Intelligence note
Admitted 18 Jul 2017 by the Mumbai bench on a petition by State Bank of India (a financial creditor). Plan from Consortium of AION Investments Private II Limited and JSW Steel Limited approved 24 Jul 2018, 371 days after admission (resolved-case median: 630 days). Creditors realise 25.41% of ₹11,478.08 Cr admitted; haircut 74.6% (median 78.0% across resolutions). That is 123.8% of liquidation value (₹2,356.35 Cr), better than a break-up sale.
On 19 Aug 2019 the NCLAT dismissed the appeals of Bharat Petroresources, IFCI, GAIL and BHEL against the plan approval. Separately, on 30 Nov 2018 it dismissed the RP's appeal over the Gare Palma IV/7 coal mine, leaving the government free to re-allot it.
On 19 Aug 2019 the NCLAT dismissed the appeals of Bharat Petroresources, IFCI, GAIL and BHEL against the plan approval. Separately, on 30 Nov 2018 it dismissed the RP's appeal over the Gare Palma IV/7 coal mine, leaving the government free to re-allot it.
Claims at a glance
FC 96%
OC 4%
Total admitted ₹11,478.08 Cr
Case details
CIN
L02710CT1990PLC009826
Incorporated
1990
Registered State
Chhattisgarh
NCLT Bench
Mumbai
Petition
CP(IB)1139(MB)/2017
Initiated by
FC — State Bank of India
Commencement
18 Jul 2017
Outcome Date
24 Jul 2018
Admitted Claims
₹11,478.08 Cr
Liquidation Value
₹2,356.35 Cr
Realisable Amount
₹2,917.12 Cr
Recovery vs Claims
25.41%
Recovery vs LV
123.8%
NCLT Mumbai: median 550 days admission → verdict · 34% of concluded matters ended in plan approval (n=1,269, full record) · all benches →
Plan at a glance
The deal
About ₹2457 crores upfront to assenting secured financial creditors, ₹215.20 crores converted to equity, and ₹25 crores to operational creditors
Winning plan
AION Investments Private II Limited with JSW Steel Limited, with 98.97% of the CoC vote
Also in the race: AION Capital Partners Limited (plan submitted)
Also in the race: AION Capital Partners Limited (plan submitted)
Shares
Existing promoters' equity and preference capital is extinguished; consolidation must not eliminate retail shareholders holding even 1 or 2 shares.
Payout period
Upfront payment to financial creditors within 30 days from the date of this order (24 Jul 2018); ₹25 Cr to operational creditors within one year from the date of delivery of this order (24 Jul 2018)
Who gets what (₹ crore)
| Admitted | Provided in the plan | % of admitted | |
|---|---|---|---|
| Financial creditors | 11,014.92 | 2,676.92 plus equity | 24.3% |
| Operational and other creditors | 463.18 | 25.00 | 5.4% |
| All creditors | 11,478.10 | 2,701.92 | 23.5% |
Recent movement
24 Jul 2018
Resolution plan approved
Acquired by Consortium of AION Investments Private II Limited and JSW Steel Limited
Haircut 74.59%
Haircut 74.59%
10 Aug 2018
Tax department's appeal dismissed; IBC overrides the Income-Tax Act
Supreme Court order read the order ↗
27 Mar 2025
Sales-tax demands for the period before the plan quashed
Supreme Court order read the order ↗
Valuations & recovery
Liquidation value
₹2,356.35 Cr
Recovery vs liquidation value
123.8%
The plan
Successful applicant
Consortium of AION Investments Private II Limited and JSW Steel Limited
CoC approval
98.97% voting share · 8th meeting
Case timeline
18 Jul 2017
CIRP commenced
Insolvency proceedings began · NCLT Mumbai
24 Jul 2018
Resolution plan approved
Acquired by Consortium of AION Investments Private II Limited and JSW Steel Limited
Haircut 74.59%
Haircut 74.59%
10 Aug 2018
Tax department's appeal dismissed; IBC overrides the Income-Tax Act
Supreme Court order read the order ↗
27 Mar 2025
Sales-tax demands for the period before the plan quashed
Supreme Court order read the order ↗
12 months elapsed · admission → resolution
Company
Legal name
JSW ISPAT SPECIAL PRODUCTS LIMITED
Type
Public · Company limited by shares
Listing
Listed
Incorporated
1 Feb 1990
Authorised capital
₹1,550.00 Cr
Paid-up capital
₹995.53 Cr
Industry (MCA)
Agriculture and Allied Activities
ROC
ROC Mumbai
Registered address
JSW Center, Bandra Kurla Complex, Bandra (East), Mumbai, Maharashtra, India - 400051
Claims profile
Admitted claims by creditor class
FC 96%
OC 4%
CLASS
ADMITTED
Financial creditors
₹11,014.91 Cr
Operational creditors
₹463.17 Cr
Total
₹11,478.08 Cr
Sources, basis and disclaimers → ·
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This case vs Steel & Metals
Haircut74.6%
typical for this sector 82.0%
Recovery vs liquidation value123.8%
typical for this sector 121.3%
78% of resolutions in this sector recovered more than their liquidation value — this one did.
Time to resolution371 days
typical for this sector 553 days
Size rank in sector#6 of 170
Key parties
Resolution Professional
21 IBBI mandates · 5 of 6 resolved plans beat the liquidation floor
IRP at commencement
Sumit Binani → · Jul 2017
Per IBBI's register of insolvency professionals, read 5 Oct 2026
CIRP initiated by
State Bank of India FC
Resolution applicant
Consortium of AION Investments Private II Limited and JSW Steel Limited
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