Intelligence note
Admitted 8 Oct 2018 by the Mumbai bench on a petition by ICICI Bank Ltd. (a financial creditor). Liquidation ordered 7 Feb 2024, 1,948 days after admission (concluded-case median: 480 days). Admitted claims ₹12,558.16 Cr.
The RP applied for liquidation on 22 Apr 2019, once the CIRP period had run out without an extension. Most of the wait from admission to the liquidation order was that application pending, not the CIRP.
The RP applied for liquidation on 22 Apr 2019, once the CIRP period had run out without an extension. Most of the wait from admission to the liquidation order was that application pending, not the CIRP.
Case details
CIN
L36911MH1986PLC040689
Incorporated
1986
Registered State
Maharashtra
NCLT Bench
Mumbai
Petition
CP (IB) 3585/MB/2018
Initiated by
FC — ICICI Bank Ltd.
Commencement
8 Oct 2018
Liquidation Order
7 Feb 2024
Admitted Claims
₹12,558.16 Cr
NCLT Mumbai: median 550 days admission → verdict · 34% of concluded matters ended in plan approval (n=1,269, full record) · all benches →
The liquidation order
Committee of creditors resolved to liquidate — order under Section 33(2) · CoC vote 90.16%
No resolution plan or running business existed, assets were attached, and investigations continued; the CoC rejected extension and voted 90.16% for liquidation.
Liquidator
Santanu T. Ray IBBI/IPA-002/IP-N00360/2017-2018/11055
◆ not the RP
The RP, Mr. Vijay Kumar Garg, declined to act as Liquidator, citing a family medical emergency. The CoC chose Mr. Santanu T. Ray at its Eighth meeting on August 01, 2019.
◆ not the RP
The RP, Mr. Vijay Kumar Garg, declined to act as Liquidator, citing a family medical emergency. The CoC chose Mr. Santanu T. Ray at its Eighth meeting on August 01, 2019.
Petition
ICICI Bank Limited, A Financial Creditor · Section 7 · admitted 8 Oct 2018
Bench & coram
National Company Law Tribunal, Court II, Mumbai Bench (appearance in Physical Mode)
Kuldip Kumar Kareer, Member Judicial · Anil Raj Chellan, Member Technical
Kuldip Kumar Kareer, Member Judicial · Anil Raj Chellan, Member Technical
Time in the process
The CIRP extension proposal was rejected with 54.14% votes; the CoC decided the RP shall not apply for extension, and CIRP expired on 6 Apr 2019.
Market test
No Form G was issued because the RP could not access assets attached by the Directorate of Enforcement; authorities refused access.
Liquidator’s fee
The liquidator's fee follows Regulation 4(2)(b) of the IBBI Liquidation Process Regulations, 2016.
What the bench heldThe Tribunal held that CoC commercial-wisdom decisions are not justiciable and its judicial review powers are very limited.
Key dates in the order · 14
16 Aug 2018 — Directorate of Enforcement's confirmatory order of attachment (later set aside)
8 Oct 2018 — CIRP began: CP (IB) 3585/MB/2018 admitted under Section 7 on ICICI Bank's petition; moratorium declared
8 Oct 2018 — Vijay Kumar Garg appointed IRP
1 Nov 2018 — 1st CoC confirmed Vijay Kumar Garg as RP
21 Dec 2018 — Second confirmatory order of attachment (its operation later stayed by the PMLA Appellate Tribunal)
8 Mar 2019 — PMLA Appellate Tribunal set aside the confirmatory order of 16 Aug 2018 on appeals by ICICI Bank and the RP
28 Mar 2019 — 5th CoC put a 90-day CIRP extension to e-voting
2 Apr 2019 — E-voting result: extension of CIRP rejected with 54.14% votes
5 Apr 2019 — 6th CoC resolved in favour of liquidation; 90.16% voting in favour
6 Apr 2019 — 180-day CIRP period expired without extension
10 Jun 2019 — RP filed additional affidavit declining to act as liquidator
1 Aug 2019 — 8th CoC resolved to appoint Santanu T. Ray as liquidator
7 Feb 2024 — Liquidation ordered under Section 33(2); Santanu T. Ray appointed liquidator
7 Feb 2024 — Moratorium of 8 Oct 2018 ceases; MA 1876/2019 allowed and disposed of
E-auction record
⏰ Upcoming e-auction · 4 Nov 2026 (in 13 days)
Reserve ₹46.50 Cr · EMD closes 2 Nov 2026 (11 days left) · auction notice PDF
Flats at Kheni Towers, Shops and Offices in Diamond Park, Flats in Tatva Urja, and Trademarks · Mumbai and Surat
Reserves between ₹31.79 Cr and ₹60.55 Cr across the notices below.
AUCTION DATE
RESERVE · NOTICE · EMD
4 Nov 2026UPCOMING
Reserve ₹46.50 Cr · Issue of Auction Notice · Flats at Kheni Towers, Shops and Offices in Diamond Park, Flats in Tatva Urja, and Trademarks · Mumbai and Surat · noticed 3 Oct 2026 · EMD closes 2 Nov 2026 · notice PDF
18 Sep 2026
Reserve ₹58.91 Cr · Issue of Auction Notice · Flats (Kheni Towers, Tatva Urja), shops and offices (Diamond Park), galas (Virwani), trademarks · Mumbai and Surat · noticed 25 Aug 2026 · EMD closed 16 Sep 2026 · notice PDF
15 Jun 2026
Reserve ₹60.55 Cr · Corrigendum · Correction for Option M: plot numbers read 16(P), 17, 28 and 29(P) · Mumbai and Surat · noticed 20 May 2026 · EMD closed 12 Jun 2026 · notice PDF
23 Mar 2026
Reserve ₹31.79 Cr · Issue of Auction Notice · The Liquidator in Consultation with the Committee members has proposed to sale the assets of the Corporate De… · Mumbai · noticed 17 Feb 2026 · EMD closed 21 Mar 2026 · notice PDF
7 Oct 2025
Reserve ₹37.27 Cr · Issue of Auction Notice · Correction to 2 Sep 2025 sale notice: reserve price and initial EMD figures were swapped · Mumbai · noticed 4 Sep 2025 · EMD closed 4 Oct 2025 · notice PDF
9 May 2025
Issue of Auction Notice · Options A-E: reserve price not calculated (silver), declared on auction day. Options F-H: ₹70.45 lakh · Mumbai · noticed 4 Apr 2025 · EMD closed 7 May 2025 · notice PDF
Recent movement
14 May 2019
CIRP-cost application partly allowed; question referred to IBBI
NCLT order read the order ↗
7 Feb 2024
Liquidation order passed
No resolution plan approved — assets liquidated
Case timeline
8 Oct 2018
CIRP commenced
Insolvency proceedings began · NCLT Mumbai
14 May 2019
CIRP-cost application partly allowed; question referred to IBBI
NCLT order read the order ↗
7 Feb 2024
Liquidation order passed
No resolution plan approved — assets liquidated
Company
Type
Public · Company limited by shares
Listing
Listed
Incorporated
21 Aug 1986
Authorised capital
₹167.25 Cr
Paid-up capital
₹118.62 Cr
Industry (MCA)
Manufacturing (Others)
ROC
ROC Mumbai
Company status
Under Liquidation
Registered address
A-1, 7th Floor, Laxmi Tower Bandra Kurla Complex, Bandra (East), Mumbai, Maharashtra, 400051, India
Claims filing history
Latest claims position · version 4, as on 29 Nov 2025, filed by Santanu T Ray
| Creditor class (as IBBI lists it) | Claims | Claimed | Admitted | Admitted % |
|---|---|---|---|---|
| Secured financial creditors | 25 | — | ₹17,007.86 Cr | — |
| Unsecured financial creditors | 1 | ₹8,142.76 Cr | ₹8,142.76 Cr | 100% |
| Operational creditors (Workmen) | 103 | ₹3.31 Cr | ₹1.71 Cr | 52% |
| Operational creditors (Employees) | 77 | ₹3.96 Cr | ₹1.82 Cr | 46% |
| Operational creditors (Government Dues) | 9 | — | ₹13,851.66 Cr | — |
| Operational creditors (other than Workmen, Employees and Government Dues) | 14 | ₹58.35 Cr | ₹57.39 Cr | 98% |
| Total | 229 | ₹39,138.00 Cr | ₹39,063.20 Cr | 99.8% |
₹74.19 Cr was not admitted. Classes with no claims are not shown. In this summary the class rows do not add up to IBBI's printed total; both are shown as IBBI printed them.
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 29 Nov 2025 · filed by Santanu T Ray
v3
as on 8 Mar 2024 · filed by Santanu T Ray
v2
as on 8 Mar 2024 · filed by Santanu T Ray
v1
as on 3 May 2021 · filed by Vijay Kumar Garg
Sources, basis and disclaimers → ·
report an error
This case vs Other Manufacturing
Time to liquidation order1,948 days
typical for this sector 431 days
Size rank in sector#2 of 420
Key parties
IRP at commencement
Vijay Kumar Garg → · Oct 2018
Per IBBI's register of insolvency professionals, read 5 Oct 2026
CIRP initiated by
ICICI Bank Ltd. FC
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