Intelligence note
Admitted 9 Jan 2025 by the Ahmedabad bench on a petition by Arham Enterprise (an operational creditor). Default dated 7 Jul 2023 per the admission order (1.5 years before admission). Plan from Sonal Sumit Mehta Jointly with Credex Trading approved 18 Mar 2026, 433 days after admission (resolved-case median: 630 days). Creditors realise 48.40% of ₹14.60 Cr admitted; haircut 51.6% (median 78.0% across resolutions). That is 90.1% of liquidation value (₹7.84 Cr), below the break-up value.
An operational creditor's case end to end: Arham Enterprise filed under Section 9, and the CoC was a single financial creditor, State Bank of India (admitted claim ₹7.03 Cr, 100% of the vote). Sonal Sumit Mehta, an individual bidding jointly with Credex Trading, won unanimous approval of the plan on 6 Dec 2025.
An operational creditor's case end to end: Arham Enterprise filed under Section 9, and the CoC was a single financial creditor, State Bank of India (admitted claim ₹7.03 Cr, 100% of the vote). Sonal Sumit Mehta, an individual bidding jointly with Credex Trading, won unanimous approval of the plan on 6 Dec 2025.
Case details
CIN
U21099GJ2011PTC065103
Incorporated
2011
Registered State
Gujarat
NCLT Bench
Ahmedabad
Petition
CP (IB) /142/AHM/2024
Initiated by
OC — Arham Enterprise
Date of Default (per admission order)
7 Jul 2023
Commencement
9 Jan 2025
Outcome Date
18 Mar 2026
Admitted Claims
₹14.60 Cr
Liquidation Value
₹7.84 Cr
Fair Value
₹10.83 Cr
Realisable Amount
₹7.07 Cr
Recovery vs Claims
48.40%
Recovery vs LV
90.1%
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
₹10.14 Cr, including ₹3.00 Cr of working capital; ₹1.65 Cr goes to the secured creditor upfront.
Winning plan
Sonal Sumit Mehta jointly with Credex Trading, with 100% of the CoC vote
Also in the race: Consortium of Sunmarg Securities Private Limited with Sunrise Resolution Services Private Limited (on the final list), Rudan Care Products Limited (on the final list), Salawant Real Estate jointly with Kanhaiyalal Salawant (plan submitted) and 4 more
Also in the race: Consortium of Sunmarg Securities Private Limited with Sunrise Resolution Services Private Limited (on the final list), Rudan Care Products Limited (on the final list), Salawant Real Estate jointly with Kanhaiyalal Salawant (plan submitted) and 4 more
Funding
SRA has obtained pre-approval for funding facilities for implementation of the Resolution Plan (NBFC letter dated 6 Sep 2025); Resolution Plan value includes infusion of working capital of ₹3.00 Cr by the SRA.
Deferred payments
Secured Creditors ₹5.38 Cr Within 180 days
Who gets what (₹ crore)
| Admitted | Provided in the plan | % of admitted | |
|---|---|---|---|
| Financial creditors | 7.03 | 7.03 | 100% |
| Operational and other creditors | 2.57 | 0.04 | 1.5% |
| All creditors | 9.60 | 7.07 | 73.6% |
Recent movement
26 Mar 2025
EoI deadline
RP: Ashish Anantray Shah
18 Mar 2026
Resolution plan approved
Acquired by Sonal Sumit Mehta Jointly with Credex Trading
Haircut 51.60%
Haircut 51.60%
Valuations & recovery
Fair value
₹10.83 Cr
Liquidation value
₹7.84 Cr
Recovery vs fair value
65.29%
Recovery vs liquidation value
90.1%
The plan
Successful applicant
Sonal Sumit Mehta Jointly with Credex Trading
CoC approval
100% voting share · 10th meeting · voted 6 Dec 2025
How the plan pays
·Resolution Plan dated 12 Nov 2025 approved by the CoC on 6 Dec 2025 pursuant to voting in the 10th CoC meeting of 13 Nov 2025
EoI / Form-G detail
Dates as captured from IBBI on 30 Aug 2026
Case timeline
◆ RP changed during process9 Jan 2025
CIRP commenced
Insolvency proceedings began · NCLT Ahmedabad
26 Mar 2025
EoI deadline
RP: Ashish Anantray Shah
18 Mar 2026
Resolution plan approved
Acquired by Sonal Sumit Mehta Jointly with Credex Trading
Haircut 51.60%
Haircut 51.60%
14 months elapsed · admission → resolution
Company
Legal name
CLASSIC CORRUGATIONS PRIVATE LIMITED
Type
Private · Company limited by shares
Listing
Unlisted
Incorporated
22 Apr 2011
Authorised capital
₹2.00 Cr
Paid-up capital
₹1.00 Cr
Industry (MCA)
Manufacturing (Paper and Paper products, Publishing, printing and reproduction of recorded media)
ROC
ROC Ahmedabad
Company status
Active
Registered address
69, Soham Integrated Park, Mahijada Bareja Road Off Kamod Dholka Higway, Mahijada, Ahmedabad, Ahmedabad, Gujarat, 382425, India
Claims filing history
| Creditor class | Claimed | Admitted | Admitted % |
|---|---|---|---|
| Operational creditors | ₹9.44 Cr | ₹7.56 Cr | 80% |
| Secured financial creditors | ₹7.03 Cr | ₹7.03 Cr | 100% |
| Total of listed classes | ₹16.47 Cr | ₹14.59 Cr | 89% |
Of ₹16.47 Cr claimed across these classes, ₹14.59 Cr stands admitted — 89 paise per ₹1 claimed made it past verification.
v3 · latest
as on 25 Apr 2025 · filed by Ravi Kapoor
v2
as on 5 Mar 2025 · filed by Ashish Anantray Shah
v1
as on 31 Jan 2025 · filed by Ashish Anantray Shah
Committee of creditors
State Bank of India
Financial Creditor (sole CoC member)
₹7.03 Cr
100.00% vote
100.00% vote
Sources, basis and disclaimers → ·
report an error
This case vs Other Manufacturing
Haircut51.6%
typical for this sector 80.5%
Recovery vs liquidation value90.1%
typical for this sector 117.1%
72% of resolutions in this sector recovered more than their liquidation value.
Time to resolution433 days
typical for this sector 567 days
Size rank in sector#87 of 104
Key parties
Resolution Professional
38 IBBI mandates · 2 of 4 resolved plans beat the liquidation floor
IRP at commencement
Ashish Anantray Shah → · Jan 2025
Per IBBI's register of insolvency professionals, read 5 Oct 2026
CIRP initiated by
Arham Enterprise OC
Resolution applicant
Sonal Sumit Mehta Jointly with Credex Trading
About the applicant
Sonal Sumit Mehta jointly with Credex Trading - individual bidding jointly with a trading firm
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