Intelligence note
Admitted 18 Jul 2017 by the Ahmedabad bench on a petition by State Bank of India (a financial creditor). Plan from JM Financial Asset Reconstruction Company Limited and Reliance Industries Limited approved 8 Mar 2019, 598 days after admission (resolved-case median: 630 days). Creditors realise 16.66% of ₹30,706.69 Cr admitted; haircut 83.3% (median 78.0% across resolutions). That is 115.4% of liquidation value (₹4,433.00 Cr), better than a break-up sale.
The plan first failed: at the 10 Apr 2018 vote it drew 70.28%, short of the 75% then required. After the 2018 amendment cut the bar to 66%, it passed with 72.192% at the 16th CoC meeting on 20 Jun 2018. NCLAT dismissed GAIL's appeal against the approval on 04 Oct 2021.
The plan first failed: at the 10 Apr 2018 vote it drew 70.28%, short of the 75% then required. After the 2018 amendment cut the bar to 66%, it passed with 72.192% at the 16th CoC meeting on 20 Jun 2018. NCLAT dismissed GAIL's appeal against the approval on 04 Oct 2021.
Claims at a glance
FC 96%
OC 4%
Total admitted ₹30,706.69 Cr
Case details
CIN
L17110DN1986PLC000334
Incorporated
1986
Registered State
Dadra and Nagar Haveli and Daman and Diu
NCLT Bench
Ahmedabad
Petition
CP (IB) No. 48/7/AHM/2017
Initiated by
FC — State Bank of India
Commencement
18 Jul 2017
Outcome Date
8 Mar 2019
Admitted Claims
₹30,706.69 Cr
Liquidation Value
₹4,433.00 Cr
Realisable Amount
₹5,115.20 Cr
Recovery vs Claims
16.66%
Recovery vs LV
115.4%
NCLT Ahmedabad: median 465 days admission → verdict · 32% of concluded matters ended in plan approval (n=451, full record) · all benches →
Plan at a glance
The deal
₹6,252 crores total financial outlay, ₹5,052 crores of it to financial creditors
Winning plan
JM Financial Asset Reconstruction Company Limited and Reliance Industries Limited, with 72.192% of the CoC vote
Funding
The Yes Bank Limited loan covers CIRP costs and excess CIRP costs up to an aggregate ₹284.00 Cr.
Monitoring
The Monitoring Committee serves from NCLT approval until the Resolution Applicants acquire control on the Closing Date.
Who gets what (₹ crore)
| Admitted | Provided in the plan | % of admitted | |
|---|---|---|---|
| Financial creditors | 29,614.67 | 5,052.00 | 17.1% |
| Operational and other creditors | 665.02 | Workmen ₹19.33 cr and OCs owed up to ₹3 lakh each ₹4.83 cr; other OCs nil | – |
| All creditors | 30,279.68 | see rows above | – |
Recent movement
8 Mar 2019
Resolution plan approved
Acquired by JM Financial Asset Reconstruction Company Limited and Reliance Industries Limited
Haircut 83.34%
Haircut 83.34%
Valuations & recovery
Liquidation value
₹4,433.00 Cr
Recovery vs liquidation value
115.4%
The plan
Successful applicant
JM Financial Asset Reconstruction Company Limited and Reliance Industries Limited
CoC approval
72.192% voting share · 16th meeting · voted 20 Jun 2018
Case timeline
18 Jul 2017
CIRP commenced
Insolvency proceedings began · NCLT Ahmedabad
8 Mar 2019
Resolution plan approved
Acquired by JM Financial Asset Reconstruction Company Limited and Reliance Industries Limited
Haircut 83.34%
Haircut 83.34%
1 year 7 months elapsed · admission → resolution
Company
Type
Public · Company limited by shares
Listing
Listed
Incorporated
12 Mar 1986
Authorised capital
₹4,250.00 Cr
Paid-up capital
₹4,046.52 Cr
Industry (MCA)
Manufacturing (Textiles)
ROC
ROC Ahmedabad
Company status
Active
Registered address
17/5/1, 521/1, Village Rakholi/ Saily, Silvassa, Dadra & Nagar Haveli, 396230, India
Claims profile
Admitted claims by creditor class
FC 96%
OC 4%
CLASS
ADMITTED
Financial creditors
₹29,523.86 Cr
Operational creditors
₹1,182.83 Cr
Total
₹30,706.69 Cr
Sources, basis and disclaimers → ·
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This case vs Textiles & Apparel
Haircut83.3%
typical for this sector 81.1%
Recovery vs liquidation value115.4%
typical for this sector 111.7%
72% of resolutions in this sector recovered more than their liquidation value — this one did.
Time to resolution598 days
typical for this sector 617 days
Size rank in sector#1 of 83
Key parties
Resolution Professional
4 IBBI mandates · 2 of 2 resolved plans beat the liquidation floor
IRP at commencement
Ajay Joshi → · Jul 2017
Per IBBI's register of insolvency professionals, read 5 Oct 2026
CIRP initiated by
State Bank of India FC
Resolution applicant
JM Financial Asset Reconstruction Company Limited and Reliance Industries Limited
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