Intelligence note
Admitted 26 Jul 2017 by the New Delhi bench on a petition by State Bank of India (a financial creditor). Plan from TATA Steel Limited approved 15 May 2018, 293 days after admission (resolved-case median: 630 days). Creditors realise 63.94% of ₹57,505.05 Cr admitted; haircut 36.1% (median 78.0% across resolutions). That is 252.9% of liquidation value (₹14,541.00 Cr), better than a break-up sale.
Implemented 18 May 2018 through Bamnipal Steel, a Tata Steel subsidiary; NCLAT dismissed the challenges to the approval on 10 Aug 2018. On 17 Jul 2026 the Supreme Court held that pre-insolvency claims left out of an approved plan are extinguished (2026 INSC 717).
Implemented 18 May 2018 through Bamnipal Steel, a Tata Steel subsidiary; NCLAT dismissed the challenges to the approval on 10 Aug 2018. On 17 Jul 2026 the Supreme Court held that pre-insolvency claims left out of an approved plan are extinguished (2026 INSC 717).
Claims at a glance
FC 97%
OC 3%
Total admitted ₹57,505.05 Cr
Case details
CIN
L74899DL1983PLC014942
Incorporated
1983
Registered State
Delhi
NCLT Bench
New Delhi
Petition
CP (IB) -201(PB)/2017
Initiated by
FC — State Bank of India
Commencement
26 Jul 2017
Outcome Date
15 May 2018
Admitted Claims
₹57,505.05 Cr
Liquidation Value
₹14,541.00 Cr
Realisable Amount
₹36,771.32 Cr
Recovery vs Claims
63.94%
Recovery vs LV
252.9%
NCLT New Delhi: median 522 days admission → verdict · 35% of concluded matters ended in plan approval (n=788, full record) · all benches →
Plan at a glance
The deal
₹35,200 crores upfront to financial creditors plus 12.27% to 13.43% of the equity; ₹1,200 crores to operational creditors
Winning plan
Tata Steel Limited, with 99.80% (later 100%) of the CoC vote
Also in the race: JSW Living Private Limited (plan submitted), Bhushan Employees (group led by Mr. Rahul Sengupta, Former Executive Director) (ineligible under s.29A)
Also in the race: JSW Living Private Limited (plan submitted), Bhushan Employees (group led by Mr. Rahul Sengupta, Former Executive Director) (ineligible under s.29A)
Shares
Financial Creditors get equity besides upfront cash: 12.27% or 13.43% of the shares, depending on how SEBI treats the erstwhile promoter group.
Payout period
₹1,200 crores to Operational Creditors (other than Employees, Workmen and Related Parties) to be paid over a period of one year post completion of transaction
Who gets what (₹ crore)
| Admitted | Provided in the plan | % of admitted | |
|---|---|---|---|
| Financial creditors | – | 35,200.00 plus equity | – |
| Operational and other creditors | 1,391.79 | 1,200.27 | 86.2% |
| All creditors | – | 36,400.27 | – |
Recent movement
17 Jul 2026
Tata Steel's appeals allowed; claims left out of the plan extinguished
Supreme Court order read the order ↗
Valuations & recovery
Liquidation value
₹14,541.00 Cr
Recovery vs liquidation value
252.9%
The plan
Successful applicant
TATA Steel Limited
CoC approval
100% voting share · voted 22 Mar 2018
How the plan pays
·NCLT approved the plan on 15 May 2018: ₹35,200 Cr upfront to financial creditors plus 12.27% or 13.43% of the equity, and ₹1,200 Cr to operational creditors. PIB put realisations at ₹36,771 Cr of ₹57,505 Cr admitted (63.94%). Tata Steel acquired it via Bamnipal Steel.
Case timeline
26 Jul 2017
CIRP commenced
Insolvency proceedings began · NCLT New Delhi
15 May 2018
Resolution plan approved
Acquired by TATA Steel Limited
Haircut 36.06%
Haircut 36.06%
4 further events in between
17 Jul 2026
Tata Steel's appeals allowed; claims left out of the plan extinguished
Supreme Court order read the order ↗
10 months elapsed · admission → resolution
Company
Legal name
TATA STEEL BSL LIMITED
Type
Public · Company limited by shares
Listing
Listed
Incorporated
7 Jan 1983
Authorised capital
₹33,520.00 Cr
Paid-up capital
₹19,918.69 Cr
Industry (MCA)
Business Services
ROC
ROC Delhi
Company status
Amalgamated
Registered address
Ground Floor, Mira Corporate Suites Plot NO 1 & 2, Ishwar Nagar, Mathura Roa, D, New Delhi, South Delhi, Delhi, 110065, India
Claims profile
Admitted claims by creditor class
FC 97%
OC 3%
CLASS
ADMITTED
Financial creditors
₹56,022.06 Cr
Operational creditors
₹1,482.99 Cr
Total
₹57,505.05 Cr
Committee of creditors
As recorded in the plan-approval order of 15 May 2018
| Creditor | Class | Voting share | Vote | Admitted |
|---|---|---|---|---|
| IndusInd Bank | Financial creditor | for | ||
| Tata Capital Financial Services Limited | Financial creditor | for | ||
| ING Bank NV | Financial creditor | for |
TSL's plan initially won 99.80%; lenders who could not vote then sent affirmative votes, taking final CoC backing to 100%.
Dissenting creditors: Dissenting financial creditors receive liquidation value in priority to assenting financial creditors, with specific funding sources identified.
Sources, basis and disclaimers → ·
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This case vs Steel & Metals
Haircut36.1%
typical for this sector 82.0%
Recovery vs liquidation value252.9%
typical for this sector 121.3%
78% of resolutions in this sector recovered more than their liquidation value — this one did.
Time to resolution293 days
typical for this sector 553 days
Size rank in sector#1 of 170
Key parties
Resolution Professional
20 IBBI mandates · 5 of 8 resolved plans beat the liquidation floor
IRP at commencement
VijayKumar V Iyer → · Jul 2017
Per IBBI's register of insolvency professionals, read 5 Oct 2026
CIRP initiated by
State Bank of India FC
Resolution applicant
TATA Steel Limited
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