Intelligence note
Admitted 1 Aug 2017 by the Ahmedabad bench on a petition by ICICI Bank LImited (a financial creditor). Liquidation ordered 25 Apr 2019, 632 days after admission (concluded-case median: 480 days). Admitted claims ₹19,316.68 Cr.
Two Supreme Court rulings came out of this liquidation. On 19 Apr 2022 the Court held that wages for work done during the CIRP are CIRP costs. On 26 Aug 2022 it held that the IBC prevails over the Customs Act once the moratorium applies. The Dahej yard went to Welspun Steel Resources for ₹789.05 Cr in all, and the Surat land to AM Mining India on a ₹189.50 Cr bid.
Two Supreme Court rulings came out of this liquidation. On 19 Apr 2022 the Court held that wages for work done during the CIRP are CIRP costs. On 26 Aug 2022 it held that the IBC prevails over the Customs Act once the moratorium applies. The Dahej yard went to Welspun Steel Resources for ₹789.05 Cr in all, and the Surat land to AM Mining India on a ₹189.50 Cr bid.
Claims at a glance
FC 90%
OC 10%
Other 1%
Total admitted ₹27,236.97 Cr · as on 23 Aug 2022
Case details
CIN
L61200GJ1985PLC007730
Incorporated
1985
Registered State
Gujarat
NCLT Bench
Ahmedabad
Petition
CP(IB) No. 53 of 2017
Initiated by
FC — ICICI Bank LImited
Commencement
1 Aug 2017
Liquidation Order
25 Apr 2019
Admitted Claims
₹19,316.68 Cr
NCLT Ahmedabad: median 465 days admission → verdict · 32% of concluded matters ended in plan approval (n=451, full record) · all benches →
The liquidation order
Committee of creditors resolved to liquidate — order under Section 33(2) · CoC vote 84.63 per cent of votes cast in favor of the resolution for liquidation of the company
The Tribunal approved the CoC's liquidation resolution dated 20 Feb 2019 after both plans of the sole resolution applicant were voted down.
Liquidator
Sundaresh Bhat
the resolution professional continued as liquidator
the resolution professional continued as liquidator
Petition
ICICI Bank, the Financial Creditor · Section 7 · admitted 1 Aug 2017
Bench & coram
Before the Adjudicating Authority, National Company Law Tribunal, Ahmedabad Bench, Ahmedabad
Harihar Prakash Chaturvedi, Member Judicial · Manorama Kumari, Member Judicial
Harihar Prakash Chaturvedi, Member Judicial · Manorama Kumari, Member Judicial
Time in the process
CIRP was extended by 90 days beyond 180 days by order dated 12 Jan 2018; no exclusion was granted or discussed.
Market test
LHG was the sole resolution applicant in both bid processes, despite other EoIs being received.
Liquidator’s fee
Mr. Sundaresh Bhat acts as Liquidator with fees per the IBC, 2016 Schedule; no rate or amount is specified.
Resolution plans that did not survive · 2
Liberty House Group Pte Ltd. (LHG) · rejected by CoC
Liberty House Group's first plan (23 Mar 2018) was disqualified by the RP on 16 Apr 2018 under Section 29A. On the Bench's direction it went to the CoC with the second plan on 17 Dec 2018; neither won the majority required under Section 30(4). No plan value or vote share is given.
Liberty House Group Pte Ltd. (LHG) · rejected by CoC
Liberty House Group's second plan (23 Apr 2018) was held up by the Bench's status quo order until 23 Aug 2018. Voted on with the first plan on 17 Dec 2018, it too failed to win the required majority. No plan value or vote share is given.
What the bench heldThe company is not a going concern, and the Bench found no ground to differ from the CoC's liquidation decision. The respondent bank should have respected the moratorium. Workers' dues received stay outside the Section 53 waterfall.
Also disposed of in this order · 8
Directions in the liquidation I.A. No. 139 of 2018 — Liberty House Group's plea to be declared an eligible resolution applicant, and to set aside the RP's disqualification of 16 Apr 2018, was dismissed as infructuous.
A claim adjudicated I.A. No. 348 of 2017 — Workmen's plea for wages unpaid since 1 Aug 2017, and for the RP's removal, was disposed of in view of the order in IA 78/2018, which directed ₹2.75 Cr to be deposited with the NCLT Registry for workmen's dues (apportioned by the RP and CoC from ₹9.56 Cr paid by the Coast Guard). Removal was not separately ruled on.
Directions in the liquidation I.A. No. 141 of 2018 — RP's challenge to transfers to ABS Resources, Mahavir Distributor, ABG International and Nor Crane & Winch. Allowed: the Bench held three of the transactions preferential under Section 43, and two not, as they were made before the two-year look-back period.
Directions in the liquidation I.A. No. 204 of 2018 — RP's challenge to ₹421.42 Cr sent to Varda Seven PTE Ltd and to loans given to Banal Investments and Trading Private Limited. Allowed: one transaction is open for investigation; the other was held not preferential, being before the look-back period.
Directions in the liquidation I.A. No. 303 of 2018 — Bank of Baroda appropriated the company's fixed deposits on 2 Aug 2017, after the moratorium of 1 Aug 2017. Allowed: the Bank must reverse ₹9.75 Cr into the company's TRA account with ICICI Bank, with interest.
Directions in the liquidation I.A. No. 321 of 2018 — RP's challenge to the company's USD ₹6.70 Cr investment in, and loans to, its Singapore subsidiary ABG Shipyard Singapore Pte. Limited. Allowed: the Bench held it open for investigation; it was made before the two-year look-back period.
Directions in the liquidation IA 78 of 2018 in CP (IB) 53 of 2017 — The ₹2.75 Cr received from the Coast Guard for work done by workers and employees cannot form part of the liquidation assets or the Section 53 waterfall; it is to be paid to the workers and employees.
Directions in the liquidation — Any other pending IAs were also treated as infructuous and disposed of.
Key dates in the order · 22
1 Aug 2017 — CP (IB) 53/2017 admitted on ICICI Bank's Section 7 petition; Sundaresh Bhat IRP; moratorium declared
2 Aug 2017 — Bank of Baroda terminated and appropriated the company's fixed deposits against its loan
3 Aug 2017 — ICICI Bank sent the admission order to all banks, including Bank of Baroda
5 Aug 2017 — Public announcement under Section 15 calling for claims
4 Sep 2017 — First CoC meeting
7 Sep 2017 — CoC confirmed the IRP as RP by electronic voting
28 Sep 2017 — First-round EoI deadline; EoIs from Liberty House Group (LHG), Mahindra and Mahindra, AFCONS Infrastructure
12 Jan 2018 — CIRP extended by 90 days beyond the 180 days
23 Mar 2018 — LHG submitted its plan under the first bid process
16 Apr 2018 — RP disqualified LHG as ineligible under Section 29A
18 Apr 2018 — Advertisement inviting EoIs for the second bid process
19 Apr 2018 — Second-round EoI deadline; EoIs from LHG and Deccan Value Investors L.P.; LHG filed IA 139/2018
20 Apr 2018 — Bench directed status quo on opening of the second bid
23 Apr 2018 — LHG submitted its plan under the second bid process
25 Apr 2018 — Order in IA 78/2018 directing deposit of ₹2.75 Cr with the NCLT Registry for workmen's dues
19 Jul 2018 — Bank of Baroda confirmed by email that the fixed deposits had been appropriated
23 Aug 2018 — Bench directed the RP to put both LHG plans to the CoC for voting
17 Dec 2018 — 19th CoC meeting; both LHG plans failed to get the majority needed under Section 30(4)
18 Feb 2019 — Bench clarified the CoC may meet and resolve on liquidation under Section 33 or on a plan
20 Feb 2019 — 21st CoC meeting resolves to liquidate, with 84.63% of votes cast in favour
1 Mar 2019 — 22nd CoC meeting approves Sundaresh Bhat as liquidator
25 Apr 2019 — Liquidation ordered; three avoidance applications allowed; Bank of Baroda told to reverse ₹9.75 Cr with interest
Read the order ↗ · scanned copy
E-auction record
Reserves between ₹1.89 L and ₹27.24 Cr across the notices below.
AUCTION DATE
RESERVE · NOTICE · EMD
21 Sep 2026
Reserve ₹27.24 Cr · Issue of Auction Notice · Land Parcel- Lot No. 3 · Industrial Land at Survey No. 75, Village Gaviyar, Taluka Choryasi, District Surat, Gujar… · noticed 3 Sep 2026 · EMD closed 18 Sep 2026 · notice PDF
21 Sep 2026
Reserve ₹8.65 Cr · Issue of Auction Notice · Land Parcel- 1,922 SQM · Industrial Land at Survey No. 31, Village Gaviyar, Taluka Choryasi, District Surat, Gujar… · noticed 3 Sep 2026 · EMD closed 18 Sep 2026 · notice PDF
21 Sep 2026
Reserve ₹6.16 Cr · Issue of Auction Notice · Land Parcel- 10,927 SQM · Industrial Land at Survey No. 14, Village Ambetha, Taluka Vagra, District Bharuch, Gujara… · noticed 3 Sep 2026 · EMD closed 18 Sep 2026 · notice PDF
25 Jul 2025
Reserve ₹1.89 L · Issue of Auction Notice · Vehicles in Scrap Condition · Ahemdabad, Gujarat · noticed 9 Jul 2025 · EMD closed 22 Jul 2025 · notice PDF
13 Oct 2023
Reserve ₹9.10 L · Issue of Auction Notice · Vehicles · Surat and Baruch, Gujarat · noticed 25 Sep 2023 · EMD closed 11 Oct 2023 · notice PDF
16 Sep 2022
Reserve ₹7.79 Cr · Addendum · Land and Vehicles · Surat and Bharuch, Gujarat · noticed 27 Aug 2022 · EMD closed 12 Sep 2022 · notice PDF
6 Sep 2022
Reserve ₹7.79 Cr · Issue of Auction Notice · Land and Vehicles · Surat and Bharuch - Gujarat · noticed 18 Aug 2022 · EMD closed 2 Sep 2022 · notice PDF
15 Oct 2021
Reserve ₹8.50 Cr · Issue of Auction Notice · Partial completed Seismic Survey Vessel Y-238 Varada Empress along with its identified machineries, stores an… · Surat Shipyard situated at ABG Shipyard, near village Gaviar, Taluka Choryasi, District S… · noticed 8 Oct 2021 · EMD closed 13 Oct 2021 · notice PDF
Recent movement
EoI / Form-G detail
Plan submission by
9 Mar 2018
Evaluation matrix issued
16 Feb 2018
Dates as captured from IBBI on 30 Aug 2026
Case timeline
◆ Liquidator changed1 Aug 2017
CIRP commenced
Insolvency proceedings began · NCLT Ahmedabad
8 Feb 2018
NCLAT appeal
5 further events in between
25 Apr 2019
Liquidation order passed
No resolution plan approved — assets liquidated
Company
Type
Public · Company limited by shares
Listing
Listed
Incorporated
15 Mar 1985
Authorised capital
₹17,000.00 Cr
Paid-up capital
₹201.50 Cr
Industry (MCA)
Transport, storage and Communications
ROC
ROC Ahmedabad
Company status
Under Liquidation
Registered address
Magdala Villageoff Dumas Road, Surat, Gujarat, 395007, India
Claims filing history
Operational creditors ↓
2 ↓
3 ↓
4 ↓
Other stakeholders ↓
Secured financial creditors ↓
Unsecured financial creditors ↓
Latest claims position · version 4, as on 23 Aug 2022, filed by Sundaresh Bhat
| Creditor class (as IBBI lists it) | Claims | Claimed | Admitted | Admitted % |
|---|---|---|---|---|
| Secured financial creditors | 24 | ₹22,059.66 Cr | ₹22,056.09 Cr | 99.9% |
| Unsecured financial creditors | 16 | ₹2,572.98 Cr | ₹2,362.70 Cr | 92% |
| Operational creditors (Workmen) | 639 | ₹43.58 Cr | ₹34.85 Cr | 80% |
| Operational creditors (Employees) | 234 | ₹70.03 Cr | ₹53.94 Cr | 77% |
| Operational creditors (Government Dues) | 16 | ₹3,172.87 Cr | ₹1,723.50 Cr | 54% |
| Operational creditors (other than Workmen, Employees and Government Dues) | 165 | ₹921.77 Cr | ₹852.81 Cr | 93% |
| Other stakeholders, if any (other than financial creditors and operational creditors) | 5 | ₹168.70 Cr | ₹153.09 Cr | 91% |
| Total | 1099 | ₹29,009.60 Cr | ₹27,236.97 Cr | 94% |
Of ₹29,009.60 Cr claimed, ₹27,236.97 Cr stands admitted — 94 paise per ₹1 claimed. ₹1,772.63 Cr was not admitted. Classes with no claims are not shown.
Source: IBBI claims summary for this version · IBBI PDF ↓. Claims are revised as the process runs; this page shows the latest version only.
v4 · latest
as on 23 Aug 2022 · filed by Sundaresh Bhat
v3
as on 8 Apr 2022 · filed by Sundaresh Bhat
v2
as on 6 Jan 2022 · filed by Sundaresh Bhat
v1
as on 4 Mar 2021 · filed by Sundaresh Bhat
Sources, basis and disclaimers → ·
report an error
This case vs Machinery & Equipment
Time to liquidation order632 days
typical for this sector 419 days
Size rank in sector#2 of 217
Key parties
IRP at commencement
Sundaresh Bhat → · Aug 2017
Per IBBI's register of insolvency professionals, read 5 Oct 2026
CIRP initiated by
ICICI Bank LImited FC
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