Intelligence note
Admitted 23 Feb 2018 by the Hyderabad bench on a petition by a financial creditor. Liquidation ordered 26 Jul 2019, 518 days after admission (concluded-case median: 480 days). Admitted claims ₹14,096.10 Cr. The professional in charge was replaced once.
Raghava Square won the going-concern auction (reserve ₹1,200 Cr) but did not pay, and the liquidator cancelled the sale on 28 Jul 2023. NCLT upheld the cancellation on 5 Feb 2025 but allowed 30 days to pay the ₹1,050 Cr balance; on 9 Jun 2026 NCLAT dismissed the buyer's appeals.
Raghava Square won the going-concern auction (reserve ₹1,200 Cr) but did not pay, and the liquidator cancelled the sale on 28 Jul 2023. NCLT upheld the cancellation on 5 Feb 2025 but allowed 30 days to pay the ₹1,050 Cr balance; on 9 Jun 2026 NCLAT dismissed the buyer's appeals.
Claims at a glance
FC 95%
OC 5%
Total admitted ₹14,096.10 Cr
Case details
CIN
L45201TG1987PLC007959
Incorporated
1987
Registered State
Telangana
NCLT Bench
Hyderabad
Petition
CP(IB)No. 294/7/HDB/2017
Initiated by
FC
Commencement
23 Feb 2018
Liquidation Order
26 Jul 2019
Admitted Claims
₹14,096.10 Cr
NCLT Hyderabad: median 438 days admission → verdict · 37% of concluded matters ended in plan approval (n=341, full record) · all benches →
The liquidation order
Committee of creditors resolved to liquidate — order under Section 33(2)
The CoC rejected the consortium's plans and directed a liquidation application; no valid plan was accepted before CIRP ended on 27 Nov 2018.
Liquidator
Sutanu Sinha
the resolution professional continued as liquidator
the resolution professional continued as liquidator
Petition
State Bank of India · Section 7 · admitted 23 Feb 2018
Bench & coram
National Company Law Tribunal, Hyderabad Bench, Hyderabad
K.Anantha Padmanabha Swamy, Member Judicial
K.Anantha Padmanabha Swamy, Member Judicial
Going concern
The Corrigendum Order dated 31 Jul 2019 directs liquidation of IVRCL Limited as going concern.
Time in the process
CIRP was extended for 7 days beyond November 20, 2018 and ended on November 27, 2018.
Market test
Two rounds. The first EoI (9 May 2018) drew 7 prospective applicants, but none submitted a plan; a second EoI was issued on 14 Aug 2018.
Liquidator’s fee
The Liquidator's fee is payable from estate proceeds under Regulation 4(3); the request to retain the RP fee structure was not separately granted.
Resolution plans that did not survive · 2
First Global Finance Private Limited, Mr. Shankar Sharma and Ms. Devina Mehra, with Phoenix ARC Private Limited (original consortium) · rejected by CoC
Phoenix ARC, as financial sponsor, was to lend ₹200 Cr to the company and arrange ₹100 Cr for a new company taking over the non-core assets. The plan aimed to sell non-core assets and turn around the core EPC/BOOT business.
The RP gave four reasons: the consortium was changed against the EoI terms; no Earnest Money Deposit came with the plan of 4 Oct 2018; it missed the minimum qualification criteria; and the CoC found it commercially unacceptable. Rejection sent on 21 Nov 2018.
First Global Finance Pvt Ltd with Mr. Ravindra Deol, Mr. Shankar Sharma and Ms. Devina Mehra (reconstituted consortium, 5th plan of 16 Nov 2018) · rejected by CoC
The CoC rejected the revised plan at its 16th meeting on 20 Nov 2018 (EoI deviation, eligibility, commercial terms, no ₹5 Cr EMD). The applicant said the EMD was paid and its 5th plan was never voted on; SBI replied there was no valid plan before the CoC.
What the bench heldThe Tribunal was not inclined to grant the RP's request to restrain invocation of the Corporate Debtor's bank guarantees.
Also disposed of in this order · 2
Directions in the liquidation IA No. 680/2018 in IA No.544/2018 in CP (IB) No.294/7/HDB/2017 — The Bench dismissed IA 680/2018, an intervention application by the unsuccessful resolution applicant challenging the CoC's rejection of its plan.
Directions in the liquidation TA No.544/2018 in CP (IB) No.294/7/HDB/2017 (corrigendum of 31 Jul 2019) — A corrigendum, issued on the RP's memo of 30 Jul 2019, adds the phrase as going concern after the company's name in the order of 26 Jul 2019, and corrects the RP's name to Mr. Sutanu Sinha (not Mr. R. Ramakrishna Gupta).
Key dates in the order · 20
23 Feb 2018 — State Bank of India's Section 7 application admitted; IRP appointed
9 May 2018 — First public announcement inviting EoI; last date 24 May 2018
28 May 2018 — Last date for EoI extended to 4 Jun 2018
11 Jun 2018 — Evaluation matrix and bid process memorandum issued; plans due by 11 Jul 2018
14 Aug 2018 — Second invitation for EoI issued
21 Aug 2018 — NCLT extended the CIRP period under Section 12 (per an intervenor)
4 Sep 2018 — Bid process memorandum and evaluation matrix issued for the second round
4 Oct 2018 — 1st plan submitted by the original consortium
26 Oct 2018 — 2nd plan submitted
31 Oct 2018 — ₹2.00 Cr of the ₹5.00 Cr EMD deposited
5 Nov 2018 — Balance EMD of ₹3.00 Cr deposited; 3rd plan submitted
6 Nov 2018 — CoC met on the consortium's eligibility after Phoenix ARC declined resolution applicant status
9 Nov 2018 — E-voting on the eligibility criteria began; it ended on 11 Nov 2018
13 Nov 2018 — 4th (updated) plan submitted
16 Nov 2018 — 5th plan submitted by the reconstituted consortium with Ravindra Deol
20 Nov 2018 — 16th CoC meeting rejected the revised plan
21 Nov 2018 — RP communicated rejection of the plans of 4 Oct, 5 Nov and 16 Nov 2018
27 Nov 2018 — CIRP end date after a 7-day exclusion; the 270 days had ended on 20 Nov 2018
26 Jul 2019 — Liquidation ordered; Sutanu Sinha appointed liquidator; IA 680/2018 dismissed; BG invocation not restrained
31 Jul 2019 — Corrigendum added the words as going concern to the order and corrected the liquidator's name
Read the order ↗ · scanned copy
Later in the liquidation · 1 further order on record
29 Oct 2025
Liquidator replaced read the order ↗
E-auction record
⏰ Upcoming e-auction · 23 Oct 2026 (in 2 days)
Reserve ₹236.99 Cr · EMD closes 21 Oct 2026 (0 days left) · auction notice PDF
Category B-Sale of Investments of the CD (In case no bids are received for auction under Category A) Asset Set 2 - Sale of Investments of the CD in Salem Tollways Limited (SPV) be… · Tamil Nadu
Reserves between ₹22.37 Cr and ₹1,005.35 Cr across the notices below.
AUCTION DATE
RESERVE · NOTICE · EMD
23 Oct 2026UPCOMING
Reserve ₹236.99 Cr · Issue of Auction Notice · Category B-Sale of Investments of the CD (In case no bids are received for auction under Category A) Asset Se… · Tamil Nadu · noticed 3 Oct 2026 · EMD closes 21 Oct 2026 · notice PDF
23 Oct 2026UPCOMING
Reserve ₹88.40 Cr · Issue of Auction Notice · Category B-Sale of Investments of the CD (In case no bids are received for auction under Category A) Asset Se… · Tamil Nadu · noticed 3 Oct 2026 · EMD closes 21 Oct 2026 · notice PDF
23 Oct 2026UPCOMING
Reserve ₹39.30 Cr · Issue of Auction Notice · Category C: non-core assets sold individually, if Category A gets no bids · Hyderabad & Kharagpur, WB · noticed 3 Oct 2026 · EMD closes 21 Oct 2026 · notice PDF
23 Oct 2026UPCOMING
Reserve ₹22.37 Cr · Issue of Auction Notice · Category C-Sale of Non-Core Assets of the CD (In case no bids are received for auction under Category A) Asse… · PAN India · noticed 3 Oct 2026 · EMD closes 21 Oct 2026 · notice PDF
23 Oct 2026UPCOMING
Reserve ₹1,005.35 Cr · Issue of Auction Notice · Category A - Sale of Corporate Debtor as a Going Concern - Sale of Corporate Debtor as a going concern on "AS… · PAN India · noticed 3 Oct 2026 · EMD closes 21 Oct 2026 · notice PDF
17 Sep 2026
Reserve ₹44.38 Cr · Addendum · Category C: non-core assets sold individually, if Category A gets no bids · Hyderabad & Kharagpur, WB · noticed 3 Sep 2026 · EMD closed 15 Sep 2026 · notice PDF
17 Sep 2026
Reserve ₹100.10 Cr · Addendum · Category B: the company's shares in IOTL Utkal Energy Services, if Category A gets no bids · Orissa · noticed 3 Sep 2026 · EMD closed 15 Sep 2026 · notice PDF
17 Sep 2026
Reserve ₹325.00 Cr · Addendum · Category B-Sale of Investments of the CD (In case no bids are received for auction under Category A) Asset Se… · Tamil Nadu · noticed 3 Sep 2026 · EMD closed 15 Sep 2026 · notice PDF
Recent movement
Case timeline
◆ Liquidator changed23 Feb 2018
CIRP commenced
Insolvency proceedings began · NCLT Hyderabad
8 May 2018
NCLT order
15 further events in between
26 Jul 2019
Liquidation order passed
No resolution plan approved — assets liquidated
29 May 2020
Appeal against liquidation dismissed; liquidation order upheld
NCLAT appeal read the order ↗
Company
Type
Public · Company limited by shares
Listing
Listed
Incorporated
16 Nov 1987
Authorised capital
₹330.00 Cr
Paid-up capital
₹156.58 Cr
Industry (MCA)
Construction
ROC
ROC Hyderabad
Company status
Under Liquidation
Registered address
Mihir, #8-2-350/5/A/24/1B&2, Panchavati Colony, Road NO. 2, Banjara Hills, Hyderabad, Telangana, 500034, India
Claims profile
Admitted claims by creditor class
FC 95%
OC 5%
CLASS
ADMITTED
Financial creditors
₹13,401.96 Cr
Operational creditors
₹694.14 Cr
Total
₹14,096.10 Cr
Sources, basis and disclaimers → ·
report an error
This case vs Construction & Infrastructure
Time to liquidation order518 days
typical for this sector 425 days
Size rank in sector#2 of 247
Key parties
IRP at commencement
Sutanu Sinha → · Feb 2018
Per IBBI's register of insolvency professionals, read 5 Oct 2026
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