Bought back from the brink: resolutions after the CoC voted to liquidate
A ₹14,000 liquidation value, a 100% vote to shut it down — and a ₹45 lakh plan anyway. Evyavan is not alone: at least 16 approved plans arrived after the creditors had voted for liquidation.
On paper, Evyavan Mercantile was finished. Registered valuers put fair value at ₹78,000 and liquidation value at ₹14,000. Form G drew no expressions of interest, and in February 2025 the Committee of Creditors — a single member, Ashika Global Securities, with an admitted claim of ₹8.63 crore — voted 100% for liquidation. The creditor then asked the resolution professional to hold the filing. Months later a plan arrived from an individual, Mr. Bijay Kumar Dokania, a chartered accountant: ₹45 lakh plus CIRP costs, payable within 30 days. The CoC approved it unanimously.
It is rarer than it should be, but it is not a one-off. Reading the plan-approval orders in full, we found at least 15 more where the CoC had voted or resolved for liquidation before the plan that was finally approved: Baghauli Sugar and Distillery, Byrnihat Coal, Dolphin Offshore Shipping, Infra Industries, Jason Dekor, Kannu Aditya India, Latakisan Infra, Peri Nitrates, R P Basmati Rice, Rustagi Impex, Shreechem Pharmaceuticals, Shri Fakirchand Enterprises, Srithik Ispat, Teknik Plant and Machinery, and Unitech Machines. In several the Tribunal dismissed or did not act on the liquidation application, and a revised or late plan went through.
The wider pattern is that first rounds often fail. Of 1,408 approved plans whose orders record the Form G rounds, 600 (43%) needed two or more invitation rounds, 155 needed three or more, and 81 had at least one round that drew no expressions of interest at all — and still ended in an approved plan.
Two lessons. For creditors: a liquidation vote or an empty round is not the end of the auction; a held filing or a re-issued Form G costs little. For buyers: the “dead” cases in the feed are still purchasable — a clean shell with its slate wiped by Section 31 has a price, and sometimes that price is ₹45 lakh.