the other provisions of the same regulations and filing of the proceedings. repeated WP would be barred by the principles of constructive res judicata. HC DAE (SY 22) 13 Ireland Designated Activity Company Vs. Go Airlines referring to the Bankruptcy Law Reforms Committee Report held that section (India) Ltd. [Cont. Case(C) 1767/2023] 204 has been incorporated after due deliberations. RPs have been subjected A contempt petition was filed under section 12 of the Contempt of Courts Act, under two-tier monitoring and control system with proper application of mind. 1971 by one of the lessors of CD against RP for non - compliance of the Delhi HC Deputy Commissioner (Works Contract), Kerala State Goods and order dated October |2, 2023, inter alia alleging non - compliance of directions Services Tax Department Vs. NCLT& Ors. [WP(C) NO. 39185 of 2022] passed in an earlier order regarding regular maintenance; monthly inspection of Liquidationa . . rr the Aircrafts and providing ofaircrafts records and documents. RP submitted that Kerala order was passed by AAas the resolution failed. Post liquidation order, steps were taken for compliance of the order but there were difficulties fleil e d eatlonStateSearingGoods andPermiss Serv i onces[to] Taxile De a p pea’artmentagainst issuedsuch hea s sessmenteesorde orde r .was An complunderl y ingwith in the it. HC earlier while orders issuing andcontempt cannot plead noticedifficulties to RP observed at a later that point he failed in time to before AA by CD. AA while dealing with such application, has declared the when contempt proceedings have already been filed —= @

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Talib Hassan Darvesh Vs. The Directorate of Enforcement [W.P.(CRL.) over, while the application for dissolution was pending. AA while allowing the 780 of 2024, CRL.M.A.7287 of 2024] application of tax department directed liquidator to ensure that the stakeholders, CIRP against CD was initiated by order of AA. As per the findings of forensic audit who have received any monies beyond their entitlement at the _time of conducted during CIRP a complaint was filed against CD and others by the Bank. distribution, return the same, so that the department s dues are paid. Liquidator In pursuance of which PMLA proceedings order dated February 9, 2021 was passedwereby AAinitiatedin one againstIA declaringthem. Meanwhile,such audit challengedappeal set aside AAsAAsorder order.beforeIt furtherAppellate distinguishedTribunal. presentNCLATmatterwhilewithallowingState theTax report as unreliable. Based on same, aforesaid writ was filed seeking stay against Officer v. Rainbow Papers Limited based on the stage of process and remanded the ED investigation. Delhi HC along with other provisions of PMLA, relied on the impugned order and directed AA to look into the practical difficulties for the second proviso to section 32A of the Code dealing with the liability for prior occed of recovering the amount from 29 stakeholders after the entire offences, and observed that ‘merely in view of order dated 26.10.2018 passed by proceeaings were over. NCLT, Ahmedabad bench in insolvency proceedings and reference of the same in order Kineta Global Limited vs. IDBI Bank Limited & Ors. [IA Nos. 639, 641, dated 08. | 2.2022 passed by learned Court ofSession, Greater Bombay in Anticipatory 640 - 2021, 92,97, 340,622, 942,1052 - 2022 & 417 - 2023 in Company Appeal Bail Application No. 2546 of2022 preferred by petitioner, cannot lead to a conclusion (AT) (CH) (Insolvency) No.302 -2 021] at this stage, that petitioner is not associated with proceeds of thether:[takes] aay[ the][ j] waco[ investigate][ the][ proceedings] undercrime. PMLA,Neither[ 2002’.] the[In] compromiseM/s Kineta Gl o rbal arrangement.Limited wasTh d e claredAA vide as theorder HI datedbidder November during the process17, 2021 ofset result, Ismissed the VWVraside the valuation conducted during liquidation and ordered fresh invitation of Gouri Prasad Goenka Vs. State Bank of India & Ors. [WPO No. 1487 of schemes. The HI bidder filed an appeal before the NCLAT. The issues dealt in the 2023] appeal were (a) can a valuer ascribe ‘zero’ value to an asset merely because of Borrowe r- company entered Finto an One -t ime: settlement (OTS) with, the Bank disputes over it; (b) whether HI bidderoe can be ‘aggrieved person’ as _ per section. towards payment of certain dues. However, the time for such repayment under 61 of the Code. The NCLAT, while dismissing the appeal, observed that valuing OTS was getting extended. In the meanwhile, CIRP was admitted against the property at zero value on the premise that it was under dispute, is not borrower - company. Further, CD was declared as ‘wilful defaulter’ by the maintainable. Merely because the CD has no valid or marketable title , the ‘value Reviewing Committee in terms of RBI Master Circular. Aggrieved by the order of of the Property cannot be described as zero. The ‘assets of the cD are to be Reviewing Committee, CD filed a writ before the Calcutta HC. Issues raised revalued in accordancewith regulation 35 of the Liquidation Regulations. It further before HC was that the borrower company was under moratorium as well as held that HI bidder cannot be an ‘aggrieved person’ as per section 61 of the Code; lossesReviewing Committee has not taken into consideration of circumstances such as pe yas | bn‘hie n roe clat of aebe Pas ‘he the ValuationKtfassets of the faced by it, certain agreements while deciding such order and merely relied a lager cannot c aim, a vested rignt, or any tun ‘amental rignt to see tor an upon the findings of the First Review Committee. HC relied on the judgment of ‘approval of his plan’, and thereby claim to bea person aggrieved in respect of the B.C. Chaturvedi v. Union ofIndia and others, reported at (1995) 6 SCC 749 and State impugned order: It was pertinently noted that sharing ofthe valuation reports with of T.N. and another v. S. Subramaniam, reported at (1996) 7 SCC 509 and held that the potential resolution applicants by the liquidator Is quite contrary to regulation the HC would interfere in judicial review only if the impugned conclusion could 348) of Liquidation Regulations and IP is to ensure that confidentiality of not have been reached by a reasonable person. Thus, while dismissing the writ it information is maintained in all processes. observed that the moratorium under the Code was introduced to sustain the ACRE - 81 Trust, through its Trustee Asset Care & Reconstruction business of the company in the hands of the SRA. Notwithstanding the Enterprises Ltd., & Ors Vs. Pawan Kumar Goyal IRP of SARE Realty commencement of CIRP the directors, cannot be absolved of any wilful default Projects Private Ltd., & Ors. [CA (AT) (Ins) No. 447 of 2023 & I.A. No. committed by the borrowe r- company at the relevant juncture. 1475, 1476 of 2023] Atibir Industries Company Ltd. & Ors. Vs. Indian Bank [WPO No. 204 of AA while dismissing the application filed for liquidation of CD, issued SCN to the 2024] assenting CoC members jointly, who voted in favour of the liquidation of the CD CD and eeits directors/guarantorsdi had filed. WP before HC praying, to set aside: the witithout even exploringProring tethe ppossibility4 of CD’s resolution. On appealPP byY assentinquis SCN issued by Indian Bank declaring the petitioners as wilful defaulters in terms of members of CoC the 'ssue before NCLAT w as whether CoC can take decision the Master Circular issued by RBI. HC held that a borrower is declared to be a for liquidation of CD without publishing Form-G, Eol ete: NCLAT while allowing wilful defaulter upon satisfying the criteria meant for declaring wilful defaulter in the appeal observed that the . CoC has the jurisdiction to pass agenda for the RBI Master Circular, even without classification of the account as NPA. HC liquidation of the CD by requisite majority of the voting share, but it should be held that a wilful defaulter proceeding does not come within the contemplation of before the approval of the resolution plan. section 14 or section 96 of the Code, which primarily pertains to legal actions to Ashmeet Singh Bhatia Vs. Pragati Impex India Pvt. Ltd. & Anr. [CA(AT) foreclose, recover, or enforce security interest, or recovery of any property ofthe (Ins.) No. 1413 of 2023] debt-in-question. It referred to SC judgment of P Mohanraj wherein, it has clarified Ashmeet Singh Bhatia/Appellant, a homebuyer in one of the companies of the CD ‘that the moratorium concerns not merely recovery of debt but any legal proceeding namely, Mee Granite cre Pro} erties Pye Ltd. undergoin caRP had filed an even indirectly relatable to recovery of any debt. Hence, the moratorium applies to applionon under section 65 oP the Code against EC tor *nitiating insolvency recovery proceedings and proceedings which directly or indirect.[ly][‘te][latable”][to][ such] against the CD with malicious intention to defraud. The said application was The : : P . 1 petition is admitted an as been initiated. On appeal filed by the appellant, Irotiocorpuswfid ernieSinoA ofdept 'sora anedbanlintys the subject-matter nan of aree wil6 will arranecefauler proceeding,Prowee<aeunliketme q thethe issueCode for is maintainable consideration after was the whether filing of anthe application applicationfiled under undersection section7, 9 65 or 10 of neeP oeete the 2 erP one r feas: SCNPi "dicef it di cntenciveld the ob an k co Preid©, fforensicic auaitaudi ofapplication? the CodeNCLATor couldwhilebe allowingmaintainablethe appealonly afterheld th ate theadmissionapplicationof suchunderan P Y . section 65 of the Code is maintainable any time after the filing of an application National Company Law Appellate Tribunal under section 7, 9 or |0 of the Code. Jindal Power Limited Vs. Dhiren Shantilal Shah & Ors. [CA(AT)(Ins.) No. Paridhi Finvest Pvt. Ltd. Vs. Value Infracon Buyers Association and Anr.[ 116 6- 1167 of 2023] [C.A (AT) (Ins) No. 654 of 2022] The issue for consideration before NCLAT is whether an unsolicited prospective In the CIRP of CD, Value Infra Buyers association (VIBA) constituting 97% voting resolution applicant (PRA)who did not figure in the final list of PRAs, could be share of CoC came forward for completion of the unfinished project and the allowed to submit a resolution plan for value maximization of the CD under the resolution plan was approved by AA. The appellant, being the dissenting creditor, existing provisions of the Code and particularly regulation 39(1B) read with filed an appeal against the approved resolution plan. The issues raised were— (a) regulation 36B(7) of CIRP Regulations. NCLAT while dismissing the appeal eligibility of VIBA to submita resolution plan; (b) non submission of performance observed that maximization of the value of the assets of the CD must be in guarantee by VIBA; (c) appellant being dissenting FC is entitled for amount as per alignment of the primary objective of the Code and cannot be acceptedbygivinga the security value, as it has equitable mortgage on 30 units / flats of the CD. go by to the Code and regulations. It held that entertaining unsolicited plans froma NCLAT noted that AA vide order had extended the CIRP period as no resolution person who did not figure in the final list of PRAs, would lead the CIRP of CD to be plan was received, VIBA has come forward to complete the project and the never ending. resolution plan submitted by them was approved by NCLT. Notably, CoC has not Amar Nath Liquidator, Karan Processors Pvt. Ltd. (In Liquidation) Vs directed VIBA to submit performance security as they constitute 97% voting Excise & Taxation Commissioner [CA (AT) (Ins) No 221 of 2023 &IA.No. share. It further noted that section 30(2) of IBC provides that amount entitled toa . — dissenting FC shall not be less than the amount payable in the event of liquidation. 795, 796 of 2023] Tax ,department had filed its claims before AA after the liquidation process was As per the plan, the appellant is being paid = | crore, however, as per its voting

NSO) VENCY AND BANKRUPTCY NEWS

share (2.38%), the amount payable becomes % 99.19 lakh. Therefore, the Mr. Vikas Aggarwal Vs. Asian Colour Coated Ispat Limited and Ors. appellant is not being paid less than the amount payable in the event of liquidation. [CA(AT)(Ins.) No. 1104, 1105, 1107 & 1108 of 2020] NCLAT cited the order of Apex Court in the matter of India Resurgence ARC Pvt. PGs have filed appeals challenging order ofAA approving the resolution plan to the ta a Metals é Anr. (20 !) ss Online SC 409, to establish that amount tobe extent that it allows recourse to the FCs against the PGs of CD. As per the plan, Oe to dl aan aed of creditors Is Sa hisher wisdom 0 b ° ‘dy . i entire debt of the CD owed to the FCs was assigned to Special Purpose Vehicle Issenting secured creditor cannot suggest a higner amount to be paid wit (SPV) of SRA. Issue for consideration before NCLAT was whether recourse to the reference to the value of security interest. NCLAT also cited its order n the guarantee, survive after the entire debt of the CD stood assigned in favour of the matter of ICICI Bank Ltd. v. BKM Industries Ltd., wherein, it was held that there is no SPV by the FCs as per approved resolution plan. NCLAT observed that doctrine scope of distribution of assets among FCs as per security interest. NCLAT of subrogation allows PG to resume the rights or remedies of the FCs against the concluded by stating that ‘It is well settled that the security holder cannot insist CD. But the issue becomes different if it falls within the domain of the Code. payment of amount as per security interest, when the CD is resolved through a There are clear and express provisions and stipulations under the resolution plan resolution plan’. safeguarding the right of the FCs to pursue legal remedies against the PG. It noted Vijay Saini v Shri Devender Singh & Ors.[CA (AT) (Ins.) No. 1194 of 2023 that objective of the Code is to revive and rehabilitate the CD; and as such the &1.A. No. 4200 of 2023 with other appeals] right to subrogation may not survive in such situation. Despite the provisions of In this case, RP challenged AA's order allowing withdrawal proposal under section section 140 and 141 of the Indian Contract Act, 1872, the PG cannot claim any 12A of the Code. NCLAT while allowing the appeal held that for computing voting relief ” view of the non obstante clause under section 238 of the Code. NCLAT with regard to section |2A of the Code, the same has to be done as per section while dismissing the appeal held that extinguishment of PG's right of subrogation is 25A(3A) read with proviso to section 25A(3). It clarified that the voting under sub - unavoidable and inaccessible fact n insolvency cases and any departure from such section (3A) which is cast by Authorised Representative (AR) on the basis of vote principles wil have adverse impact on revival of the CD, interest of the FC and of more than 50% of the voting share of the FC in a class but the said provision was overall negative impact on the national economy. subject to the proviso that has created a different voting pattern for section | 2A. SEL Manufacturing Company Ltd. Vs. Punjab Small Industries & Export As per section 25A(3), if AR represents several FC, then he shall cast his vote in Corporation Ltd. [CA (AT) (Ins.) No. 881/2022 (IA Nos. 2446, 2447 & respect of each FC in accordance with instructions received from each FC to the 2449 of 2022] extent of his voting share. When the section 12A specifically provides for 90% Punjab Small Industries Export Corporation (PSIEC) executed a lease deed with voting percentage for section 12A proposal, then 90% of the voting share of the CD for 99 years. The price of the plot of land was subject to variation with creditor in class have to be taken into consideration. Since voting by each reference to the actual measurement ofthe plot and the cost of acquisition of land homebuyer who represented creditor in class has to be computed as per his and enhancement of compensation on account of acquisition of land by the Court. voting share and adding all vote shares ofthe creditor in class with any other FC ifit PSIEC issued a demand notice for enhanced cost. In the meanwhile, the CD was isat least up to 90%, only then section | 2A proposal is held to be approved. pushed into CIRP During the process PSIEC did not file any claims. Thereafter, the Jaiprakash Associates Ltd. Vs. Jaypee Infratech Limited and Ors. resolution plan was approved by AA. However, post approval of the resolution [CA(AT)(Ins.) No. 548 of 2023 & IA No. 2643, 3702 of 2023] plan PSIEC issued a demand notice for the enhanced cost of land for the CD. On An application under section 7 of Code was filed against CD and the same was an application filed by CD, AA dismissed the same. However, CD preferred an admitted vide order dated August 9, 2017 of AA. Resolution plan of NBCC (India) appeal before NCLAT. While upholding AA's order, NCLAT held that the land was Ltd. with some modification was approved by AA vide order dated March 3, 2020. not owned by the CD but was a leased property, and any transfer of the leasehold Subsequently, after a round of litigation which travelled up to SC, the CoC land required the respondent's approval. NCLAT while dismissing the appeal, approved the resolution plan and addendum submitted by Suraksha Realty on June observed that rights of the state land development authorities over the assets 7, 2021 with a voting percentage of 98.66%. AA approved resolution plan of cannot be overridden by the Provisions of the Code and any transfer of rights Suraksha Realty vide its order dated March 7, 2023. Subsequently, approved plan under the resolution plan are subject to terms and conditions of the origina was challenged among others also by the holding company Jaiprakash Associates allotment. It held that the ‘clean slate principle will not apply to the factual matrix Ltd. (JAL) and Manoj Gaur, ex -d irector and PG to CD. JAL and ex - director averred of the present case, where there was prior demand from public sector land that the resolution plan is contrary to the provisions of the law in terms of section authority. 30(2)(e) of the Code and Suraksha Realty is being unjustly enriched by taking over National Company Law Tribunal an asset rich company at a hefty haircut while depriving JAL and PG to cD of their Shree Krishna Recycling India Pvt. Ltd. Vs. Mr. Sanjay Gupta, Liquidator, statutory rights of discharge under section 135 of the Contract Act, right to get Shamken Multifab Ltd. [IA No.68/ALD/2024 in CP (IB) possession of the securities under section |41, and their right to become creditors No.133/ALD/2017] of[Jaypee][Infratech][Limited.][Issue][ for][ consideration][before][ NCLAT][is][ whether][ the] . resolution plan violates provision of section 30(2)(e) of the Code by removing the AA passed liquidation order against CD. In furtherance of the order, liquidator right of subrogation of the guarantors? NCLAT relied on judgment of SC in the published a sale notice for sale of CD as going concern. After receipt of letter of 8matterSCC of531 Essarwhich SteelmadeIndia Ltd.a detailed Committeeanalysis ofCreditorsof contradictoryv.Satish Kumarprecedents Gupta, (2020)in this towardsintent, theEarnestsuccessfulMoneybidderDepositdepositedand only~ balance27.20 croreconsiderationincluding ofinitial% 7.20amount crore context and held that ‘The law is thus well settled that after approval of the was payable within 30 days without interest and with interest beyonda[specified] Resolution Plan, the Personal Guarantors and Corporate Guarantors have no right of date. Thereafter, successful bidder filed an IA before the AA seeking direction subrogation especially when in the facts ofthe present case under Clause 34.50 ofthe against the liquidator to treat the present sale as slump sale instead of going Resolution Plan, right of subrogation is expressly extinguished. The debt against the concern in view of certain eventualities faced by it. Issue was placed before SCC, Corporate Debtor might have extinguished after approval of the Resolution Plan but wherein it was resolved to grant consent for considering the sale of the assets as said consequence shall not be with regard to the Corporate Guarantors and the on slump sale basis subject to the payment of the entire balance amount within Personal Guarantors’ NCLAT dismissed the appeal on the rationale that SRA three days from the date of approval by the AA. In the facts of the case, AA allowed cannot suddenly be faced with ‘undecided’ claims after the resolution plan the application on the strength of resolution passed by SCC and after considering submitted by him has been accepted as this would amount to a hydra head the fact that substantial payment has already been paid by the successful bidder popping up which would throw PRA taking over the business of the CD into applicant. uncertainty . Axis Bank Limited Vs. Karvy Forde Search Private Limited and Ors. [IA EBIX Singapore Pte. Ltd. Vs. Mr. Mahender Kumar Khandelwal RP of 490 - 491 of 2024 in CP(IB) No. 249/7/HDB/2022] Educomp Solutions Ltd & Anr. [CA (AT) (Ins.) No. 167 of 2024] Axis Bank Limited (Bank) filed section 7 application on behalfofFC on the strength EBIX Singapore Pte. Ltd. (SRA) filed an appeal challenging approval of its own of Power of Attorney. The issue before AA was whether a ‘power of attorney resolution plan on the ground thatAA failed to look into the implementation of the holder’ is distinct from an ‘authorised person’ if so, whether the agent under a plan. The issue before NCLAT was whether the subsequent events that power of attorney is disentitled to maintain an application under section 7 of transpired after the submission of the resolution plan namely, lapse of more than Code? AA noted rule 4(1) of Insolvency and Bankruptcy (Application to five years and deterioration of financial status of CD rendering the plan Adjudicating Authority) Rules, 2016, Notification issued by the Central unimplementable, require consideration by AA. NCLAT while dismissing the Government dated February 27, 2019 and judgment of Hon'ble SC in Rajendra appeal, observed that RP must examine that the resolution plan provides for Narottamdas Sheth & Anr. v. Chandra Prakash Jain & Anr. which has clarified that implementation and supervision of the plan. Further, feasibility and viability of unquestionably an agent of a power of attorney can maintain a petition under resolution plan is in the domain of commercial wisdom of CoC. CoC found the section 7 of the Code, provided such power of attorney is ratified by the Board of resolution plan feasible and viable, NCLAT held that SRA cannot ask the AA to Directors of the company. AA while dismissing the petition of FC held that the look into feasibility and viability of the resolution plan. requirement that such a power of attorney shall be accompanied by a duly passed

==> picture [580 x 518] intentionally omitted <==

----- Start of picture text ----- Se oe INSOLVENCY AND BANKRUPTCY NEWS ‘Board Resolution’ is not a mere a ‘technicality’ but mandatory legal requirement, Figure 3: Sectoral Distribution of CIRPs: Admission CIRPs: Admission Admission and the non - compliance of which renders the said agent of such power of Others attorney incompetent to file an application under section 7 of Code. Transport 11% IBBI 3% ! T 3% Manufacturing DisciplinaryDuringree Orders HotelsElectricity~—\Electricity~—~—\ 38% issued theto the quarter,IPs forthecontraventionDisciplinary Committeeof the provisions of theofIBBIlawdisposedby passingof suitable9 SCNs 2% — — ? Theorders.Corporate data provided Processesin this section regarding corporate processes is provisional, as WheesaleRetailRetail Trade & & SB we . . . ° . 10% Real Estate it is getting revised on a continuous basis depending on the flow of updated 21% informationFor example, as receiveda process frommay IPsultimately or the informationyield an order in respectfor liquidation of processeven changes.after a.. approvalorder for of liquidation. resolution. plan or may ultimately: yield. resolution. plan even after an Construction12%12% Insolvency Resolution Figure 4: Sectoral Distribution of CIRPs: CIRPs: Appeal/Review/ The provisions relating to CIRP came into force on December |, 2016. The details Settled/Withdrawn of CIRP cases admitted and closed, as at the end of March, 2024 are given in Table Transport orners | and Figures | -2. Sectoral distribution of CDs under CIRP is presented in Figures Electricity 2% Manufacturing 3 -6 . 2% \ 37% Table |: Details of CIRP cases as on March 31, 2024 \ ] Admitted CIRP cases Number7567 Hotelsaa \ Withdrawn under section |2A 1070 3% Wholesale & Closed on appeal or review or settled 1154 Retail Trade 8% Resolutionrn plans approved —.. Real25%Estate25%EstateEstate Liquidation orders passed 2476 Construction‘Oo‘Oo Ongoing CIRP cases 1920 Figure |: Corporate Insolvency Resolution Process Figure 5: Sectoral Distribution of CIRPs: CIRPs: Resolution Plans ° By 2 Ra© Swox Transport2%2% = 8 & a 5 Electricity4%4%° , KR to8 5 B3 ©& Ra= its)8 ° Others 2 3 ire) $ = - Hotels 10% & s 8 3% [[———.]] & = fo) i=)gS io) x co st S 3. Ra ‘6 % = x zt BRS g g & 2 3 8 2 it r © £ 8 8 2 | 3 S || | | | | | | | WholesaleRetail Trade &Retail Trade & Trade & & =-= son i-n son al son i son Ason As on As on A son : son 7 s on . son 7% Mar17 Mar18 Mar19 Mar20 Mar 21 Mar 22 Mar23 Jun23 Sep23 Dec23 Mar 24 @ Admitted li Closure i Ongoing Construction Manufacturing 11% 48% Note: These CIRPs are in respect of 7249 CDs. Real Estate o_____- This excludes | CD which has moved directly from Board for Industrial and Financial 15% Reconstruction (BIFR) to resolution. . soe Source: Compilation from websiteof the NCLT and filing by IPs. Figure 6: Sectoral Distribution of CIRPs: Commencement CIRPs: Commencement Commencement ----- End of picture text -----

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----- Start of picture text ----- Figure 3: Sectoral Distribution of CIRPs: Admission CIRPs: Admission Admission Others Transport 11% 3% ! 3% Manufacturing HotelsElectricity~—\Electricity~—~—\ 38% 2% — — ? WheesaleRetailRetail Trade & & SB 10% Real Estate 21% a.. Construction12%12% Figure 4: Sectoral Distribution of CIRPs: CIRPs: Appeal/Review/ Settled/Withdrawn Transport orners Electricity 2% Manufacturing 2% \ 37% \ ] Hotelsaa \ 3% Wholesale & Retail Trade 8% —.. Real25%Estate25%EstateEstate Construction‘Oo‘Oo Figure 5: Sectoral Distribution of CIRPs: CIRPs: Resolution Plans Transport2%2% Electricity4%4%° , Others Hotels 10% 3% [[———.]] & it WholesaleRetail Trade &Retail Trade & Trade & & 7% Construction Manufacturing 11% 48% Real Estate o_____- 15% . soe Figure 6: Sectoral Distribution of CIRPs: Commencement CIRPs: Commencement Commencement Transport of Liquidation oat, 4%, Electricity ‘e 3% Others 12% -— Hotels 2% é Manufacturing41% Wholesale & Retail Trade 13% Real Estate 18% Construction i 7% ----- End of picture text -----

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----- Start of picture text ----- 5 Figure 2: Mode of Closure of CIRPs Commencement of Liquidation 44% Resolved/ Appeal/ Review/ Settled/ Withdrawn 56% ----- End of picture text -----

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----- Start of picture text ----- 1) ----- End of picture text -----

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----- Start of picture text ----- NSO) VENCY AND BANKRUPTCY NEWS The distribution of stakeholder - wise initiation of CIRPs is presented in Table 2 and Table 3: Outcome ofCIRPs, initiated Stakeholder -w ise, as on March 31, 2024 Figure 7. OCs triggered 48.49% of the CIRPs, followed by about 45.48% by FCs Outcome Description CIRPs initiated by and remaining by the CDs. It is observed that about 80% of CIRPs having an 5G5) (Oca) [ons Esra eal underlying default of less than = | crore, were initiated on applications by OCs Z z BYLAELHS| “Ute while about 80% of CIRPs having an underlying default of more than = 10 crore Statusof |Closure by Appeal/Review/Settled | 347] 798] 9] | 1154 weredeclininginitiatedover time.on applications by FCs. The share of CIRPs initiated by CDs is CIRPs ClosureClosure by by Approval Withdrawal of u/s Resolution |12A Plan | 306] 756] 8{ | 1070 Table 2: Year - wise and Stakeholder -w ise Initiation of CIRPs Closure by Commencement of Liquidation] 1148] 1071] 257] 0] 2476 Period CIRP initiated by Total 1092] 720] 108] 0] 1920 Fc oc co 3440] 3667] 456 4| 7567 2016-17 a ee ee ee CIRPs Realisation by Creditors as % of 176.3 | 129.5}146.7] 134.9 2017-18 | 286 | = 3i0. | Sst | 707 | yieldingResolution | Realisation Liquidation by Value Creditors as % oftheir Claims] 32.4] 25.1] 18.2| 41.4] 32.1] 2018 - 19 1157 Plans [Average Time taken for Closure of CIRP_| 683] 691| 573| 677] 679| 2019 - 20 1055 1989 CIRPs Liquidation Value as % of Claims | 5.6] 9.1[ 85] -| 63] yielding Average Time taken for Closure of CIRP 495| 492) 437 495 iquidations| 2021 - 22 Resolution Plans 2022 - 23 1263 Till FY 2022 -2 3, 682 CIRPs had yielded resolution plans. The creditors realised April - Jun, 2023 | 24 | tos 52 | % 2.88 lakh crore under the resolution plans, in these cases. The liquidation value fJul-Sep,2023 | Sep 2023 | 2 112 | ta 122 | ST is 249 749 | oflakt h ecror ass e tsag a vailableinst the wi to al t h these claims of CDs, the when creditors they entered worth % the 9.03 CIRPlakh was crore. at ® The1.73 Oc t- Dec, 2023 realisation to the creditors was 31.91% and 166.49% as against their admitted TotalTotal SC=d| 3440 |[36673667 || 456 | 7563 7563 | TillrealisedDecember,~ 3.21 2023,lakh crore891 CIRPsunderhadtheyieldedresolutionresolutionplans, plans.in theseThecases.creditorsThe Note: This excludes four cases wherein applications filed by the RBI were admitted u/s 227 of the Code. liquidation value of the assets available with these CDs, when they entered the CIRP. was at % 1.90 lakh crore against the total claims of the creditors worth Figure 7: Stakeholder -w ise Distribution and Trends 10.07 lakh crore. The realisation to the creditors was 31.86% and |68.64% as of Initiation of CIRPs against their admitted claims and liquidation value, respectively. During the quarter January — March, 2024, | more CIRP was reported as yielding ~ abe 8 resolution plan, pertaining to the prior period, as presented in Part A of Table 4. of ef 88 8B 8 3 61 CIRPs yielded resolution plans during the quarter January — March, 2024, the we OR Sig details of which are presented in Part B of Table 4. Six CDs which had earlier yielded Es 8 kee resolution have since either moved into liquidation or the process has been ordered Be FS to be restarted, taking the total resolution plans approved to 947 till March, 2024. an 2 8 ° . 8 2 2 8 8 8 Till March 31, 2024, the creditors have realised ~ 3.36 lakh crore under the ont gos & x S kd - = resolution plans. The fair value and liquidation value of the assets available with these ‘son. Ason. Ason. Ason. Ason Ason Ason Ason Ason Ason Ason CDs, when they entered the CIRP was estimated at = 3.20 lakh crore and 2.08 lakh Mar17 Mar18 Mar19 = Mar20 Mar21 = Mar 22 Mar23 Jun23 Sep23 Dec23 Mar 24 crore, respectively, as against the total claims of the creditors worth = 10.46 lakh IE Financial Creditors I Operational Creditors [™ Corporate Debtors crore. The creditors have realised |61.76% of the liquidation value and 84.98% of the fair value (based on 850 cases where fair value has been estimated). The haircut Note: This excludes four cases wherein applications filed by the RBI were admitted u/s 227 of the Code. for creditors relative to the fair value of assets was around 15%, while relative to The outcome of CIRPs, initiateda stakeholder -w ise,; as on March 31, 2024 is; theirincludeadmittedthe CIRPclaimscost,is ofandaroundmany 68%.probableFurthermore,future realisationsthis realisationsuch asdoesequity,not presented in Table 3. Of the OC initiated CIRPs that were closed, around 53% realisation from corporate and personal guarantees, funds infused into the CD were closed on appeal, review, or withdrawal. Such closures accounted for more including capital expenditure by the resolution applicants, and recovery from than 70% of all closures by appeal, review, or withdrawal. avoidance applications. The year - wise details of resolutions are presented in Table 5. Table 4: CIRPs Yielding Resolution Plans SI. NameofCD 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 ofCIRP tion Plan Claims Value Value Claims Value Part A: Reported for Prior Period (Till December, 2023) | | | Dehradun Integrated Arena Limited 02-03-22 | 23-11-23 5.98] 0.00]8.89]4.21] 26.34 47.35 Part B: For January — March, 2024 | | Tamra Dhatu Udyog Pvt. Ltd. 25-05-22 | 01-01-24 631.83 64.51 99.21 100.60] 15.92 155.94] 101.40 V-Accurate Management Services Private Limited] Yes | 09-03-21 | 02-01-24 34.23| 0.00]—0.00— |3__| Monique Germs Exports Private Limited 13-09-19 | 03-01-24 10.56 5.35] ‘15.62 545.03 | 518.47 Sarga Hotel Private Limited 11-02-22 | 04-01-24 949.28 | 237.43| 361.72 300.99] 31.71 126.77| 83.21 | 6 | ParanjapeEd & Tech InternationalAgro ProductsLimited(India) Pvt. Ltd. 2510 -0 56 -2 32 | 0 54 -01-24 24.62 10028 . 7600 | 9 1 5635.59.06]| 15635.5974.10 Impala Distillery || 8 | PamiMetals Private& BreweryLimited Limited 03-11-2110-01-20 | 05-01-24 225.38]78.35 |10.156.97| 9.9614.01[|10.19]21.61 13.01 310.23100.39 || 217.0972.72 | 9'0 | MilanRSAL TextileSteel PrivateEnterprL i mitedse Private Limited 0321 - 0 93 - 1922 | 0 59 - 01 - 24 32649 . 1266 2914 . 1387 4218 . 5986 2 3.44. 0 0] 47.64 | 15782 .3 94 ] 12456 . 3510 ----- End of picture text -----

| SOLVENCY AND BANKRUPTCY NEWS

|~~[11|smREntertainmentPrivateLimited~~|(Yes/ Commen~~-~~<br>Approval<br>initiated<br>Total<br>Liquid~~-~~<br>Fair<br>No)<br>cement<br>ofResolu~~-~~<br>by<br>Admitted<br>ation<br>Value<br>ofCIRP<br>tion Plan<br>Claims<br>Value<br>~~smREntertainmentPrivateLimited_____|_Yes_|07-01-2109-01-24|oc|~~<br>~~05e|~~<br>~~0.12]~~<br>~~0.24]~~|Total<br>Admit~~-~~<br>Liquid ~~-~~<br>Fair<br>Realisable<br>ted<br>ation<br>Value<br>Value<br>Claims<br>Valu<br>~~0.24]~~<br>~~0.03]5.15|24.04]12.76~~|Fair<br>Value<br>~~12.76|~~|
|---|---|---|---|
|~~[11|smREntertainmentPrivateLimited~~|~~smREntertainmentPrivateLimited_____|_Yes_|07-01-2109-01-24|oc|~~<br>~~05e|~~<br>~~0.12]~~<br>~~0.24]~~|~~0.24]~~<br>~~0.03]5.15|24.04]12.76~~|~~12.76|~~|
|~~[11 | smREntertainmentPrivateLimited~~<br>~~12 | NidhilmpotradePrivateLimited~~<br>~~P13|sinahanurGangavatiTotwayPrivaieLimted~~|~~smREntertainmentPrivateLimited _____|_Yes_| 07-01-21 09-01-24 | oc |~~<br>~~05e|~~<br>~~0.12]~~<br>~~0.24]~~<br>~~NidhilmpotradePrivateLimited~~<br>~~| No | 12-03-21 | 09-01-24 | oc [318] oof~~<br>~~oor]~~<br>~~GangavatiTotwayPrivaieLimted|No|08-12-22|1001-24|FC_|m2056|40.25]~~<br>~~sess]~~|~~0.24]~~<br>~~0.03] 5.15 | 24.04] 12.76~~<br>~~oor] tt] 35.86 | 1210.27 |11243.97~~<br>~~sess]~~<br>~~709]219314sa7|1422~~|~~12.76 |~~<br>~~|11243.97 |~~<br>~~1422|~~|
|~~P13 | sinahanur GangavatiTotwayPrivaieLimted~~<br>~~[16 | Pranav ConstructionSystemsPrivateLimited~~<br>~~[17|EeeandCeePressingsPveLid~~<br>~~fie[80GLoBewoRDup~~|~~GangavatiTotwayPrivaieLimted | No | 08-12-22| 1001-24 | FC_| m2056| 40.25]~~<br>~~sess]~~<br>~~SystemsPrivateLimited | No | W0322| Te0r24 | FC | 2iz73|__-47I[~~<br>~~73]~~<br>~~EeeandCeePressingsPveLid~~<br>~~_—=—=«i|Yes:|1902-2117024|oc|_4i0|_oa7|_147|__1.60|~~<br>~~———~—~S*d?CNo|2.072|24-01-24|FC |al4|o20|020~~|~~sess]~~<br>~~709] 2193 14sa7| 1422~~<br>~~73] 4 79[ 2005 | —1O0.17| eB~~<br>~~_147|__1.60|39.00|184.25]108.90~~<br>~~020~~<br>~~105|1290|sias7|siaot~~|~~1422 |~~<br>~~eB |~~<br>~~108.90~~<br>~~siaot|~~|
|~~[17 | EeeandCeePressingsPveLid~~<br>~~fie [80 GLoBewoRDup ~~<br>~~F19"| Saturn Rings & Forgings Private~~<br>~~Far[easternSicindustriesUnited~~|~~EeeandCeePressingsPveLid~~<br>~~_—=—=«i| Yes:| 1902-21 17024 | oc | _4i0| _oa7| _147|__1.60|~~<br> ~~———~—~S*d?CNo | 2.072 | 24-01-24 | FC | al4| o20| 020~~<br>~~Private Limited [Yes | 24-12-21 [ 300-24 | FC | 15972 [ 18042394)~~<br>~~United~~<br>~~+No|100622]31-01-24|FC_|98270~~<br>~~79.15|Toaso]~~|~~_147|__1.60| 39.00 | 184.25] 108.90~~<br>~~020~~<br>~~105| 1290| sias7| siaot~~<br>~~18042394) 18.50 11.58 | 102.55| 7728~~<br>~~Toaso]_s9.si|60575.0S705~~|~~108.90~~<br>~~siaot |~~<br>~~7728~~<br>~~S705~~|
|~~Far[easternSicindustriesUnited~~|~~United~~<br>~~+No|100622]31-01-24|FC_|98270~~<br>~~79.15|Toaso]~~|~~Toaso]_s9.si|60575.0S705~~|~~S705~~|
|~~Far [eastern Sic industries United~~<br>~~[23 [ NSL Mining Resources India Private~~<br>~~[25|ManeenaLaboratoriesLined~~|~~United~~<br>~~+ No | 100622] 31-01-24 | FC_| 98270~~<br>~~79.15| Toaso]~~<br>~~Private Limited | Yes | 25-05-23 01-02-24 | Oc [|~~<br>~~o79| 00a] o29[~~<br>~~Lined+Yes|0602105-02-24|FC|1762~~<br>~~97a]1325~~|~~Toaso] _s9.si| 605 75.0 S705~~<br>~~o29[ of 1401 | 14802| 37.49~~<br>~~1325__1a.469|1464|191.09]140598~~|~~S705~~<br>~~37.49~~<br>~~140598|~~|
|~~[25 | Maneena Laboratories Lined~~<br>~~26 | Viaan Industries Limited~~<br>~~P28 | Parshuram Forge Private Limited~~<br>~~F29|MaxAlereSystemsLied~~|~~Lined + Yes | 06021 05-02-24 | FC | 1762~~<br>~~97a] 1325~~<br>~~| Yes | 11-03-22| 06-02-24 | FC |~~<br>~~8.86]~~<br>~~ti]~~<br>~~ota]~~<br>~~Limited~~<br>~~| Yes | 22-0819| 07-00-24 | FC | 5374~~<br>~~6.88[ aif~~<br>~~~~;~-No|24082]o7o2-24|oc |~~<br>~~1479|~~<br>~~o@a|_osi|~~|~~1325 __1a.469| 1464 | 191.09] 140598~~<br>~~ota]~~<br>~~0.80] 9.03 | 725.83 | 587.91~~<br>~~aif~~<br>~~33.85| 6298 | 491.65 344.96~~<br>~~_osi|~~<br>~~1.05]7.09|11869]11483~~|~~140598 |~~<br>~~587.91 |~~<br>~~344.96 |~~<br>~~11483|~~|
|~~F29 | Max AlereSystemsLied~~<br>~~P31 [Fabtech Sugar Limited ————~—~—~SSiYCNo~~|~~~~; ~-No | 24082] o7o2-24| oc |~~<br>~~1479|~~<br>~~o@a| _osi|~~<br>~~————~—~—~SSiYCNo~~<br>~~13-05-21 | 08-02-24 | FC | 505.10| 13409] 1e0e1|~~|~~_osi|~~<br>~~1.05] 7.09 | 11869] 11483~~<br>~~1e0e1| 169.67| 29.00| 12578]~~<br>~~69.06~~|~~11483 |~~<br>~~69.06 |~~|
|||||
|~~[34[JaraFoundryPrvateLimited~~|~~PrvateLimited~~<br>~~|Ne|280423|130224,FE[808]~~<br>~~040|067]~~|~~067]~~<br>~~426S247|70as9|634.13~~|~~634.13|~~|
|~~[34 [Jara Foundry PrvateLimited~~<br>~~f36|MSADevelopersPrivateLined~~|~~PrvateLimited~~<br>~~| Ne | 280423| 130224, FE [808]~~<br>~~040| 067]~~<br>~~Lined~~<br>~~‘|Yes|11-10-19[160224|FC|7627|sa01|362]~~|~~067]~~<br>~~426 S247 | 70as9| 634.13~~<br>~~362]__s7a9|__7538|17414]131.21~~|~~634.13 |~~<br>~~131.21|~~|
|~~f36 | MSADevelopers Private Lined~~<br>~~[37[ExhilChemicalPrivateLimited~~|~~Lined~~<br>~~‘| Yes | 11-10-19[ 160224 | FC | 7627| sa01| 362]~~<br>~~Limited|Yes|20-08-22~~<br>~~9-02-24|FC|2iaaa|_042|053]~~|~~362] __s7a9|__7538| 17414] 131.21~~<br>~~053]~~<br>~~0.35|0.16|6309]66.0~~|~~131.21 |~~<br>~~66.0|~~|
|~~[37 [Exhil Chemical Private Limited~~<br>~~39|ShimitaTradingPrivateLimited~~<br>~~[40|BrickEagleGroupPrivateLimited~~|~~Limited | Yes | 20-08-22~~<br>~~9-02-24 | FC | 2iaaa| _042| 053]~~<br>~~Limited~~<br>~~|No|10-12-21]21-02-24|oc|~~<br>~~1375]~~<br>~~0.44]~~<br>~~0.66]~~<br>~~Limited~~Yes|1205.221-0224[|oc |_7.15[~~<br>~~001]~~<br>~~002]~~|~~053]~~<br>~~0.35| 0.16 | 6309] 66.0~~<br>~~0.66]~~<br>~~0.60]4.36|137.26|90.92~~<br>~~002]~~<br>~~0.02]031|195.5]14008~~|~~66.0 |~~<br>~~90.92|~~<br>~~14008|~~|
|~~39 | Shimita Trading Private Limited~~<br>~~[40 | Brick Eagle Group Private Limited~~<br>~~42|BlueFrogMediaPrivateLimited~~|~~Limited~~<br>~~| No | 10-12-21] 21-02-24 | oc |~~<br>~~1375]~~<br>~~0.44]~~<br>~~0.66]~~<br>~~Limited ~~ Yes | 1205.2 21-0224 [| oc | _7.15[~~<br>~~001]~~<br>~~002]~~<br>~~Limited|Yes_|19-05-21|22-02-24|cd|~~<br>~~ssi|oof~~<br>~~ool]~~|~~0.66]~~<br>~~0.60] 4.36| 137.26| 90.92~~<br>~~002]~~<br>~~0.02] 031 | 195.5] 14008~~<br>~~ool]~~<br>~~04]~~<br>~~.77|570.11|448.28~~|~~90.92 |~~<br>~~14008 |~~<br>~~448.28|~~|
|~~42 | BlueFrogMedia Private Limited~~<br>~~[#4|KilburnOfficeAutomationLimited~~<br>~~[45[Reianceapralied__——=SS*dCONo~~|~~Limited | Yes_| 19-05-21| 22-02-24 | cd |~~<br>~~ssi| oof~~<br>~~ool]~~<br>~~Limited|Yes|02-11-22]2602-24|cD |~~<br>~~696/007]003]~~<br>~~__——=SS*dCONo(|62-21|27-02-24|Ral_|260607|1515635]1689604)~~|~~ool]~~<br>~~04]~~<br>~~.77 | 570.11 | 448.28~~<br>~~003]~~<br>~~0.17}2.37|22787|18158~~<br>~~1689604)~~<br>~~9661.00]370s]7347]5786,~~|~~448.28 |~~<br>~~18158~~<br>~~5786,~~|
|~~[#4 | Kilburn Office Automation Limited~~<br>~~[45[Reiance apralied __——=SS*dCONo~~<br>~~F47|IndusInfegratedInformation~~<br>~~Fae|OmanshEnterprisesLimited~~|~~Limited | Yes | 02-11-22] 2602-24 | cD |~~<br>~~696/007] 003]~~<br>~~__——=SS*dCONo (| 62-21 | 27-02-24 | Ral_| 260607 | 1515635] 1689604)~~<br>~~ManagementLed]No|15-06-22|28-02-24|FC|_10.96|_754|1205|~~<br>~~Limited_——«|Yes|31-01-2329-02-24|Fc|295,~~<br>~~Lor]ri]~~|~~003]~~<br>~~0.17} 2.37| 22787| 18158~~<br>~~1689604)~~<br>~~9661.00] 370s] 7347] 5786,~~<br>~~1205|~~<br>~~730]6663 |96.76|60.58~~<br>~~ri]_291[9856|707.20]262.9~~|~~18158~~<br>~~5786,~~<br>~~60.58~~<br>~~262.9|~~|
|~~F47 | Indus Infegrated Information ~~<br>~~Fae | Omansh Enterprises Limited~~|~~Management Led] No | 15-06-22 | 28-02-24 | FC | _10.96| _754| 1205|~~<br>~~Limited _——«| Yes | 31-01-23 29-02-24 | Fc | 295,~~<br>~~Lor] ri]~~|~~1205|~~<br>~~730] 6663 | 96.76| 60.58~~<br>~~ri] _291[ 9856 | 707.20] 262.9~~|~~60.58~~<br>~~262.9 |~~|
|~~[52|RudralshDealcomPrivateLimived~~|~~RudralshDealcomPrivateLimived~~<br>~~[No|11-0722]05.0324|co |~~<br>~~o05[__o|oad]~~|~~oad]003[siaa|_—-|3.08~~|~~3.08|~~|
|~~[52 | RudralshDealcomPrivateLimived~~|~~RudralshDealcomPrivateLimived~~<br>~~[No | 11-0722] 05.0324 | co |~~<br>~~o05[ __o| oad]~~|~~oad] 003[siaa|_—-| 3.08~~|~~3.08 |~~|
|||||
|~~[57RealSeyPretend~~|~~PY|tronszon[co|o3e[coroor~~|~~oor~~<br>~~oolart|iszan|isan~~|~~isan~~|
|~~[57 RealSeyPretend~~<br>~~59|GKSteelAndAlliedIndustries~~|~~PY | trons zon [co | o3e[ cor oor~~<br>~~IndustriesLed.|Yes_|20-12-19]20-03-24[|FC~~<br>~~[|~~<br>~~393.58]~~<br>~~280~~<br>~~3.62]~~|~~oor~~<br>~~ool art | iszan| isan~~<br>~~3.62]~~<br>~~7.50]~~<br>~~I|267.82|206.93~~|~~isan~~<br>~~206.93|~~|
|~~59 | GK Steel And Allied Industries~~<br>~~60|UtharaFashionKnitwearLimited~~|~~Industries Led. | Yes_| 20-12-19] 20-03-24 [| FC~~<br>~~[|~~<br>~~393.58]~~<br>~~280~~<br>~~3.62]~~<br>~~Limited~~<br>~~|No_|01-07-22|22-03-24|FC|~~<br>~~13387|~~<br>~~11.69|~~<br>~~16.28]~~|~~3.62]~~<br>~~7.50]~~<br>~~I | 267.82 | 206.93~~<br>~~16.28]~~<br>~~25.60]19.12|__218.94|157.24~~|~~206.93 |~~<br>~~157.24|~~|
|~~60 | Uthara Fashion Knitwear Limited~~<br>~~[61 | RishraSteelLimited~~<br>~~TotalJanuary-March,202)~~<br>~~——~SOS*~SsSS*Y*C9930~~|~~Limited~~<br>~~| No_| 01-07-22 | 22-03-24 | FC |~~<br>~~13387 |~~<br>~~11.69|~~<br>~~16.28]~~<br>~~|~~<br>~~No | 18-07-22] 22-03-24 | Fc |~~<br>~~2959|~~<br>~~53.13]~~<br>~~83.22]~~<br>~~——~SOS*~SsSS*Y*C9930~~<br>~~|1879.99]9H0BAGA|~~|~~16.28]~~<br>~~25.60] 19.12 |__218.94| 157.24~~<br>~~83.22]~~<br>~~29.59] 100.00 | 55.70]~~<br>~~35.56~~<br>~~——~SOS*~SsSS*Y*C9930~~<br>~~H0BAGA|1970.73]~~<br>~~24,96|8050]62.69~~|~~157.24 |~~<br>~~35.56 |~~<br>~~——~SOS*~SsSS*Y*C9930~~<br>~~62.69~~|
|~~Total January-March, 202)~~<br>~~——~SOS*~SsSS*Y*C9930~~<br>~~| 1879.99] 9H0BAGA|~~<br>~~PTocal(TtMarch,2024——SSSCSCS*~S~S~SSS~~<br>~~“20220652553202073]||~~——~SOS*~SsSS*Y*C9930~~<br>~~H0BAGA| 1970.73]~~<br>~~24,96 | 8050] 62.69~~<br>~~PTocal(TtMarch,2024——SSSCSCS*~S~S~SSS~~<br>335901.08[32.10|161.76]8898"|~~——~SOS*~SsSS*Y*C9930~~<br>~~62.69~~<br>~~PTocal(TtMarch,2024——SSSCSCS*~S~S~SSS~~<br>8898"||

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Et (NSO! VENCY AND BANKRUPTCY NEWS

Table 5: Year - wise Details of Resolutions

Liquidation

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----- Start of picture text ----- Amount (in ® crore) Till FY 2022 -2 3, a total of 2030 CIRPs had yielded orders for liquidation, of which Period Number Total Liquidation Total Realisation the final reports were submitted in 520 cases. Till December, 2023, 2376 CIRPs of admitted Value Realisation by creditors had yielded orders for liquidation, of which the final reports were submitted in Resolutions| claims asa% 830 cases. During the quarter January — March, 2024, 12 more CIRPs were of admitted reported as yielding orders for liquidation, pertaining to the prior period. Further, PTsime 90 CIRPs ended in orders for liquidation during the current quarter. Two CDs 2016 - 17 ee) ee) whichrestarted had orearlier yielded have been withdrawn,orderof liquidation taking the have total since either CIRPs ending been in ordered liquidation to be to 2017-18|g 8197.59 1893.66 4457.85 2476. Of [these,] [final] [reports][ have][ been][ submitted] [in][ 960][ cases.] 2018 - 19 206807.20] _48031.89| 111441.04 There are 1516 ongoing liquidation processes, whose status as on March 31, 2024 2019 - 20 164568.01|- 25193.40|- 41825.80- is presented in Figure | |. The details of the mode of [closure][ of][ liquidation] [process] 2020- 2 1] are presented in Table 6. The details of liquidation processes closed during the 119] 127199.56| 8320.21] 27551.37 quarterJanuary - March, 2024 are presented in Table 7, 2021 -22 210934.22| 36293.51| 47522.57 Figure 11: Timeline: Ongoing Liquidations 2022-23] 189) 154285.35| 43361.25] | 55449.11 > 90 days 2023 - 24 174291.09] 34558.63| 47653.34 < 180 days d 1046283.02| 207652.55| 335901.08] 32 8% — < 90 days About | > 180 days or 1396" yielded40% of the CIRPs (375 out of 945 for which data are available), which 270 days CDs, the resolution claimants plans, have realised were earlier19.82%with of [their] BIFR and/or [ admitted] defunct [claims] (Figure [ and] 8).| 54.78% In these of 57 liquidation value. we Figure 8: CIRPs Yielded Resolutions: State of CD J at the commencement of CIRP Si ee | 4 % é >Two years > One year 53% < Two years 17% Others Table 6: Mode of Closure of Liquidation Processes 60% Earli ith Status ofLiquidation TillDec, Jan - Mar, Totalason BIFR/delefunct we 2023 2024 Mar 2024 40% Initiated 2386 |90| 2476* Final Reporaubried sn [28 [960 Closed by Dissolution Withdrawals uncer Section 1A Till March, 2024, a total of 1070 CIRPs have been withdrawn under section | 2A of - the Code. The reasons for withdrawal and distribution of claims in these CIRPs Closed by Compromise /Arrangement} = 8 | 4] are presented in Figures 9 and 10. Almost four fifth of these CIRPs had claims of Ongoing processes 1454 1516 less than IO crore. *This excludes 36 cases where liquidation order has been set aside by NCLT/ [NCLAT/HC/SC.] eo Figure 9: Reasons for Withdrawal of CIRPs Table 7: Details of Closed Liquidations SI. Name ofCD Date of Amount (in% crore) Date of 321 OrderLiquid of- AdmittedClaims Liquidation- ProceSale - butedtoDistri- OrderoDissol -f 250 ation Value eds Stake - ution/ holders Closure 56 LT [[raaberdaseryProductsPvcLiited]] 0-05-19] 3.80] 000] 000] 000] 06-01-20 | El [2 [Vinod Cotton CorpPrivateLimited* [31-08-20] 17.58] | J -08-04-21 | a fe |ssalsecuntested, [17.03.21 | o.s{ 00] ooo| 07-04-22 | DataFulchtheapplicant “withothercreditors = = “Eocettiein future with——settletments creditors Others [8[Govindam[6[MaaTaralspatindustriesPve.Limited|7[MaaSherawaMetalsandAlloysPvt.Limited|[01-03-19[[21-02-20[09-12-21lilspatPrivateLimi| 61.85118.si[1.09[0.98[20.97[0.48|1.05[5.80| 10.69] 10.00]0.96]0.88 17-06-2229-07-2229-07-22ted ||| awaited in 12 CIRPs [9| [PadmavatiWiresandCablesPvt.] Limited | 22-02-18| .78| 0.45 0.52] 0.40] 05-08-22 | Figure 10: Distribution of CIRPs Withdrawn [It |Po'yexPrivateLimited | 20-0422 | | _-| | 012-22 | > (as per Admitted Claims) [12 [JVRestaur[03-09-21antPriva7.91| 0.02]te02]Limite31-01-23d| 53 10003100 crorecrore [13 [K.PR.industries (India) Limited* [19-08-22 4ait TT 28-03-23 | 5% > %50 crorepf > 71000 crore [is [PVK.EngineersPrvateLimiced[09-06-22 ial -| __-| -| 05.06.23 | < 21003% crore 1% [18 [GloabtelCo[21-02-22nvergenceLimit74.88[ 1.04] 1.60] .17| 13-07-23eds| Private Limited — — [19 [SNSDiagnosticsLimited [04-02-21 [0.23] 0.12] 0.12] 0.12] 26-09-23 | > [21 [Norton Aluminium (India) Pvt.Limited [29-05-19 | 20.93] 11.96| 10.88] 10.27| 12-10-23 | 7 50810 crore 22 [OnusEnterp[24-12-21risePrivateLimi38.33| 0.40] 0.40] 0.38] _te17-10-23d| crore [23 [TENNYJOSELIMITED [16-12-22] 96.82] 2.91 0.15] 0.00] 31-10-23 | 12% | < 2 crore >t lerore 54% <% 10 crore 25% [28 [Rayan LaboratoriesPrivateLimited [14-09-21| 6.03| 3.53] 2.76] 2.30] 22-12-23 | 29 [BrianeIrEna [O bir I O2ngServcesPwe.ti I] 0.1] | =| | 2 ds123™ | ® ----- End of picture text -----

Et (NSO! VENCY AND BANKRUPTCY NEWS

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----- Start of picture text ----- Shy Werneciel» PREG Amount(in%crore) | Dateof Regulation 12 of the Liquidation Regulations requires the liquidator to make a fiendiquid es- Claims eeation Proce - butedto Dissol - publica, announcement calling upon stakeholders to. submit: their. claims as- on LCD, ation Value eds Stake - ution/ within 30 days from the LCD. The details of the claims admitted by the liquidators holders Closure in 2067 liquidations, for which data are available, are presented in Table 8. [2|Meenajewelers& DiamondPv. Led. | 26-04-21| 26852] 0.00] -| | 08-01-24 | Table 8: Claims in Liquidation Process (Amount in crore) [3[yMfocdwaysPrvaretimied fee TT eT} ff Stakeholders Numberof Amount of Liquidation Amount Amount [4 [AsiCargoPrivateLimited [16-07-19 0.82] 7-01-24 der Section Claimants ClaimsAdmitted Val Realised Distributed [5[ MPL PartsAndServicesPrivateLimited| 26-121 O17) | =| | —9-01-24 unr SEC On | Raman es eats Semtte ae See Sr ouce [6 | GuptaDyeingAndPrinting Mills Pvt. Led] 19-12-19 | 132-46 3.87|3.05[ 2.53] _ 23-01-24 | 960 Liquidations where Final Report Submitted* [7_[BOBTechSolutionsPrivateLimited [02-02-21 | 5.72] 1.18] 16] 0.55] 24-01-24 | 52 93 10724.31 667.84 674.90 651.85 |8_[AbraMotorsPrivateLimited | 16-04-21] 4.89] 0.24] 0.24] 0.08] 25-01-24 | 824.19 [9 |ShotingurTextlesLimited | 13-02-20 | 748| 15.73] 11.33| 9.74] 25-01-24 | a [TO [MTCEcomPrivateLimited ——‘[26-07-22[ 6.30 -|—0.az[ 01-07-24 | 53 (1) (b) 8384 169425.27 7038.25 [11 [Todays WecingistrumenesUimted [0-11-18 Svea 21,73] —a.i| 192i| —0s.02-24 | 53(I)(€) 6254 177.81 13.21 [12 |HindupurBio-EnergyPrivateLimited [10-11-20] 3.33[ [0.00] -|(08-02-24 | 53(1)(d) 1631 21445.45 9618.70 8269.08 218.91 [14 1225 1119.00 35.35 [IS[16 | [ MaaTarinilndustrvMCSystemstimBFIPEneerprisesPrivateLimiced i tedesLimited__—=+(t26-04-21|13-07-22][26-05-23 423097_1.27|61.08 ] 0.030.027]046]0.29] 0.36]=| __0.28|———-|—19-02-22-02-2420-02 24 | | 5353(1)(g (1)( ) 2244 148196 : | 133.53 : [17 __O, [18 [ASSalesand| Lakshmi ApparelsandWoExports Pri v ateensLimitedLimited |[22-06-1826-04-19 | 0.48160.93[_13.55[_13.04[0.08] 0.11 11.74]000] 23-0223-02 -24 | Total 53 (1) ( h)A) 40204 228702. 907. 8 4 8 10286.54| 8943.984] 8936.71 21.42 [21 |ShriramSEPL CompositesPrivateted [28-04-22] 71.66] 0.60] 0.78] 0.48] 01-03-24 | 53 (1) @) Ongoing 1107 Liqu idations" [23 53(I)(b 42830 | __715140.30 [24 |DSCMotorPrivateLimited [15-03-23] 34.39[ 0.08] 0.08] 0.04] 01-03-24 | 53 (1) (c) 34936 1482.51 [26 [Vyas ercanciePrivateLimted [21-07-23 030[ 007] 007] 0.05[ 11-03-24 | TOYO) a1a4 133879 EI [27 [ AparnaOSPLInfradealPriPoyflexPr va teLimitedteLinived [2 25 - 0210 - 2019 | __489.57[0.02[195850070040.02] 0.00]| 13.03.19-03- 24 || 53 (1) #) 197043295 4 9149437609 . 7349 | 5206.63 N NA [Total (January-March,2024) | 6764.08] 84.1[ 75.98] 66.33] NA | 53 (1) (g) 598.73 [Total(TitMarch,2024) __——~—~=:*R 721.80] 5189.54] 4975.13] 4465.89] NA _| 53.(1)(h) 105637 3308.70 Note: ‘-’ means no value; *Claims pertain to CIRP period Total (B) 2169049 983214.07 0 means an amount below two decimals Grand Total $ indicates sale as going concern (A+B) NA means Not Applicable *Data reconciliation pending in 157 cases dataMorearethanavailable)77% of thewereCIRPsearlierendingwithin BIFRliquidationand/or(1897defunctout of(Figure2446 for12).whichThe # InclusiveData for ofother unclaimedongoing [liquidations] proceeds of& 7.27 [is][ awaited.] crore under liquidation. economic value in most of these CDs had almost completely eroded even before Out of 1516 ongoing cases, liquidation value of only 1440 CDs is available. Liquidation they were admitted into CIRP These CDs had assets, on average, valued at more value of 1013 CDs taken during liquidation process is 44,362.88 crore and liquidation value than 6% of the outstanding debt amount. of rest of the 427 CDs captured during CIRP is = 7,643.75 crore. Figure |2: CIRPs ending with Order of Liquidation: State Sale as Going Concern of CD at the Commencement of CIRP Till March, 2023, 26 CDs were closed by sale as a going concern under liquidation process. The number of cases closed by sale as a going concern reached to 43 till December, 2023. Four cases of sale as going concern has been reported during the quarter January — March, 2024, taking the total no. of closures through the said mode to 47. These 47 CDs had claims amounting to ¥ 46,191.74 crore, as against Others the liquidation value of % 2,135.29 crore. The liquidators in these cases realized 23% % 2,064.97 crore and companies were rescued. Either| TimelineThe status of ofOngoing ongoing CIRPs CIRPs as of March, 2024 in terms oftime taken is presented with in Figure 14 BIFR/defunct . 77% Figure 14: Timeline: Ongoing CIRPs The AA passes an order for liquidation under four circumstances. As on March, | 2024, 2476 orders for commencement of liquidation have been passed. The = “wy details of liquidation in these circumstances are presented in Figure | 3. Figure 13: Reasons for Liquidations 1702 > 90 days «180 days ; > 270 days 68% 680 ! > 180 days < 270 days 10% Large Cases (Admitted Claims > %1,000 crore) 64 30 Of the 947 CDs rescued under the Code as on March 31, 2024, 152 had admitted aap yg claims of more than & | ,000 crore. The realisable value of the assets available with WoC decidedps AA did not AA rejected the cD contravened these 152 CDs, when they entered the CIRP was only & 1.81 lakh crore, though Sduring CIRP resolution plan for no n- compliance resclation plan they owed % 9.14 lakh crore to the creditors. Till March 31, 2024, realisation by (u/s 33(2)) (as BUI) with (ue S e) (u/s 330) the claimants under resolution plans in comparison to liquidation value is 167.48%, while the realisation by them in comparison to their claims is 33.17%. These realisations are exclusive of realisations that would arise from value of 13) ----- End of picture text -----

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----- Start of picture text ----- equity holdings post -r esolution, resolution of PGs to CDs, and from disposal of At the end of March, 2024, 1895 corporate persons initiated voluntary liquidation, applications for avoidance transactions.The details are presented in Table 9. of which final reports have been submitted in 1393 cases. Further, 34 processes Table 9: Details of Large Cases as on March31,, 2024 have been withdrawn by March 31, 2024. The details of commencement of ‘Amount ,in % lakh crore voluntary rareliquidations. are presented_— in Figure 15. The status of 468 ongoing CIRP cases (Admitted- Claims- > = 1,000 crore) Till- Ja n- Till- voluntary liquidations is presented in Figure 16. Dec, Mar, Mar, Figure 15: Commencement of Voluntary Liquidations 2023. 2024 = 2024 1995 Resolution 1767 plans Admitted Claims | 875] 039] 9.14 ] 1561 yar pe Realisable Value | 293] 0.09] 3.03 | re = Realisable Value as % ofAdmitted Claims 33.54] 25.04] 33.17 on “ Realisable Value as% of Liquidation Value 174.97 73.93} 167.48 689 77 Of 2476 CDs ending up with orders for liquidation, 200 had admitted claims of more than & 1,000 crore. These CDs had an aggregate claim of € 8.84 lakh crore. 416 a AvoidanceHowever, they had Transactions assets, on theground, valued only at ¥ 0.44 lakh crore. |184 i. pay The Code read with Regulations require the RPs and Liquidators to file AsonMar18 9 AsonMar!9 = AsonMar20. 9 Mar21As on = AsonMar22.» Mar23.As on © AsJun23. on © AsonSep23. DecAs on 23. MarAson 24 applications for avoidance of transactions, with the AA seeking appropriate = Commencement _™ Closed directions. 1237 applications seeking avoidance of transactions have been filed . oo. . oo with theAA till March 3 |, 2024 as presented in Table 10. Figure 16: Timeline of Ongoing Voluntary Liquidations Table 10: Details of avoidance applications and disposal < 90 days (Amount in % crore) 6 ae SI. Nature of Applications Filed Applications Disposed >90days <1 80days 27% S Two ¥. transactions |Numberof| Amount |Numberof Amount | Amount 13% % trans - involved trans - involved clawed actions actions back [1 [Preferential 1810.59 362.42 > 180 da ys Undervalued | 195 | 29834.26 1331.18] 38.27 9%< 270 days m28168.47| _163 4712054 | 550425" E In 1237 |370942.27- | 292 51738.65 |6599.20 withdrawals)Of the 1861 tillcorporate March 31,persons 2024, thethat reasonsinitiated forvoluntary these initiationsliquidations are available(excluding for the matter of Jaypee Infra, possession of 758 acres out of total 858 acres of land 1782 cases, which are presented in Figure |7. Most of these corporate persons was given back to the CD. The 858 acres of land was earlier valued at € 5500 are small entities. | 182 of them have pai d- up equity capital of less than or equal to crore. 2 | crore. Only 266 of them have pai d- up capital exceeding ~ 5 crore. The Resolution of FiSPs corporate persons, for which details are available, have an aggregate pai d- up CIRPs of four FiSPs have yielded resolutions under the Code. The details of the capital of 13,810 crore (Table !2). oo resolutions are presented in Table | |. Figure 17: Reasons for Voluntary Liquidation Table | 1: Details of resolution plans approved for FiSPs o——, i (Amount in? crore) Purpose for which company was formed accomplished / iscellaneous Sl. Claims of Financial Creditors Dealt Under Resolution Resolution Contract Termination 9% Name of FiSP Amount Amount Realization Realisation Applicant 3% Admitted Realized as%of as %of admitted Liquidation Promoters , unable to manage claims value affairs Dewan Housing Finance |87247.68|37167.00 42.60% | 138.42% | Piramal Capital 2% Corporation Ltd & Housing 2 | Srei Equipment Finance |33050.43]13784.74 42.12% | 280.74% | National Finance Ltd. Asset Commerciallyunviable aeNot carryingvali Limited Reconstruction 17% Company Ltd. 3 | Srei Infrastructure National Asset Table 12: Details of 1861 Voluntary Liquidations (Excluding 34 Finance Limited CcReconstructioncompany Ltd. Withdrawals)A 4 | Reliance Capital Ltd 26088.97| 9661.00] 37.03% | 73.42% | IndusInd Details of No. of Amount (in% crore) International Liquid - Paid - up Assets Out - Amount Surplus rovdings ations capital* standing paidto amie debt creditors Voluntary Liquidation Liquidations for which 1393 8004] 10563 10075 Acorporate person may initiate voluntary liquidation proceeding if majority of the Final Reports submitted directors or designated partners of the corporate person make a declaration to Ongoing Liquidations 5806 | 30634 the effect that (i) the corporate person has no debt or it will be able to pay its debts [Tort = s~~<“‘«;é‘éL:«C S| «s3B10| H3626[ CS in full, from the proceeds of the assets to be sold under the proposed liquidation, Note: and (ji) the corporate person is not being liquidated to defraud any person. * Pai d- up capital is not available in case of nine companies as they are limited by guarantee Till March, 2023, 1561 corporate persons initiated voluntary liquidation of which companies where there exist no shareholders and pai d- up capital. final reports were submitted in 1067 cases and 22 cases were withdrawn. Till ** Data for 5 Final Report cases is awaited. December, 2023, | 767 corporate persons initiated voluntary liquidation of which *“For ongoing liquidations, data is not available. final reports were submitted in | 293 cases and 30 cases were withdrawn. # Assets of 383 cases are available. oe () ----- End of picture text -----

INSOLVENCY AND AND BANKRUPTCY NEWS NEWS

~~Se oe~~ INSOLVENCY AND AND BANKRUPTCY NEWS NEWS It was reported in the last newsletter that dissolution orders were passed in March, 2024, dissolutions orders in respect of 52 voluntary liquidations were respect of 721 voluntary liquidations. Dissolution orders in respect of 34 more issued taking the total dissolutions to 807. These 807 corporate persons owed voluntary liquidations, which were issued during the earlier period, were % 63.16 crore to creditors and through voluntary liquidation process, they were reported later, as indicated in Part A of Table 13. During the quarter January — paid full amount.

Table |3: Realisations under Voluntary Liquidations

|Commence~~-~~<br>Dissolution<br>Realisation<br>Dueto<br>Paidto<br>Liquidation<br>Surplus<br>ment<br>of Assets<br>Creditors<br>Creditors<br>Expenses<br> ~~Spinningand WeavingMillsPrivate Limited | 24-04-18 | 11-07-19 |~~<br>~~0.25]~~<br>~~|~~<br>~~|~~<br>~~B22~~<br>~~KedarCommosalePrivateLimited~~<br>~~SSSSC*dt(~C«S OHI | 26-0B-ID. |~~<br>~~OST]~~<br>~~SSCS SCSCSCSC~C~SYTCC‘“‘CSW(*COOCYL OO |~~<br>~~AccordFinancialConsultancyLimited~~<br>~~|03-04-19|~~<br>~~05-09-19~~<br>~~|~~<br>~~0.06|~~<br>~~0]~~<br>~~.00~~<br>~~0.02|~~<br>~~0.05|~~|Commence~~-~~<br>Dissolution<br>Realisation<br>Dueto<br>Paidto<br>Liquidation<br>Surplus<br>ment<br>of Assets<br>Creditors<br>Creditors<br>Expenses<br> ~~Spinningand WeavingMillsPrivate Limited | 24-04-18 | 11-07-19 |~~<br>~~0.25]~~<br>~~|~~<br>~~|~~<br>~~B22~~<br>~~KedarCommosalePrivateLimited~~<br>~~SSSSC*dt(~C«S OHI | 26-0B-ID. |~~<br>~~OST]~~<br>~~SSCS SCSCSCSC~C~SYTCC‘“‘CSW(*COOCYL OO |~~<br>~~AccordFinancialConsultancyLimited~~<br>~~|03-04-19|~~<br>~~05-09-19~~<br>~~|~~<br>~~0.06|~~<br>~~0]~~<br>~~.00~~<br>~~0.02|~~<br>~~0.05|~~|Commence~~-~~<br>Dissolution<br>Realisation<br>Dueto<br>Paidto<br>Liquidation<br>Surplus<br>ment<br>of Assets<br>Creditors<br>Creditors<br>Expenses<br> ~~Spinningand WeavingMillsPrivate Limited | 24-04-18 | 11-07-19 |~~<br>~~0.25]~~<br>~~|~~<br>~~|~~<br>~~B22~~<br>~~KedarCommosalePrivateLimited~~<br>~~SSSSC*dt(~C«S OHI | 26-0B-ID. |~~<br>~~OST]~~<br>~~SSCS SCSCSCSC~C~SYTCC‘“‘CSW(*COOCYL OO |~~<br>~~AccordFinancialConsultancyLimited~~<br>~~|03-04-19|~~<br>~~05-09-19~~<br>~~|~~<br>~~0.06|~~<br>~~0]~~<br>~~.00~~<br>~~0.02|~~<br>~~0.05|~~|Commence~~-~~<br>Dissolution<br>Realisation<br>Dueto<br>Paidto<br>Liquidation<br>Surplus<br>ment<br>of Assets<br>Creditors<br>Creditors<br>Expenses<br> ~~Spinningand WeavingMillsPrivate Limited | 24-04-18 | 11-07-19 |~~<br>~~0.25]~~<br>~~|~~<br>~~|~~<br>~~B22~~<br>~~KedarCommosalePrivateLimited~~<br>~~SSSSC*dt(~C«S OHI | 26-0B-ID. |~~<br>~~OST]~~<br>~~SSCS SCSCSCSC~C~SYTCC‘“‘CSW(*COOCYL OO |~~<br>~~AccordFinancialConsultancyLimited~~<br>~~|03-04-19|~~<br>~~05-09-19~~<br>~~|~~<br>~~0.06|~~<br>~~0]~~<br>~~.00~~<br>~~0.02|~~<br>~~0.05|~~|Commence~~-~~<br>Dissolution<br>Realisation<br>Dueto<br>Paidto<br>Liquidation<br>Surplus<br>ment<br>of Assets<br>Creditors<br>Creditors<br>Expenses<br> ~~Spinningand WeavingMillsPrivate Limited | 24-04-18 | 11-07-19 |~~<br>~~0.25]~~<br>~~|~~<br>~~|~~<br>~~B22~~<br>~~KedarCommosalePrivateLimited~~<br>~~SSSSC*dt(~C«S OHI | 26-0B-ID. |~~<br>~~OST]~~<br>~~SSCS SCSCSCSC~C~SYTCC‘“‘CSW(*COOCYL OO |~~<br>~~AccordFinancialConsultancyLimited~~<br>~~|03-04-19|~~<br>~~05-09-19~~<br>~~|~~<br>~~0.06|~~<br>~~0]~~<br>~~.00~~<br>~~0.02|~~<br>~~0.05|~~|Commence~~-~~<br>Dissolution<br>Realisation<br>Dueto<br>Paidto<br>Liquidation<br>Surplus<br>ment<br>of Assets<br>Creditors<br>Creditors<br>Expenses<br> ~~Spinningand WeavingMillsPrivate Limited | 24-04-18 | 11-07-19 |~~<br>~~0.25]~~<br>~~|~~<br>~~|~~<br>~~B22~~<br>~~KedarCommosalePrivateLimited~~<br>~~SSSSC*dt(~C«S OHI | 26-0B-ID. |~~<br>~~OST]~~<br>~~SSCS SCSCSCSC~C~SYTCC‘“‘CSW(*COOCYL OO |~~<br>~~AccordFinancialConsultancyLimited~~<br>~~|03-04-19|~~<br>~~05-09-19~~<br>~~|~~<br>~~0.06|~~<br>~~0]~~<br>~~.00~~<br>~~0.02|~~<br>~~0.05|~~|Commence~~-~~<br>Dissolution<br>Realisation<br>Dueto<br>Paidto<br>Liquidation<br>Surplus<br>ment<br>of Assets<br>Creditors<br>Creditors<br>Expenses<br> ~~Spinningand WeavingMillsPrivate Limited | 24-04-18 | 11-07-19 |~~<br>~~0.25]~~<br>~~|~~<br>~~|~~<br>~~B22~~<br>~~KedarCommosalePrivateLimited~~<br>~~SSSSC*dt(~C«S OHI | 26-0B-ID. |~~<br>~~OST]~~<br>~~SSCS SCSCSCSC~C~SYTCC‘“‘CSW(*COOCYL OO |~~<br>~~AccordFinancialConsultancyLimited~~<br>~~|03-04-19|~~<br>~~05-09-19~~<br>~~|~~<br>~~0.06|~~<br>~~0]~~<br>~~.00~~<br>~~0.02|~~<br>~~0.05|~~|Commence~~-~~<br>Dissolution<br>Realisation<br>Dueto<br>Paidto<br>Liquidation<br>Surplus<br>ment<br>of Assets<br>Creditors<br>Creditors<br>Expenses<br> ~~Spinningand WeavingMillsPrivate Limited | 24-04-18 | 11-07-19 |~~<br>~~0.25]~~<br>~~|~~<br>~~|~~<br>~~B22~~<br>~~KedarCommosalePrivateLimited~~<br>~~SSSSC*dt(~C«S OHI | 26-0B-ID. |~~<br>~~OST]~~<br>~~SSCS SCSCSCSC~C~SYTCC‘“‘CSW(*COOCYL OO |~~<br>~~AccordFinancialConsultancyLimited~~<br>~~|03-04-19|~~<br>~~05-09-19~~<br>~~|~~<br>~~0.06|~~<br>~~0]~~<br>~~.00~~<br>~~0.02|~~<br>~~0.05|~~|
|---|---|---|---|---|---|---|---|
|~~AccordFinancialConsultancyLimited~~<br>~~| 03-04-19~~<br>~~[AristoFinance&lInvestmentsLimited~~<br>~~| 23-01-19~~<br>~~CamoSoftwareIndiaPrivateLimited~~<br>~~| 26-09-17~~<br>~~DeecoMechatronMarketingPrivateLimited~~<br>~~| 04-06-18~~<br>~~TechnicalServicesPrivateLimited~~<br>~~—~—=~S~S~d~Ci0-TB_|—ito-0T-20—«4|~SCSC~—~ESCSC~*~‘“*SCSC‘“‘“‘SCS*™SYdCOC‘“‘C;#OWOSS*CCOC~*~‘étRT~~<br>~~SuppliesPrivateLimited~~<br>~~_——~—S~s (i08~~|~~03-04-19 |~~<br>~~23-01-19 [7-09-19~~<br>~~26-09-17 |~~<br>~~04-06-18 [10-01-20~~<br>~~—~—=~S~S~d~Ci0-TB_|—ito-0T-20—«4|~SCSC~—~ESCSC~*~‘“*SCSC‘“‘“‘SCS*™SYdCOC‘“‘C;#OWOSS*CCOC~*~‘étRT~~<br>~~081|~~|~~|~~<br>~~05-09-19~~<br>~~[7-09-19~~<br>~~| 3-19~~<br>~~[10-01-20 ~~<br>~~—~—=~S~S~d~Ci0-TB_|—ito-0T-20—«4|~SCSC~—~ESCSC~*~‘“*SCSC‘“‘“‘SCS*™SYdCOC‘“‘C;#OWOSS*CCOC~*~‘étRT~~<br>~~|10-01-20~~|~~|~~<br>~~0.06~~<br>~~BAT]~~<br>~~|~~<br>~~TBST~~<br> ~~|~~<br>~~eB~~<br>~~—~—=~S~S~d~Ci0-TB_|—ito-0T-20—«4|~SCSC~—~ESCSC~*~‘“*SCSC‘“‘“‘SCS*™SYdCOC‘“‘C;#OWOSS*CCOC~*~‘étRT~~<br>~~10-01-20~~<br>~~SSSCi~~|~~0.06 |~~<br>~~0]~~<br>~~BAT]~~<br>~~TBST~~<br>~~eB fA~~<br>~~—~—=~S~S~d~Ci0-TB_|—ito-0T-20—«4|~SCSC~—~ESCSC~*~‘“*SCSC‘“‘“‘SCS*™SYdCOC‘“‘C;#OWOSS*CCOC~*~‘étRT~~<br>~~ESC~~|~~0]~~<br>~~.00~~<br>~~BAT]~~<br>~~T0076~~<br>~~TBST~~<br>~~fA~~<br>~~—~—=~S~S~d~Ci0-TB_|—ito-0T-20—«4|~SCSC~—~ESCSC~*~‘“*SCSC‘“‘“‘SCS*™SYdCOC‘“‘C;#OWOSS*CCOC~*~‘étRT~~<br>~~ESCYSSSCSCS~SYdYSCCSCSC~C~~|~~.00~~<br>~~0.02 ~~<br>~~T0076~~<br>~~TBST~~<br>~~A~~<br>~~fA~~<br>~~—~—=~S~S~d~Ci0-TB_|—ito-0T-20—«4|~SCSC~—~ESCSC~*~‘“*SCSC‘“‘“‘SCS*™SYdCOC‘“‘C;#OWOSS*CCOC~*~‘étRT~~<br>~~YSSSCSCS~SYdYSCCSCSC~C OC~~|~~|~~<br>~~0.05 |~~<br>~~T0076~~<br>~~A~~<br>~~fA~~<br>~~—~—=~S~S~d~Ci0-TB_|—ito-0T-20—«4|~SCSC~—~ESCSC~*~‘“*SCSC‘“‘“‘SCS*™SYdCOC‘“‘C;#OWOSS*CCOC~*~‘étRT~~<br>~~OC~~|
|~~Supplies PrivateLimited~~<br>~~_——~—S~s (i08~~<br>~~Accelerated|TSolutionsPrivateLimited#~~<br>~~|21-02-19~~<br>~~BinuExports(India)PrivateLimited#_———=—SC~C~C~CiBNI~~<br>|~~081 |~~<br>~~21-02-19|~~<br>~~BNI|~~<br>|~~| 10-01-20~~<br>~~|10-02-20~~<br>~~|0-02-20|~~<br>|~~10-01-20~~<br>~~SSSCi ~~<br>~~|~~<br>~~|~~<br>~~dT~~<br>|~~ESC~~<br>~~|~~<br>~~dTSSSSCSC*dTSSSCSC~iTSSCSCSCSCS~dCS~SSY~~<br>|~~ESC YSSSCSCS~SYdYSCCSCSC~C~~<br>~~|~~<br>~~SSSSCSC*dTSSSCSC~iTSSCSCSCSCS~dCS~SSY~~<br>|~~YSSSCSCS~SYdYSCCSCSC~C OC~~<br>~~|~~<br>~~SSSSCSC*dTSSSCSC~iTSSCSCSCSCS~dCS~SSY~~<br>|~~OC~~<br>~~|~~<br>~~SSSSCSC*dTSSSCSC~iTSSCSCSCSCS~dCS~SSY~~<br>|
|~~Accelerated|TSolutionsPrivateLimited#~~<br>~~| 21-02-19~~<br>~~BinuExports(India)PrivateLimited# _———=—SC~C~C~Ci BNI~~<br>~~DesignAutomationPrivateLimited_——SC*?SCO-TB~~<br>~~RambosFootwearPrivateLimited~~<br>~~SDT~~<br>~~[ARSMTradewingPrivateLimited———SSCS~SSoar~~|~~21-02-19 |~~<br>~~BNI |~~<br>~~_——SC*?SCO-TB[17-06-20~~<br>~~DT~~<br>~~Soar~~|~~| 10-02-20~~<br>~~| 0-02-20 |~~<br>~~[17-06-20~~<br>~~8-ON-2T~~<br>~~Soar~~|~~|~~<br>~~|~~<br>~~dT~~<br>~~SC~~<br>~~TOOT~~<br>~~SC~~|~~|~~<br>~~dTSSSSCSC*dTSSSCSC~iTSSCSCSCSCS~dCS~SSY~~<br>~~C CPSCSCSCYdSCOC‘“‘CCOMCYTC*Y~~<br>~~TOOT~~<br>~~SCTSCYSCC“‘;‘“‘SHTCOCCCdOOCS*Y~~|~~|~~<br>~~SSSSCSC*dTSSSCSC~iTSSCSCSCSCS~dCS~SSY~~<br>~~CPSCSCSCYdSCOC‘“‘CCOMCYTC*Y~~<br>~~TOOT~~<br>~~TSCYSCC“‘;‘“‘SHTCOCCCdOOCS*Y~~|~~|~~<br>~~SSSSCSC*dTSSSCSC~iTSSCSCSCSCS~dCS~SSY~~<br>~~CPSCSCSCYdSCOC‘“‘CCOMCYTC*Y~~<br>~~TOOT~~<br>~~TSCYSCC“‘;‘“‘SHTCOCCCdOOCS*Y~~|~~|~~<br>~~SSSSCSC*dTSSSCSC~iTSSCSCSCSCS~dCS~SSY~~<br>~~CPSCSCSCYdSCOC‘“‘CCOMCYTC*Y~~<br>~~0.92~~<br>~~TSCYSCC“‘;‘“‘SHTCOCCCdOOCS*Y~~|
|~~DesignAutomationPrivateLimited _——SC*?SCO-TB~~<br>~~RambosFootwearPrivateLimited~~<br>~~SDT~~<br>~~[ARSMTradewingPrivateLimited———SSCS~SSoar~~<br>~~PrivateLimited~~<br>~~TOTO~~|~~_——SC*?SCO-TB [17-06-20~~<br>~~DT~~<br>~~Soar~~<br>~~TOTO~~|~~[17-06-20 ~~<br>~~8-ON-2T~~<br>~~Soar~~<br>~~TOTO~~|~~SC~~<br>~~TOOT~~<br>~~SC~~<br>~~087~~|~~C CPSCSCSCYdSCOC‘“‘CCOMCYTC*Y~~<br>~~TOOT~~<br>~~SCTSCYSCC“‘;‘“‘SHTCOCCCdOOCS*Y~~<br>~~087~~|~~CPSCSCSCYdSCOC‘“‘CCOMCYTC*Y~~<br>~~TOOT~~<br>~~TSCYSCC“‘;‘“‘SHTCOCCCdOOCS*Y~~<br>~~087~~|~~CPSCSCSCYdSCOC‘“‘CCOMCYTC*Y~~<br>~~TOOT~~<br>~~TSCYSCC“‘;‘“‘SHTCOCCCdOOCS*Y~~|~~CPSCSCSCYdSCOC‘“‘CCOMCYTC*Y~~<br>~~0.92~~<br>~~TSCYSCC“‘;‘“‘SHTCOCCCdOOCS*Y~~|
|~~[ARSMTradewingPrivateLimited ———SSCS~S Soar~~<br>~~PrivateLimited~~<br>~~TOTO~~|~~Soar~~<br>~~TOTO~~|~~Soar~~<br>~~TOTO~~|~~SC~~<br>~~087~~|~~SC TSCYSCC“‘;‘“‘SHTCOCCCdOOCS*Y~~<br>~~087~~|~~TSCYSCC“‘;‘“‘SHTCOCCCdOOCS*Y~~<br>~~087~~|~~TSCYSCC“‘;‘“‘SHTCOCCCdOOCS*Y~~|~~TSCYSCC“‘;‘“‘SHTCOCCCdOOCS*Y~~|
|~~PrivateLimited~~<br>~~TOTO~~<br>~~PlanatolAdhesiveIndiaPrivateLimited =| 18-03-18~~<br>~~Advisors (India) PrivateLimited~~<br>~~| 27-03-21~~<br>~~PrabhataraVyapaarPrivateLimited~~<br>~~| 80-07-19~~<br>~~Containe~~~~**r**Services(India)PrivateLimited|08-03-21~~|~~TOTO~~<br>~~18-03-18 |~~<br>~~27-03-21 |~~<br>~~80-07-19 |~~<br>~~08-03-21~~~~**|**~~|~~TOTO~~<br>~~| 23-03-22 ~~<br>~~| 05-04-22~~<br>~~| 18-04-22, TSB~~<br>~~**|**27~~~~**-**04-22~~|~~087~~<br> ~~|~~<br>~~|~~<br>~~4.36]~~<br>~~TSB~~<br>~~**|**~~<br>~~77]~~|~~087~~<br>~~4.36]~~<br>~~Pf~~<br>~~TSB~~<br>~~77]~~|~~087~~<br>~~Pf~~<br>~~TSB~~<br>~~|~~<br>~~|~~|~~Pf~~<br>~~ST~~<br>~~TSB~~<br>~~|~~<br>~~B59~~|~~3.85 |~~<br>~~TSB~~<br>~~01~~<br>~~B59~~|
|~~Containe~~~~**r** Services(India)PrivateLimited | 08-03-21~~<br>~~tsIndiaP ivateLimited~~<br>~~| H207-19~~<br>~~InficonIndiaPrivateLimited~~<br>~~0-~~~~**2**0~~<br>~~ATIEdutechIndiaPrivateLimited~~<br>~~80-1 -20~~<br>~~Creations~~~~**Priva**teLimfted~~<br>~~——~—~S~S~dS~Ci OTs~~<br>~~SchoellyEndoscopyIndia~~<br>~~teLimited~~<br>~~9-03-2~~<br>~~[GondiyaFibersPrivateLimied———=SCSC~S~S~CiSON~~<br>~~EatRealSnacksPrivateLimited~~<br>~~80-22~~|~~08-03-21 ~~~~**|**~~<br>~~H207-19~~<br>~~0~~<br>~~-20 |~~<br>~~OTs~~<br>~~-21~~<br>~~ON|_—tt-8-IB-|~~<br>~~22~~|~~**|** 27~~~~**-**04-22 ~~<br>~~06 07-22, HAT~~<br>~~25-08-2~~~~**2** ~~<br>~~| 25-08-2 4TH~~<br>~~OTs ||~~<br>~~21-03-23~~<br>~~|_—tt-8-IB-|~~<br>~~13-09-23~~|~~**|**~~<br>~~77]~~<br>~~HAT~~<br> ~~**|**~~<br>~~NT~~<br>~~4TH~~<br>~~||~~<br>~~7~~<br>~~|_—tt-8-IB-|iB’~~<br>~~13-09-23~~<br>~~BA~~|~~77]~~<br>~~HAT~~<br>~~NT~~<br>~~4TH~~<br>~~||~~<br>~~7~~<br>~~OT~~<br>~~iB’~~—SsCi?SC<br>~~BAT~~|~~|~~<br>~~|~~<br>~~HAT~~<br>~~B08~~<br>~~4TH~~<br>~~|| SCSC~—SYSC“‘“‘C™CO*Y~C*#SOY~~<br>~~OTT O~~<br>—SsCi?SC~~S~~C*~‘~*‘~~~~~<br>~~T~~|~~|~~<br>~~B59~~<br>~~HAT~~<br>~~B08~~<br>~~4TH~~<br>~~SCSC~—SYSC“‘“‘C™CO*Y~C*#SOY~~<br>~~OTB|~~<br>~~~~~YSCOC*~‘ilO*YSC«iU<br>~~006TO~~|~~01~~<br>~~B59~~<br>~~HAT~~<br>~~2.22~~<br>~~B08~~<br>~~4TH~~<br>~~SCSC~—SYSC“‘“‘C™CO*Y~C*#SOY~~<br>~~|~~<br>~~0.63~~<br>YSCOC*~‘ilO*YSC«iU<br>~~SR|~~<br>~~TO~~<br>~~0.28~~|
|~~[GondiyaFibersPrivateLimied ———=SCSC~S~S~CiSON~~<br>~~EatRealSnacksPrivateLimited~~<br>~~80-22~~<br>~~VsplashTechworksPrivateLimited~~<br>~~| 25-03-21~~<br>~~PrivateLimited —=S~S~S~Ss SCO~~<br>~~ViptelaSystemsPrivateLimited~~<br>~~_———S—S~S~S—Sid-0~~|~~ON |_—tt-8-IB-|~~<br>~~22~~<br>~~25-03-21 |~~<br>~~CO~~<br>~~—idODD-C~“tYEOSC*C*“‘CSC#CNSC#‘“#(N#(NCSY#CNCWC#NWOWOS[—=C7B~~<br>~~-0DD_~~~|~~|_—tt-8-IB-|~~<br>~~13-09-23~~<br>~~| 14-09-23 ~~<br>~~—idODD-C~“tYEOSC*C*“‘CSC#CNSC#‘“#(N#(NCSY#CNCWC#NWOWOS[—=C7B~~<br>~~DD_~|TDZ-|~~|~~|_—tt-8-IB-| iB’~~<br>~~13-09-23~~<br>~~BA~~<br> ~~|~~<br>~~034]~~<br>~~—idODD-C~“tYEOSC*C*“‘CSC#CNSC#‘“#(N#(NCSY#CNCWC#NWOWOS[—=C7B~~<br>~~Z-|iT~~|~~iB’~~<br>~~BAT~~<br>~~034]~~<br>~~—idODD-C~“tYEOSC*C*“‘CSC#CNSC#‘“#(N#(NCSY#CNCWC#NWOWOS[—=C7B~~<br>~~iT———S—~S~~|~~T~~<br>~~0H~~<br>~~—idODD-C~“tYEOSC*C*“‘CSC#CNSC#‘“#(N#(NCSY#CNCWC#NWOWOS[—=C7B~~<br>~~———S—~SC*“‘CSSCiU~~|~~006 TO~~<br>~~0H~~<br>~~—idODD-C~“tYEOSC*C*“‘CSC#CNSC#‘“#(N#(NCSY#CNCWC#NWOWOS[—=C7B~~<br>~~UCOOC#‘#(#‘OOOYC*~~|~~SR |~~<br>~~TO~~<br>~~0.28~~<br>~~0.30 |~~<br>~~—idODD-C~“tYEOSC*C*“‘CSC#CNSC#‘“#(N#(NCSY#CNCWC#NWOWOS[—=C7B~~<br>~~COOC#‘#(#‘OOOYC*Y~~|
|~~ViptelaSystemsPrivateLimited~~<br>~~_———S—S~S~S—S id-0~~<br>~~Care(India)Pr~~~~**i**vateLimited~~<br>~~|~~~~**2**4~~~~**-0**~~|~~-0DD_~~~<br>~~**-0**2-18~~~~**|**~~|~~DD_~|TDZ-|~~<br>~~**|06-1**2-23~~|~~Z-| iT~~<br>~~0B~~|~~iT———S—~S~~<br>~~0B~~|~~———S—~SC*“‘CSSCiU~~<br>~~OT~~|~~UCOOC#‘#(#‘OOOYC*~~<br>~~OT~~|~~COOC#‘#(#‘OOOYC*Y~~<br>~~OT~~|
|~~Care(India)Pr~~~~**i**vateLimited~~<br>~~| ~~~~**2**4~~~~**-0**~~<br>~~CoraggioHoldingsPrivateLim ted~~<br>~~|~~<br>~~6 ~~<br>~~(India)AdvisoryPrivateLimited_——=d?S~C-0B-I7_|_t-Ia-23_|~~<br>|~~**-0**2-18 ~~~~**|**~~<br> ~~9-22~~<br>~~_——=d?S~C-0B-I7_|_t-Ia-23_|~~|~~**|** ~~~~**06-1**2-23~~<br>~~2-23 ~~<br>~~_——=d?S~C-0B-I7_|_t-Ia-23_|~~|~~0B~~<br> ~~|~~<br>~~tT~~<br>~~_——=d?S~C-0B-I7_|_t-Ia-23_|~~<br>~~iors]~~|~~———S—~S~~<br>~~0B~~<br>~~tT~~<br>~~|~~<br>~~_——=d?S~C-0B-I7_|_t-Ia-23_|~~<br>~~iors]S|~~|~~———S—~SC*“‘CSSCiU~~<br>~~OT~~<br>~~|~~<br>~~||~~<br>~~_——=d?S~C-0B-I7_|_t-Ia-23_|~~<br>~~S|SSSCSCSC~YdtCOC*‘“‘“CWCOMZ*CYYC*TS~~|~~UCOOC#‘#(#‘OOOYC*~~<br>~~OT~~<br>~~||~~<br>~~_——=d?S~C-0B-I7_|_t-Ia-23_|~~<br>~~SSSCSCSC~YdtCOC*‘“‘“CWCOMZ*CYYC*TS~~|~~COOC#‘#(#‘OOOYC*Y~~<br>~~OT~~<br>~~||~~<br>~~0.09~~<br>~~_——=d?S~C-0B-I7_|_t-Ia-23_|~~<br>~~SSSCSCSC~YdtCOC*‘“‘“CWCOMZ*CYYC*TS~~|
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|~~[SunPlastochemLimited SS 2010-20~—T0-OT-24~~<br>~~GreenPropertiesIndiaPrivateLimited~~<br>~~| 04-04-19~~<br>~~HurrykrishnaVenturePrivateLimited~~<br>~~——~—S~S~S i802~~|~~2010-20~—T0-OT-24~~<br>~~04-04-19 |~~<br>~~i802~~|~~2010-20~—T0-OT-24 <P~~<br>~~| 01-2453~~<br>~~i802~~|~~<P~~<br>~~-2453~~<br>~~SC~—tESSC~CSYSCOC*‘“‘CSCSC#CYd’CU#‘“(‘#‘WOZ:TSC~«tO~~|~~-2453~~<br>~~TOY~~<br>~~SC~—tESSC~CSYSCOC*‘“‘CSCSC#CYd’CU#‘“(‘#‘WOZ:TSC~«tO~~|~~TOY~~<br>~~OT~~<br>~~SC~—tESSC~CSYSCOC*‘“‘CSCSC#CYd’CU#‘“(‘#‘WOZ:TSC~«tO~~|~~OT~~<br>~~0.04 |~~<br>~~SC~—tESSC~CSYSCOC*‘“‘CSCSC#CYd’CU#‘“(‘#‘WOZ:TSC~«tO~~|~~TSC~~<br>~~|~~<br>~~0.38~~<br>~~SC~—tESSC~CSYSCOC*‘“‘CSCSC#CYd’CU#‘“(‘#‘WOZ:TSC~«tO~~|
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|~~UniversalGasketsPrivateLimited~~<br>~~| N-O3-19~~<br>~~ValbrassIndiaPrivateLimited~~<br>~~TID~~<br>~~HutchInfoSystemsPrivateLimited~~<br>~~| 03-07-18~~<br>~~BuildwellPrivateLim~~~~**i**ted~~<br>~~|5-12-2~~<br>~~(Halol)PrvateLimited~~<br>~~——~—S~S«i05~~<br>|~~N-O3-19~~<br>~~TID~~<br>~~T18-01-24~~<br>~~03-07-18 |~~<br>~~5-12-2~~~~**2**|~~<br>~~i05~~<br>|~~17-01-24 T6908~~<br>~~T18-01-24 TATOO~~<br>~~| 25-01-24 |~~<br>~~|25-01-24|~~<br>~~—29-OT-24—«d|SSC~S~~<br>|~~| ——S—=i ~~<br>~~T6908~~<br>~~TATOO~~<br>~~|~~<br>~~4~~<br>~~|~~<br>~~6]~~<br>~~—29-OT-24—«d|SSC~Si~~<br>|~~C=‘~~<br>~~T6908~~<br>~~TATOO~~<br>~~4 |fH~~<br>~~6]~~<br>~~iESCSC~CSdSCOC‘“‘CNCS#di’CN™C#‘“‘éOwOAYL~~|~~C=‘~~<br>~~SCSC~Ct]SCSC~C‘“i~~<br>~~T6908~~<br>~~TATOO~~<br>~~fH~~<br>~~TO~~<br>~~ESCSC~CSdSCOC‘“‘CNCS#di’CN™C#‘“‘éOwOAYL~~|~~SCSC~Ct]SCSC~C‘“iCY~~<br>~~T6908~~<br>~~TATOO~~<br>~~fH~~<br>~~TO~~<br>~~ESCSC~CSdSCOC‘“‘CNCS#di’CN™C#‘“‘éOwOAYL~~|~~CY C*dCS~~<br>~~T6908~~<br>~~0.66~~<br>~~TATOO~~<br>~~3.94~~<br>~~fH~~<br>~~7S~~<br>~~ESCSC~CSdSCOC‘“‘CNCS#di’CN™C#‘“‘éOwOAYL~~<br>~~C=~~|
|~~BuildwellPrivateLim~~~~**i**ted~~<br>~~| 5-12-2~~<br>~~(Halol)Pr vateLimited~~<br>~~——~—S~S «i05~~<br>~~Explosion Prevention Tehenologies Pvt Lid, | 26~~~~**-0**~~<br>~~CandidMercantile&CreditPveltd.~~<br>~~| 08 ~~<br>~~RadioCineForniture(India)PrivateLimited~~<br>~~| 28-08-19~~<br>~~HighWingsSolutionsPrivateLimited~~<br>~~|G IZI9~~<br>~~[SnapFinservPrivateLimited~~<br>~~—=S=~“~*~“~*~*~*~*~*~dYCiOY~~<br>|~~5-12-2~~~~**2** |~~<br>~~i05~~<br>~~**-0**9-22~~~~**|**~~<br> ~~8-23~~<br>~~28-08-19 |~~<br>~~IZI9 |~~<br>~~OY~~|~~| 25-01-24 |~~<br>~~—29-OT-24—«d|SSC~S~~<br>~~**|** 30-024~~<br>~~30-01-24~~<br>~~| 02-02-24 |~~<br>~~| 02-02-24 |~~<br>~~OY CODD«dOSC~“~‘iCYECSC*~*~‘“‘“‘“ESSCSC*C‘“‘“‘“C#YCOC#C*‘“‘~~|~~|~~<br>~~6]~~<br>~~—29-OT-24—«d|SSC~S i~~<br>~~30-024~~<br>~~ol4[~~<br>~~02~~<br>~~|~~<br>~~BAT~~<br>~~|ATO~~<br>~~«dOSC~“~‘iCYECSC*~*~‘“‘“‘“ESSCSC*C‘“‘“‘“C#YCOC#C*‘“‘~~|~~fH~~<br>~~6]~~<br>~~i ESCSC~CSdSCOC‘“‘CNCS#di’CN™C#‘“‘éOwOAYL~~<br>~~ol4[ |~~<br>~~02~~<br>~~BAT~~<br>~~ATO~~<br>~~«dOSC~“~‘iCYECSC*~*~‘“‘“‘“ESSCSC*C‘“‘“‘“C#YCOC#C*‘“‘~~|~~fH~~<br>~~TO~~<br>~~ESCSC~CSdSCOC‘“‘CNCS#di’CN™C#‘“‘éOwOAYL~~<br>~~| _——SdtCOC*~“‘CSWCOAYYC-*d~~<br>~~OT~~<br>~~0B~~<br>~~ATO~~<br>~~«dOSC~“~‘iCYECSC*~*~‘“‘“‘“ESSCSC*C‘“‘“‘“C#YCOC#C*‘“‘~~|~~fH~~<br>~~TO~~<br>~~ESCSC~CSdSCOC‘“‘CNCS#di’CN™C#‘“‘éOwOAYL~~<br>~~_——SdtCOC*~“‘CSWCOAYYC-*d~~<br>~~OT~~<br>~~0B TB~~<br>~~ATO~~<br>~~TB~~<br>~~«dOSC~“~‘iCYECSC*~*~‘“‘“‘“ESSCSC*C‘“‘“‘“C#YCOC#C*‘“‘~~<br>~~‘OA*YCC~*‘i‘~~|~~fH~~<br>~~7S~~<br>~~ESCSC~CSdSCOC‘“‘CNCS#di’CN™C#‘“‘éOwOAYL~~<br>~~C=~~<br>~~_——SdtCOC*~“‘CSWCOAYYC-*d~~<br>~~0.00~~<br>~~TB~~<br>~~ATO~~<br>~~TB~~<br>~~«dOSC~“~‘iCYECSC*~*~‘“‘“‘“ESSCSC*C‘“‘“‘“C#YCOC#C*‘“‘~~<br>~~*YCC~*‘i‘~~|
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|~~WelspunNaturalResourcesPrivateLimited~~<br>~~| 18-01-23~~<br>~~TransporePrivateLimited~~<br>~~——SSCS~S~S~dYCi OB~~<br>[AllSaintsindiaPrivateLimited~~———SCS~S~SCODD~~|~~18-01-23 |~~<br>~~OBL~~<br>~~CODD~~|~~| 12-02-24 |~~<br>~~COD ~~<br>~~CODD~~|~~|~~<br>~~879.1~~<br> ~~|SSCt ~~<br>~~CT~~|~~879.1|~~<br>~~0.82]~~<br> ~~PC~~<br>~~CT~~CCCYSCSC|~~0.82]~~<br>~~0.82].~~<br>~~PC~~<br>~~CTT~~<br>CCCYSCSC~~“~~‘*‘~“*d;|~~0.82]. |~~<br>~~T Ct T~~<br>‘*‘~“*d;~~C~~‘“‘(CSCON‘YTC‘CS|~~|~~<br>~~878.19 |~~<br>~~TC~~<br>‘“‘(CSCON‘YTC‘CS~~*Y~~|

NSO) VENCY AND BANKRUPTCY NEWS

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|“Adept|Real Estate Developers Private Limited|11-03-22|150224|[038].«OO|
|Elken|International|India|Private|Limited|14-12-22|15-02-24|||039|olf,|tT|2 TY|
|Magnum|India|Hotel|Management|Private|Limited|31-03-23|15-02-24|||0.2]|005]|5|iS|||OT|CY|
|WeathernewsMitra|India|Private|Limited|25-03-21|16-02-24|||030PO||
|VirenceNetpayHPSBilfingerWelinessRenewablesSolutionsIndia|PrivatePrivatePrivatePrivateLimitedLimitedLimitedLimited|05-11-1908-12-2231-08-2110-07-23|||23-02-2422-02-2422-02-2416-02-24||||||[27].]|—o34f——~=~=iS|SCS*~*~«ieof33PS|O0.00]OS]SSC~*~Ct0.06||||0.27SC05 |id|
|WC|India|LLP|24-03-21_||23-02-24|[|_2.7sf|||SY|
|WikhyatDhatariya|Investment|Pvt|Led|03-04-23|||23-0224|||osif||————S—+|~SCS*~—tSiOYY SCit|
|Talech|Holdings|PveLtd|08-08-23|[23-00-24 [OTiT|
|SaffronSoftware|Solutions|Private|Limited|26-02-22|01-03-24|||06TB0.03 ||
|Fight Constructions|Nonwoven|Private|Limited|01-05-23|07-03-24|||AT|BT|[BT.]|||0.00 ||
|Destination|Private Limited|79.0623|||07-0324|||438[|||||4|
|Antbridge|Maternity|Apparel|Private|Limited|26-02-19|12-03-24 [03s|
|BFT|Automation|PveLed|Systems Private Limited|2-I2-21_||24|-|05|-|23|22|12-03-24-|03|-|24||[BT_1.00||ore]|ole]|00s ||~~.|||
|Pinnacle|Engines|India|Private|Limited|15-06-23|22-03-24|||0.06|||0.00]|00]|0H|||||
|TotalTotal|Sri|(JanuaryVishnu Finance-|March,And2024 Investment Pvt Ltd|04-10-23|28-03-24|||Bef9799.72|||42|4,TTA|—«424|_~—~—~S*S=*SLI2|||~—970.36|
|(Till|March,|2024)|5731.28]|63.16]|63.16|||147.26|||5520.89|
|0' means an amount below two decimals;|'-'|means no value, #|means data awaited|
|Time|For Conclusion|of Processes|
|The average time taken for completion ofvarious processes|is presented|in Table|14.|
|Table|| 4: Average Time for|Approval of Resolution|Plans/Orders for Liquidation|
|Time|(In|days)|
|SI.|Average time|As on March, 2023|April, 2023 to March, 2024|As on March, 2024|
|No.of|Time (indays)|No. of|Time (in days)|No. of|Time|(indays)|
|Proce|-|Includ|-|Exclud|-|Proce|-|Includ|-|—|Exclud|-|Proce|-|Includ|-|Exclud|-|
|sses|ing|ing|sses|ing|ing|sses|ing|ing|
|covered|exclu|-|exclu|-|covered|_|exclu|-|exclu|-|covered|exclu|-|exclu|-|
|ded|ded|ded|ded|ded|ded|
|time|time|time|time|time|time|
|3|From|LCD|to|submission|of final|report|under|Liquidation|731|566|NA|225|731|NA|960|605|NA|
|4|From|LCD|to|submission|of final|report|under Voluntary|Liquidation|1067|1393|
|Corporate|Liquidation Accounts|submits|an|application|for|dissolution|of the|corporate|person.|It|also|provides|a|
|The|Regulations|require|a|Liquidator|to|deposit|the|amount|of|unclaimed|Process|for|a|stakeholder “ seek|withdrawal|from the|sad|Whose|Similar|
|dividends,|if any, and|undistributed|proceeds,|if any,|in a liquidation|process along|Provisions exist|for voluntary|iquidation processes.|The|details|of|these accounts|
|with any income earned thereon into the corporate|liquidation account before he|at the end of March, 2024 are presented|in Table|I5.|
|Table||5: Corporate Liquidation Accounts as on March 31, 2024|
|(Amount|in|@|lakh)|
|Name ofAccount|Opening Balance|Deposit duringthe period|| Withdrawn during the period|Balance at the end of|the period|
|Corporate|Liquidation|Account|
|2019-20|||476.26|476.05|
|2020-21|476.05|eT|eX)|592.23|
|2021-22|592.23|25.93|613.32|
|2022-23|613.32|596.10|||ot—‘COCdz|1209.42|
|Apr-|J|un, 2023|1209.42|144.83|1344.99|
|ul-Sep,|2023|134499|||SON|||1360.00|
|Oc|t|
|—|Dec,|2023|1360.00|608.75|a|1968.75|
|an—Mar,|2024|1968.75|PoE|OC|1977.53|
|Corporate|Voluntary|Liquidation|Account|
|2019-20|||109.70|||109.70|
|2020-21|109.70|112.06|||~ooo-Srt—‘=‘é##OC'|221.76|
|2021-22|221.76|127.94|||BC|;eSCidC|349.67|
|2022|-|23|349.67|241.29|10.42|580.54|
|Apr—Jun,|2023|580.54|92.57|||Ot—“‘“C;éCSC‘*”|673.11|
|ul-Sep,|2023|673.11|||HT|679.45|
|Oct-Dec,|2023|679.45|116.04|||0— es”|795.49|
|Jan-|M|ar, 2024|795.49|50.55|39.03|807.01|

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----- Start of picture text ----- a ® ----- End of picture text -----

INSOLVENC Y AND BANKRUPTCY NEWS

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----- Start of picture text ----- Pre - Packaged Insolvency Resolution Process Figure 19: Ratio of Resolution and Liquidation orders The Central Government enacted the Insolvency and Bankruptcy Code 0.8 (Amendment) Act, 2021 on August 11, 2021 which was deemed to have come 0.7 0.69 0.68 into force on April 4, 2021 introducing the PPIRP for corporate MSMEs. On April 9, 2021, the Central Government notified the Insolvency and Bankruptcy (Pre - 0.6 0.42 0.46 0.60 packaged Insolvency Resolution Process) Rules, 2021 prescribing the manner and 0.5 4 0.45 form of making application to initiate PPIRP and the IBBI notified the IBBI (Pre - 0.4 03 packaged Insolvency Resolution Process) Regulations, 2021. The Regulations , 0.25 9.24 provide for manner of carrying out certain processes and tasks under PPIRP As 0.3 0.21 per the information available with the Board, ten applications have been admitted 02 as on March, 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, 0.1 Shree Rajasthan Syntex Limited, Enn Tee International Limited and GCCL 0 Infrastructure and Projects Limited. The details of the ongoing cases are in Table 2017-18 2018-19 2019-20 2020-21 2021-22 2022-23 Aprwine, Jul-Sep, Oct-Dec, Jan-Ma Table 16: List of ongoing cases for PPIRP as on March 31, 2024 Summary of Outcomes Sl. | NameoftheCD Date of Nameof the (a) The primary objective of the Code is rescuing lives of CDs in distress. The | admission |NCLT Bench Code has rescued 3171 CDs (947 through resolution plans, | 154 through |i | MM udraa Lifespaces PrivatPrivat e Li mitedmited | 06-12-2 33 | MumMum bai __| appeal2024. It or revi has ref e rredw or settlement 2476 CDs for and liquidation.1070 through The resolved withdrawal) CDs resultedtill March, in Kethos Tiles Private Limited 04-01-24 | Ahmedabad realisation of more than 32% as against the admitted claims and around Shreemati Fashions Private Limited 05 - 01 - 24 162% as against the liquidation value. Resolution plans on average are Kratos — - yielding 84.98% of fair value of the CDs. Till March, 2024, 960 CDs have Energy & Infrastructure Limited 01 - 02 - 24 been completely liquidated. These 960 CDs together had outstanding Other Outcomes claims of ~ 2.28 lakh crore, but the assets valued at 0.10 lakh crore. The (a) A distressed asset hasa life cycle. Its value gradually declines with time if iauidation these companies resulted in 876 realisation as against the distress is not addressed. The credible threat of the Code, that a CD may iquidation value. change hands, has changed the behaviour of debtors. Thousands of debtors (b) The Code endeavours to close the various processes at the earliest. The 947 are resolving distress in early stages of distress. They are resolving when CIRPs, which have yielded resolution plans by the end of March, 2024 took default is imminent, on receipt of a notice for repayment but before filing an on average 565 days (after excluding the time excluded by the AA) for application, after filing application but before its admission, and even after conclusion of process, while incurring an average cost of 1.22% of admission of the application, and making best effort to avoid consequences liquidation value and 0.76% of resolution value. Similarly, the 2476 CIRPs, of resolution process. Most companies are rescued at these stages. Till which ended up in orders for liquidation, took on average 495 days for March, 2024, 28,818 applications for initiation of CIRPs of CDs having conclusion. Further, 960 liquidation processes, which have closed by underlying default of ¥ 10.22 lakh crore were withdrawn before their submission of final reports took on average 605 days for closure. Similarly, admission (Figure | 8). 1393 voluntary liquidation processes, which have closed by submission of Figure 18: Details of Cases Withdrawn before Admission final reports, took on average 408 days for closure. Individual Processes 40000 1200000 Insolvency Resolution Process 35000 1022485 The provisions relating to insolvency resolution and bankruptcy relating to PGs to 881329 1000000 CDs came into force on December |, 2019. As per the information received from 30000 the applicants, IPs, and data collected from various benches of NCLT and Debt 25000 609482 800000 Recovery Tribunal (DRT), 2800 applications have since been filed as of March 31, 2024, for initiation of personal insolvency resolution process (PIRP) of PGs to 20000 533145 600000 CDs. Out of them, 401 applications have been filed by the debtors and 2399 applications by the creditors under sections 94 and 95 of the Code, respectively. 15000 400000 Among them 50 have been filed before different benches of DRT and 2750 have been filed before different benches of NCLT (Table | 7). 40000 200000 Table 17: Insolvency Resolution of Personal Guarantors 5000 . (Amount in = crore) ° As on Mar, 21. As on Mar, 22 As on Mar, 23 As on Mar, 24 Period Applications filed by Total Adjudicatng mum ; ; Debtors Creditors Authority No. of Cases Withdrawn before Admission =a Amount involved (Rs. Crore) (u/s94) (u/s95) No. Debt No. Debt No. Debt NCLT DRT (b) A number of initiatives are being taken to improve the outcomes of the amount amoune Amouns Code. These include monitoring of cases pending for admission and ongoing | 2019-20 | 349.66 -23| | 3299.82| 26| 3349.48/ 25] | CIRPs. Further, the IBBI revised its mechanisms for rea l- time sharing of | 2020-21 | 26] 2492.98] 248] 39196.58| 274] 41689.56| 268] 6| information regarding applications for the initiation of CIRP with the | 2021-22 | 87| 3545.82] 908] 65305.77/ 995] 68851.59| 980] 15] Information Utility (IU). These initiatives have had a substantial i mpact on [2022-23 | 74] 10397.12| 815| 38547.20| 6a9| 4894432| sea| 1 | theresolutionsIBC process,and the asadmissionevidencedof casesby theinitiatedincreaseby FCs.in FigureNCLT -a 19pprovedbelow | Apr-Jun, 2023 | 38] 1388.74] 99| 4068.64] 137] 5457.38 | 137| 0 highlights the improvement in ratio of number of cases ending with | Jul-Sep,2023 | 67] 377.38] 132| 3353.22] 199] 3730.60] 172] _27| resolution vis - a -v is cases in which liquidation is ordered. | Oct-Dec, 2023] 53] 1333.76] 76] 5125.24] 129] 6459.00] 129] _o| | Jan-Mar 2024 | 53] _ait.o7| 98| 8862.2] 151| 9673.27| _151| | [Total | 401[30396.53| 2390] 167758.67| 2000] 108155.20| 2750] so| Note: The data are provisional. These are revised on a continuous basis as further information is received. Debt data not available in 505 cases. A) ----- End of picture text -----

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----- Start of picture text ----- Se oe INSOLVENCY AND BANKRUPTCY NEWS Of the 2800 applications, 93 applications have been withdrawn/ rejected/ an IP An IP needs an AFA to take up an assignment under the Code with effect dismissed before the appointment of RP and RPs have been appointed in 1359 from January |, 2020. cases. After the annie of RF 70 cases have been withdrawn/ rejected The IBBI made available an online facility from November | 6, 2019 to enable an IP dismissed and 383 cases have been admitted. The details are givenin Table 18. to make an application for issuance/renewal of AFA to the concerned IPA. Table | 8: Status of filed applications for initiation of Insolvency Resolution Thereafter, an IPA processes such applications electronically. The details of IPs Process of PGs to CDs registered as on March 31, 2024 and AFAs held by them, IPA - wise, are presented (Number) in Table 20. A geographical distribution of IPs as on March 31, 2024 is presented in Period No.of Beforeappointment No. of After appoint - No. of Figure 20. appli - os re re ee Table 20: Registered IPs and AFAs as on March 31, 2024 cations No.of No.of where No.of No.of Admit - City/Region Registered IPs IPs having AFA filed )/VAppli=)|VAppli- || |REs have) |Appli- |)Appli |) ted IP ICSI IPA Total IP ICSI | IPA Total cations cations been cations cations ICAI HIP of ICAI ICAI IIP_ of ICAI with dismissed/ appointed* with dismissed/ 2020-21 | 274] of tt | S| Mumbai 437 | 154 39} 630] 226 74 21} 32i 202-23 | an] ta] 9 | siz | t4[ 20 | 202] —Restof Western Region | 367| 133| 52] 552| 215] 66] _—20|_301| Jan-Man20zeOct-Dec2073] 129 2} 0] 1a7[ of 1] | RestRest ofSouthern Regi o n | |fSouthernRegion447 447] | 236]236 os| 772] 772} 197] 197 117]117 55] 55| 369]369 Poe| wstf tf fay [Tar] oats | 2642 | 26] 304] 129/22] 5] *This re te | [sol)] 8 | frescor taser Reon after appointmentincludes the admittedof RP. cases and cases, which are withdrawn or dismissed or rejected Total (Individual) 2736 fis9| 417| 4352| 1356 2170 Out of the 383 admitted PIRPs, 124 have been closed. Of these, |2 have been Total (IPE as IP) | aif iz] 22] 75f 19} to] taf 3 | withdrawn;plan; and 26 have86 have yieldedbeen approvalclosed ofon repnon -s aymentubmission plan. orIn casesrejection whereof repaymentrepayment Grand Total 2777 fiz | 439] 4427) 1375 | 604] 239] 2218| plans have been approved, the creditors have realised = 102.78 crore, which is . . . re oe 2.16% of their admitted claims. During the quarter January - March, 2024, five Figure 20: Geographical Distribution of IPs (Individuals) PIRPs have yielded approval of repayment plan. The details are given in Table 19. as on March 31, 2024 Table 19: PIRPs Yeilding Approval of Repayment Plan (Amount in = crore) ‘ SI. Name of Nameof PIRP Dateof Dateof Total Realis Realisable the PG theCD initiated commenceapprovaladmitted able %ofrealisa Ee PRADESH ae by mentof ofplan claims Amount realisation PUNJAB En PRADESH PIRP by creditors cunocam 1ST a i if BakulJayantilal | Pradip |Creditor| 27 - 04 - 22 [2 0 -0 3- 24|3017.50 | 11.51 0.38 GM nana Deus ma Karia Overseas| Ea “897 2. |Chetan Jayantila| “ ras eae pe Karia a Pradip Jayantilal 26 Karia ADA 4 |Pritesh Jayantilal "397 .. Karia DADAR AND 327, 5 NAGAR HAVEL CHHATTISGARH [Vishal Ramesh ti — | Karia 56 Total (Jan u- March, ary 2024) 3017.50 | UIST | 0.38% 332. —~SO OR Total (Till March, 2024) 4767.45 | 102.78| 2.16% oon ~302 Bankruptcy Process Ba ANOMRApracesn If the resolution process fails or repayment plan is not implemented, the debtor or a 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 a various benches of NCLT and DRT, 37 bankruptcy applications have since been a ‘ filed as of March, 2024. Out of them, one application is filed by the debtor and 36 : ar ’ applications have been filed by the creditors under section 122 and 123 of the x Code respectively. Among them, one application has been filed before DRT, “oe Chennai and 36 applications have been filed before different benches of NCLT. us ‘ Service Providers Of the 4469 IPs registered till date, registrations of 10 IPs have been cancelled Insolvency Professionals through disciplinary action, and registrations of 2 IPs cancelled on failing to fulfil the An individual, who is enrolled with an IPA as a professional member and has the requirement of fit and proper person status. As per information available, 30 IPs required qualification and experience and passed the Limited Insolvency have passed away. The registrations and cancellations of registrations IPs, quarter Examination, is registered as an IP Pursuant to the IBBI (Insolvency Professionals) wise, till March 31, 2024 are presented in Table 21. (Fourth Amendment) Regulations, 2022 read with IBBI (Model Bye - Laws and Governing Board of Insolvency Professional Agencies) (Amendment) Regulations, 2022, the IPEs have been permitted to registered as IP to carry on the activities of ----- End of picture text -----

INSOLVENC Y AND BANKRUPTCY NEWS

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----- Start of picture text ----- Table 21: Registration and Cancellation of Registration of [IPs] Replacement of IRP with RP Year/Quarter Regis - _ Registered Cancelled during the Registered Section 22(2) of the Code provides that the CoC may, in its first meeting, by a tered — during the period on account of at the majority vote of not less than 66% of the voting share of the FCs, either resolve to at the period Discip - Failingtofulfil Death endof appoint the IRP as the RP or to replace the IRP by another IP to function as the RP beginning linary | the continuing the Under section 22(4) of the Code, the AA shall forward the name of the RP cikiite Rese) MegMixeTaTecy| pointes proposed by the CoC, under section 22(3)(b) of the Code, to IBBI for its period ‘fit and proper . . . person4 status confirmation. : and shall make such appointment after such confirmation.. . However, [2016-17(NovDeg#|[2016-17(an-Mar) oo 977 oo | | 97 | tobeen saveshared time in suchwith reference,the AA, disclosing a databasewhether of all the IPsany registereddisciplinary with theproceeding IBBI hasis lzoi7-1i8 = sd] | SSof =~tt6| CrOo |tCtissti currentlypending againstbeing anyused ofbythemvarious and theBenches status ofof tt he irAA, AFAs. Whilein a few thecases, databasethe IBBIis loois-19—sid|Stin] ts] a | ts | receives references from the AA and promptly responds to it. Till March 31, 2024, froi9-202019-20 «| ~—24s6|2456 554554 |Poof Fs]5 30043004 | asshownper updates in Figure 21.available,It is observeda total thatof 1588 IRPs inIRPs abouthave 38%beenof CIRPsreplaced initiatedwith byRPs,CDas [2020-21 | 3004] s6| So | TS 3504 | are replaced by RPs, in 33% of CIRPs initiated by OCs and in 22% of CIRPs foam = aso ae || 8 ates | iniated by FCs. roPorspn.t0asa [asfaoe [[offs] [ oof [aa || Figure21: Replacement of IRP withReplacement RP Jan—Mar 200 | 457 1 || 2 | i) [Total(Individual) | NA 4394/10 | 2 | 30] 4352 | |GrandTotal | NA] 4469] 10 | 2 | 30] 4427 | coe soe # Registration with validity of six months. These registrations expired by June 30, 2017. An individual with |0 years of experience as amember of the ICAI, ICSI, ICMAI or a Bar Council or |0 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 cb oc FC or |5 years of experience in management, after receiving a Bachelor’s degree is CIRP Initiated eligible for registration as an IP on passing the Limited Insolvency Examination. The Post Graduate Insolvency Programme (PGIP) ;is a first of itsankind programme Insolvency; Professional Entities; . for those aspiring to take up the profession of IP as a career without having to wait During the quarter under review, four IPEs were recognised. As on March 31, for acquiring the specified 10/15 years of experience. The IBBI has granted 2024, there were | 22 IPEs (Table 24). approval to two institutes to conduct PGIP - the Indian Institute of Corporate Table 24: IPEs as on March 31, 2024 Affairs and the National Law Institute University, Bhopal, who commenced PGIP Quarter No. of IPEs from the year 2019 and 2022 respectively. The IBBI has granted 38 registrations - based on this qualification, until March 31, 2024. Recognised Derecognised ficeoe Table 22 presents distribution of IPs as per their eligibility (an IP may be a member of ——“ : more than one Institute) as on March 31, 2024. Ofthe 4352 IPs (individual) as on March 2016 - 17 Jan-Mar) ee ee ee 31,2024, 440 IPs (constituting about ten per cent ofthe total registered IPs) are female. 2017-18 a Table 22: Distribution of IPs as per their Eligibility as on March 31, 2024 2018 - 19 Eligibility No. of IPs (Individual) 2019-20 eeee 2 ee Member of ICSI 7022223 7p tor | MemberoficMal—[tes[ [ao | Member of Bar Council pApr-jun.2023 ft Managerial Experience Jul-Sep, 2023 ee otfPGIP Qualified fe8] | cee, 2023 esS|ee | a8 || JonMan2004 | The Regulations provide that an IP (individual) shall be eligible to obtain an AFA if cy En C0) 2 he has not attained the age of 70 years. Table 23 presents the age profile of the IPs Insolvency Professional Agencies registeredTable . as on March 31, 2024.soe IPAs are ffront-linei regulators, and4 responsibleible forfor developideveloping andd regulatinglating thth e 23: Age Profile of IPs (individual) as on March 31, 2024 insolvency profession. They discharge three kinds of functions, namely, quasi - Age Group Registered IPs IPs having AFA# legislative, executive, and quasi -j udicial. The quasi -l egislative functions cover (in Years) IP ICSI. IPA. Total IIP ICSI IPA Total laying down standards and code of conduct through byelaws, which are binding on ICAL IIP ICAI ICAL IP ICAI all members. The executive functions include monitoring, inspection, and 53040 8 | es} te} ar ir} a0 tore aggrievedinvestigation parties, of professional gathering information members on a boutregular their basis, performance, addressing grievances o etc., with th ef overarching objective of promoting best practices and conduct by IPs. The quasi - >50<60 | 821 | 349 105] 1275 | 403) 196 | 59 | 658] judicial functions include dealing with complaints against members and taking [>70<e80 | 66] 56{ 30| I52{ NA] NA|NAT_ NA] As on March 31, 2024, there are three IPAs registered in accordance with the [>s0<90 =| 4] 5] 3] 2] NA] NA[ NAT NA| Code and Regulations. The IBBI interacts with the Managing Directors (MDs) of [>9 | tf Tf -{ 2] NA| NA[NAT_ NA the IPAs and the IU every month, to obtain feedback on areas of concern for the | Total ———S——s| 2736 | 1199] 417] 4352 | 1356| 594 | 220 | 2170] profession of IPs and discuss the resolutions and the way forward. Table 25 # Excluding 1080 AFAs which are expired/ not renewed. NA: NotApplicable. ----- End of picture text -----

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----- Start of picture text ----- presents the details of activities by the IPAs. Table 26 gives detail of number of Figure 22: Details of information with NeSL continuing professional education (CPE) hours earned by IPs. (Number in lakh) Table 25: Activities by IPAs 18.00 450.00 ee 389.15 Period Number of 16.00 365 , 400.00 Pre - CPE Training Other Discip - | Compl - 343-400 3 8 regist - Progra - Work - Work linary aints 14.00 $22 Shes 3 5 z 350.00 ration mmes __ shops shops/ Orders (Forwar - 12.00 262 . 80 8 5c © = “)) 300.00 Courses cond - forIPs Webinars/ _ Issued ded by obs 5 8 § conducted ucted Roundtables/ IBBI) 10.00 a fe kd a = 250.00 Seminars Disposed 8.00 ta as e 1 42 24 6 200.00 & y 2018-19 2019-20 2020-21 2021-22 2022-23 andun, ee d O e pee a n Mar Value of records authenticated == = No. of Loan records on - boarded ya-sep2023 Oct- D ec, 202| =600|tse48]| [att] 16] a7] oT2] 70 || TheRegistered CompaniesValuer (Registered Organisations Valuers and Valuation) Rules, 2017 (Valuation Rules) Jan— Mar 2024 a ee made under section 247 of theCompanies Act, 2013 providea unified institutional tocarMar,= | = 72 | 705 | 303] 767 | 212 | 556 | framlimit e dwork to valuations for development required ua nd e r egulationthe Companiesof valuation Act, 2013profession. and the Code.Its remit Theis IBBI performs the functions of the Authority under the Valuation Rules. It Table 26: CPE Hours earned by the IPs recognises Registered Valuer Organisations (RVOs) and registers RVs and exercises regulatory oversight over them, while RVOs serve as front -l ine Period Number of CPE Hours earned by members of regulators for the valuation profession. IIPICAI ICSIIIP IPAICAI Total An individual having specified qualification and experience needs to enrol with an 2019-20 | 0 | 695 | 320 2175 examinationRVO, completeconductedthe educationalby IBBI, beforecourse seekingconductedregistrationby the RVOwith andIBBI clearas an theRV. 2020-- 2 1 18465 8746 4647 31858 Th ere are current! ly 15 RVOs. s. The The IBBI meets MDs MDs / CEOsSOof RVO s everyry month 2021 - 22 to discuss the issues arising from the valuation profession, to resolve queries of the 14123 7890 3872 25885 RVOs and to guide them in discharge of their responsibilities. The details of 2022 - 23 22185 10732 3433 36350 individual RVs, RVO- w ise, as on March 31, 2024, are given in Table 27. A total of Apr 5441 individuals have active registrations, three of them are registered for all - Jun, 2023 1612 2726 | 66 | 4999 three asset classes, 85 are registered for two asset classes and the balance 5353 Jul - Sep, 2023 1737 1694 4279 are registered for one asset class. As on March 31, 2024, the registration of four RVs have been cancelled. Oct— Dec, 2023 2700 1415 5041 Table 27: Registered Valuers as on March 31, 2024 jan—Mar, 2024 ie | 27s 5034 (Number) 61736 37898 15987 | 1nse2t | SI. Registered Valuer Organisation No. of registration granted rn CPEh in eachAsset Class Land& Plant& Securities Total per registered IP 22.56 31.61 38.34 26.57 Build - Machi - or Financial ing nery Assets TheInformation Code provides Utilitythat the data with the IU facilitates the CIRP The Record of | RVO Foundation Estate Managers and Appraisers Default (RoD) ofthe IU provides evidence of debt and default and assists the AA in IOV Registered Valuers Foundation | 1589] 254] 182 | 2025 deciding on an application for admission of insolvency proceedings against a CD. ICSI Registered Valuers Organisation a a eS Sections 70) & 9(3) of the Code read with the Insolvency and Bankruptcy IIV India registered Valuers Foundation (Application to Adjudicating Authority) Rules, 20 16, require submission of RoD ICMAI Registered Valuers Organisation fromapplication foran IU as initiationevidence ofofCIRPdefault, The RoDamong issuedvarious by an IUother hasoptions, evidentiaryalong valuewithin [6 | ICAI Registered - Valuers Organisation— | of io 1085 | 1085 IBC processes. It contains complete details of the parties to the debt, debt PVAI Valuation Professional Organisation information, security details, default information, details of communication with | 8 | CVSRTA Registered ValuersAssociation | 210] 61 NA 271] debtor and authentication status by the counter parties of the debt categorized in | 9 | Association of Certified Valuators and Analyst{NAL NA; 4/4] accordance with2017. The IU issuesregulationRoD in every21 of thedefaultedIBBI loan(Information(unique debt)Utilities)reportedRegulations,to it on | to CEV - Integral : Appraisers - Foundation | iss 46{ 3 | 202 completingthe process of authentication. |_| Divya}yoti Foundation | loz] 8] 6 | 187] There is one IU, namely, the NeSL that provides authenticated financial Nandadeep Valuers Foundation — | ef of information to the users. The IBBI interacts with the MD & CEO of the IU along All India Institute ofValuers Foundation a a with the MDs of IPAs every month to discuss the issues relating to receipt and International Business ValuersAssociation | 5[ —sI{ 238 | 29 authentication of financial information. During interaction in this quarter, IPAs All India Valuers Association | 2] of ~~ of 2 | were requested to encourage their members to make use of the IU platform for | 16| Assessors and Registered Valuers foundation } et] tf 42 || theCase end Management of March, 2024, during NeSL CIRP has and issuedrecord aboutkeeping| ,28,839 post closure RoDs under Corporate of process. As at ore — - - 2789 | 554] 2189 [5532 Segment to support the IBC ecosystem. Figure. 22 provides. details. of the *Note: NA signifies that the; RVO is not. recognised for that asset; class. , A . . . . . ‘The RVO has merged with IOV Registered Valuers Foundation and the transfer of membership of members. registered users and information with NeSL, as submitted by it. isunder process. ----- End of picture text -----

a22)

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----- Start of picture text ----- RVs are permitted to form an entity (Partnership / Company) for rendering Figure 23: Geographical Distribution of RVs as valuation services. There are | 10 such entities registered as RVs as on March 31, on March 31, 2024 2024, as presented in Table 28. 51 of them are registered for three asset classes, The22 are registrationregistered offor RVs two till Marchasset classes31 , 2024andis given37 arein Tableregistered 29. for one asset class. JAMMUi & . HIMACHAL Table 28: RegisteredValuers (Entities) as on March 31, 2024 chanpicart a | : 4 ; rasan ‘ecu Registered Valuer Organisation Number Asset Class — wave Se ae Ean Entitiesof BuildingLand & MachineryPlant& orSecuritiesFinancial aicaeraan76 \ : 4 o 7 . er FoundationRVO Estate Managersand Appraisers 5 5 3 Assets 4 GUJARATa , ~ mF( < idEON, Ce, ig ae TRIPURA ss IOV MADE ‘ a : : : a 4 18 wasasane Registered Valuers Foundation aaean , fp Up es a IIV India Registered Valuers Foundation | 3, 8 MAHARASHTRA . } Eau ICAI egistered Valuers Organisation a ee 17 ana sf ——TELANGANA soosman Registered Valuers Organisation | is tft Lal PRADESH NICOBAR PVAI Valuation Professional Organisation = An, a as CVSRTA Registered Valuers Association ee ee ee Se eve i All India Institute ofValuers Foundation en EN International BusinessValuersAssociation) -9/—s B|S|T The average age of RVs as on March 31, 2024 stood at 48 years across asset Nandadeep Valuers Foundation es ee ee classes. It was 49 years for Land & Building, 54 years for Plant & Machinery and 43 Assessors and Registered Valuers foundaties ee es years for Securities or Financial Assets (Table 31). Of the 5532 RVs as on March 31, TS 2024, 556 RVs (constituting about |0%ofthe total RVs) are females. Table 31: Age profile of RVs as on March 31, 2024 Table 29: Registration of RVs till March 31, 2024 Age Group Land & Plant & Securities or Total (Number) (in years) Building Machinery Financial Assets Year/ Quarter Land & Plant & Securities or Total ee esd 2017-2018 Building Machinery Financial Assets > 30<40 a a ee) 1513 aoie—2019 a > 40 <50 1 LL) 71 EZ 2019-2020 | at | tu | || $50 <60 ro30, eet SS~S*~~«AY~C«dS BO — ote | 7021- 2 022 > 70<80 fpr2022-2023 jun 203 Se TCC“ wes] —=554)——~SC*~*«S| SC“‘(C/’.' CY?C‘éCOOY Jul-Sep, 2028 Complaints CS Oct—Dec, and Grievances 2023 The IBBI (Grievance and Complaint Handing Procedure) Regulations, 2017 Jan-Mar, 2024 ee ee ee enable a stakeholder to file a grievance or a complaint against a service provider. 27899 | = 554] si2t89 | 5532] Beside this, grievance and complaints are received from the Centralised Public Note: Registration of 4 RVs have since been cancelled. anes Redress ane Monitoring System (CrrcR Prime Ministers Office As on March 31, 2024, 1407 RVs (constituting 26% ofthe total RVs registered) are (omplaints, till Mar, ch 3t I202thorities.4is presentnd inTobipt332 iisposal oF grievances ani from metros, while 4125 RVs (constituting 74% of the total RVs registered) are ; _ . : . . from non - metro locations. The region - wise detail of RVs is given in Table 30. A Table 32: Receipt and Disposal of Grievances and Complaints till March geographical distribution of RVs as on March 31, 2024 is presented in Figure 23. 31,2024 (Number) Table 30: Region wise RVs as on March 31, 2024 Year / Complaints and Grievances Received Total (Number) Quarter Under the Through Through Recei- Dispo- Unde r City /Region Land & Plant & Securities or Total Regulations PMO/MCA/CPGRAM/ OthMod e rs ved sed Examination- Building Machinery Financial Assets Other - ived _sed__ived _sed__ived _ sed Rest ofWestern Region (338, [2018-2019 [iif si] 333] 290) 713 | 380 1157 [ChennaiPt , 827) ao a0ar ee geeep RestofSouthernRegion 2020-2021 | 266] 260 | 356] 378] 990 | 1364| 1616] 2002] _36I| | 1099]131/74 2021-2022 | 276| 279] 574] 570} 611 | 784] 1461 | 1633] 189] 2072 - 2023 Rest ofEasternRegion |53|.9|451107 | Apr-Jun, 2023] 46| 50] 113| 98| 71] 49| 230| 197] __225) 27a9 | 554] 289] 5532] = oul-gSee.ep, 20232024 s1| 31 | el 94] 9 | 4] 256] 239] 274 jan-Mar,2024| 50] 78|—91| 10] 56 | 52] 197] 240] 231 8 ----- End of picture text -----

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----- Start of picture text ----- Examinations Building Ecosystem Limited Insolvency Examination Roundtables The IBBI publishes the syllabus, format, etc. of the examination under regulation During the quarter, the IBBI organised roundtables with stakeholders as 3(3) of the IP Regulations. It reviews the same continuously to keep it relevant presented in Table 35: with respect to dynamics of the market. It has successfully completed seven Table 35: Roundtables with stakeholders phases of the Limited Insolvency Examination. The eighth phase is going on from - July |, 2023. It is a computer based online examination available on daily basis from SI. Date Particulars various locations across India. NSEIT Limited is the current test administrator. 1 8- 01 - 24 | Roundtable with prospective and successful resolutio The details of the examination are given in Table 33. applicants Table 33: Limited Insolvency Examination 27 - 02 - 24 | Meeting with Grant Thornton UK Phase Period Number ofAttempts Successful (some candidates made Attempts a = more than one attempt) & = =< 5 Jan, 2017—Jun, 2017 5329 1201 ==!a : = =— VASSS Third Jul, 2017—Dec, 2017 6237 i112 = = — = a= | Jan, 2018—Oct, 2018 6344 1013 =o GY ve ewe 7 G- \ : —— Noy, 2018—Jun, 2019 3025 © SP ASN S ghee mee Be Ju,Jan, 2021 2019 — —Dee,F eb, 2022 2020 S860 27Al | [tote] | r ' leer edt—= ahae< VSS| } Mar, 2022— J un, 2023 l677| «dS gare ae = Total rSCSC«CS9B | 5577 Meeting with Grant Thornton UK, February 27, 2024 Valuation Examinations IP Workshops The IBBI, being the authority underthe Valuation Rules commenced the Valuation IBBI has been organising workshops for registered IPs with the aim to deliver Examinations for asset classes of: (a) Land and Building, (b) Plant and Machinery specialised and deep level learning through a classroom, non-residential mode. It and (c) Securities or Financial Assets, on March 31, 2018. It reviews the organised several Workshops for the IPs during the quarter through online mode. examinations continuously to keep it relevant with the changing times. Presently, The details of the workshops conducted till March 3 |, 2024, is given in Table 36. the fourth phase of valuation examinations is going on from July |, 2022. The fifth Table 36: Capacity Building Programmes for IPs till March 31, 2024 phase of examinations was.notified on January 10, 2024, and it is scheduled to Year/ Basicl Advanced [ocher! Webinars Roundel lairainanes| leroeal commencefrom on May l, alt isacomputer based online examination available Period Work - Work - Work - tables several locations across India. National Institute of Securities Markets is the shops shops shops we eVatntanteanhethne ofthe Examinations are given in Table 34, paore-t7 | tt | | | | | Phase Period: Numberof Attempts Number ofSuccessful Poe | «| -| -| -| [| »| moreoo than one attempt) Sep ap ep | in Asset Class | 2020-21 | eT BuildingLand& Plant& Securities Land& Plant& Securities pori-22 |tT50 Machi - or Financial Building Machi - or Financial | 2or2-23 | tT A TT 88 nery__ Assets nery__Assets [| Apr-jun.2023 | =| =| 7] 3 | 2] | First |Mar,2018-| 9469] 1665 4496] 1748] 324 707 [ Jul-Sep,2023 | -| | 4 | A Tt TT Mar, 2019 | Oct-Dec,2023| | | os | os | | Be 2020 toate Third | Jun, May 2020-— 8370 2015 8377 620 781 | sa |e | | |ae| Jun, 2022 Advocacy and Awareness Fourth Workshop on ‘Committee of Creditors: An Institution of Public Faith’ Sep, 2022 The IBBI in association with the State Bank of India (SBI) and the IBA, organised a Sem) Dec, 2022 Sf BT one“Committee-day workshopof Creditors:in hybridAn Institutionmode, ofon PublicJanuaryFaith”.15, This2024 wason thethe tenththemesuch workshop in the series of events organized by the IBBI as an initiative to engage Mar, 2023 with stakeholders to crowd source inputs as well as to share ideas. Over 150 Apr,Jun, 2023 202 3 — 248 4l 207 29 4 22 seniorscheduledofficerscommercial(Assistant banksGeneralandManagerfinancial andinstitutionsabove) representingparticipated seventeenin the Jul, 2023 — 264 43 144 37 7 27 workshop. Mr. Ravi Mital, Chairperson, IBBI; Mr. Alok Kumar Choudhary, MD (R, Sep, 2023 C&SARG), SBI; Mr. Sunil Mehta, Chief Executive, IBA and Mr. Sandip Garg, WTM, FSS Oct, 2023 - ea 284 ined 37 nl 114 cl 32 Dl 5 a 17 eminentIBBI delivered speakers the included inaugural Mr. address Sandip Garg, for setting WTM, the context IBBI; Mr. Shiv for the workshop.Anant Shanker, The Jan, 2024 - 274 53 183 29 5 Chief General Manager, IBBI; Mr. Rohit Govil, Partner, Deals, PWC, Mr. S. V. Ram Mar, 2024 Kumar, Partner, Ernst and Young; Ms. Mamta Binani, IP; CA Sripriya Kumar, Total > ; , , [Total“ si | 25546] sisi] 20052| 3126] 629| 2396 CentralNCLT andCouncil Ms. NamishaMember, Singh,ICAI Manager,and IP; Mr.IBBI.Mukesh The workshopChand, aimedRetired at DGM developingLaw, a better understanding ofthe role of and expectations from the CoC and to build the capacity of FCs to ensure that the CoC discharges its statutory responsibility with care and diligence so as to achieve better outcomes. —= ® ----- End of picture text -----

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----- Start of picture text ----- IWQOLVENCY AND DAVICRUPTCY DARD OF INDIA at I I 4 | Pe as +ceacy : Wa y an Wh ry & Workshop tin tty for tf a wee 7 { , 2 Pp edeyeesysanmrthei aie 1 ‘ mie oe ( \ Fee‘ aesi) bect alsareeeaae -; f . . on% ae.Paik | — , aa gee:=Few OL ve : z Ds pai SO) a yo eer AC We <a> “3 ~~ J ‘ f as ———_ 7 Vita WA Ti fea S to fh. Workshop on ‘Committee of Creditors: An Institution of Public Faith’, Kolkata, Mr. Ravi Mital, Chairperson, IBBI (through virtual mode); and Mr. Sandip Garg, D January 15,2024 WT, ' IBBI atat CConference on ResolutionResolution ofof Stressed Stressed AAssets and IBC-- The The FiFuture Train - the -t rainers program on Corporate Debt Restructuring Process Seacalaile, sides, idbilyy 10, A The IBBI, in association with the Foreign Commonwealth and Development Office (FCDO), organised a ‘Train the Trainer’ session on ‘Corporate Debt Paper Presentation: ; "A Restructuring Process’ on February |6, 2024, in Mumbai. The program aimed at ps and prerequisites for facilitating success of Prepack, includingS , discussion of issues for improving understanding of the Code, re - discovering the ing its scope to large corporate entities and convergence of out 7 sven possible: solutions: of restructuring: processes and getting; an ,international; of court workouts with Prepackas ei aS perspective on restructuring practices so as to keep ready to deal with the oe He ey 2 , emerging areas. The highlight of ‘Train the Trainer’ session included discussions by ; % ‘ ep hen x “4 hel Mi testi ‘ IPs on case studies related to the session. eee a , tf y Bes fies) 3 ( ; aa Se Fk i i) (ie ais, mek! oo 7 | ee — nn ————aa @. = }—f 4 | yeN \ ¢{ 1 j 4 ei » v Lig |e ay ) Mr. Sudhaker Shukla, WTM, IBBI at Conference on Resolution of Stressed ¥ ah i 2 os - me “ if [= Assets and IBC- The Future Road Map, Mumbai, January 10, 2024 seat aS ee ee | aN ay Ge Sa <4 | A) = 9 cma. SS Qiscrameons oY y= / \ ) = \ . by Conference on ee = thin Mancing Binhts of Sta ppoliersiy Ea IBC Train-the-trainers program, Mumbai, February 16, 2024 | < ze fT pry 2024 |PRae Noe oe wa Other Programmes roan , 3 ¥7 Si | The IBBI in association with various stakeholders, organised advocacy and ia e / p} 2 a 1) -§ fo) cs awareness programmes as presented in Table 37. : 83 Ltd |i } ne pe ee Table 37: Advocacy and Awareness Programmes, January - March, 2024 F > ey, SS = * ae] ze SI. Date Particulars Topic In a? oy t ns ae = association pra ad jose DS —— — with ear — = sees fis 1 0- 01 - 24 — ] Conference Resolution of Stressed CAFRAL 1 1- 01 - 24 Assets and IBC - The Future Mr. Ravi Mital, Chairperson, IBBI at Conference on Balancing rights of Roadmap stakeholders under IBC, New Delhi, February 23, 2024 23 - 02 - 24 | 7” National Summit ASSOCHAM 3 | 23 - 02 - 24 | Conference Balancing rights of IP ICAI and - m e Se ’ stakeholders under IBC PHDCCI , ee: aura abn AEE? ’ 4 varronas mae eneroEDS | 25 - 02 - 24 | Moot Court IBC, 2016 HILSR Jamia pas Yoleitery € Competition Hamdard ' Na Q=: (ene =. 5 | 27 - 02 - 24 | Guest LectOure for IBC, 2016 Union Bank = o ie, nee ===A a 3) pe’ fs Union Bank of India Law of India Officers’ Conference ‘see ai\ oean i eam _ dil > O;eiea-f vere at Gurugram = aK 04-03-24 | Regulators Session Out of court Restructuring | FCDO UK o * F " RS 7 | 211 4-- 0303 -- 2424 - | 9" Batch of the Online ProcessesIBC, 2016 andICAIEY N ‘ . ~i 2 = t. = 14-03-24 — || ResidentialCertificate Course retreat in IBC, 2016 IPA ICAI a— | ‘ a= 16 - 03 - 24 | Puducherry Mr. Ritesh Kavdia, ED, IBBI at National Moot Court Competition, New Delhi, February 25, 2024 o_o 93 ----- End of picture text -----

Et (NSO! VENCY AND BANKRUPTCY NEWS

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----- Start of picture text ----- i, Tlimus PROGRAY S * EVsser Y uuceer 4S INSOLVENCY ANDBANKRUPTCY mh il 1a=f Rees Welcome you to the seminar on RCH - 17™' MARC )2. 4. I i | emiaQibtee structuring and administration process NHEUR OCEANS PRE : 7 I '| |) rv ———— P RRYiiIili i Ear) PY j “< ONDICHE Ry i) Wil — — INS PART! : Lee: PeESONOKLC Bi 0 AR) eer a | y2 P - — = ' . a Wc —— * eencil - names isi inaietaemaaia ial ee Mr. Sudhaker Shukla, WTM, IBBI at Regulators' session on Out of court Ms. Shalini Shah, DGM, IBBI at Residential retreat, Puducherry, restructuring processes, New Delhi, March 4, 2024 March 14, 2024 Senior officers of IBBI participated as guests and faculty in several programmes during the quarter, the details of which are presented in Table 38. Table 38: Participation of Senior Officers in Programmes SI. Date Organiser Subject Participation 06 - 01 - 24 | NALSARand ICSI Hyderabad National conference on Development and Trends in corporate laws Mr. Ritesh Kavdia, ED & Governance 2 08 - 02 - 24 | IICA Insolvency Law Conclave on the theme [‘Insolvency] [Law] [&][ Corporate] Mr. Santosh Shukla, ED Restructuring: The journey so far, challenges ahead & way forward’ 09 - 02 - 24 | IIIPICAI Webinaron Role of Forensic Auditors under IBC Mr. Santosh Shukla, ED > i et a = —— ; nat } Figen (tee ihayz Ole oh a ) & f ~ mas Mr. Ritesh Kavdia, ED, IBBI at National conference on ‘Development and Trends Mr. Santosh Shukla, ED, IBBI at Insolvency Law Conclave, IICA Campus, in corporate laws & Governance’, Hyderabad, January 6, 2024 Manesar, February 8, 2024 ----- End of picture text -----

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Gt INSOLVENCY AND BANKRUPTCY NEWS

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||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|Adjudicating Authority|IU/lUs|Information|Utility/Utilities|
|Authorisation|for Assignment|Jaiprakash Associates|Ltd.|
|Authorised|Representative|Liquidation Commencement Date|
|ASSOCHAM|The|Associated|Chambers|of Commerce|and|Liquidation|IBBI (Liquidation|Process)|Regulations, 2016|
|Industry of India|Regulations|
|BIFR|Board for Industrial and Financial Reconstruction|Ministry of Corporate Affairs|
|CAFRAL|Centre|for|Advanced|Financial|Research|and|Managing Director|
|Learning|Model|Bye|-|Laws|IBBI|(Model|Bye|-|Laws|and|Governing|Board|of|
|Corporate Debtor|Regulations|Insolvency|Professional|Agencies)|Regulations,|
|Chief|Executive|Officer|2016|
|CIRP|Corporate Insolvency Resolution Process|MSME|Micro, Small and Medium Enterprise|
|CIRP|Regulations|IBBI|(Insolvency|Resolution|Process|for|NALSAR|ne|National|Academy|of|Legal|Studies|and|
|Corporate Persons)|Regulations, 2016|esearc|
|Committee of Creditors|NCDRC|National|Consumer|Disputes|Redressal|
|Commission|
|CPGRAMS|CentralisedContinuing—|ProfessionalPublic-|GrievanceEducation-|Redress|and|NCLAT|NCLT|National|National|Company|C|Law|Law|Appellate|Tribunal|Tribunal|
|Debt|Recovery|Tribunal|National e- Governance Services Limited|
|ae|Directorate|of|Enforcement|OC/OCs|Operational Creditor/ Creditors|
|FCDO|Foreign|Commonwealth|and|Development|PG/PGs|Personal Guarantor/Guarantors|
|Office|PGIP|Post Graduate Insolvency Programme|
|FiSP/FiSPs|Financial|Service|Provider/|Financial|Service|PHDCCI|The PHD Chamber of|Commerce and|Industry|
|Providers|,|
|ne|righ Court|
|_|
|HILSR|Prime|Minister's|Office|
|Hamdard Institute of Legal Studies|PPIRP|Pre|-|Packaged|Insolvency Resolution|Process|
|Indian|Banks’|Association|,|,|-|
|-|
|IBBI/|Prospective Resolution Applicant|
|IBC/|Board|Insolvency|and|Bankruptcy|Board|of|India|PSIEC|Punjab|Small|Industries|Export|Corporation|
|ICAI|Code|Insolvency and Bankruptcy Code, 2016|Presi|Reserve|Bank|of|India|
|Institute of|Chartered Accountants of India|[ROD|Record|ofDefault|
|ICMA\|Insolvency|Commencement Date|RP/RPs|Resolution|Professional/Professionals|
|Institute of|Cost and Management|Accountants|RV/RVs|Registered Valuer/Registered Valuers|
|ICSI|Institute of|Company Secretaries of India|RVO/RVOs|Registered|Valuer|Organisation/Registered|
|-|
|ICSIIIP|Valuer Organisations|
|IICA|Icst Institute ofInsolvency Professionals|State|Bank|of|India|
|IIIP|indian|institute|of|Corporate|Affairs|:|Supreme|Courtof|India|
|ICAI|oan|Institute|of|Insolvency|Professionals|of|Stakeholders’ Consultation Committee|
|IIM Ahmedabad|Indian Institute of Management, Ahmedabad|Show Cause Notice|
|IP/IPs|Insolvency Professional/ Professionals|Special Purpose Vehicle|
|IPA/IPAs|Insolvency Professional Agency/ Agencies|Successful|Resolution Applicant|
|IPAICAI|Insolvency|Professional|Agency|of|Institute|of|Valuation Rules|The|Companies|(Registered|Valuers|and|
|Cost Accountants of India|Valuation)|Rules, 2017|
|IPE/IPEs|Insolvency|Professional|Entity/Entities|VIBA|Value Infra Buyers association|
|IP Regulations|IBBI (Insolvency Professionals)|Regulations, 2016|
|IRP/IRPs|Interim|Resolution|Professional/Professionals|Whole|-t|ime Member|

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