Intelligence note
Admitted 7 Aug 2017 by the Hyderabad bench on a petition by IDBI Bank LImited (a financial creditor). Liquidation ordered 27 Aug 2018, 385 days after admission (concluded-case median: 480 days). Admitted claims ₹53,451.00 Cr.
On 26 Sep 2022 the NCLT approved KRS Erectors Private Limited's plan to acquire the company as a going concern (₹4 Cr upfront plus ₹1 Cr towards litigation), but on 28 May 2024 it found KRS in breach. The dispute is before the NCLAT and the Supreme Court, and the liquidation was still open on 16 Apr 2026.
On 26 Sep 2022 the NCLT approved KRS Erectors Private Limited's plan to acquire the company as a going concern (₹4 Cr upfront plus ₹1 Cr towards litigation), but on 28 May 2024 it found KRS in breach. The dispute is before the NCLAT and the Supreme Court, and the liquidation was still open on 16 Apr 2026.
Claims at a glance
FC 89%
OC 11%
Total admitted ₹61,417.27 Cr · as on 25 Feb 2021
Case details
CIN
L45200TG1993PLC015545
Incorporated
1993
Registered State
Telangana
NCLT Bench
Hyderabad
Petition
CP(IB) No. 111/7/HDB/2017
Initiated by
FC — IDBI Bank LImited
Commencement
7 Aug 2017
Liquidation Order
27 Aug 2018
Admitted Claims
₹53,451.00 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
No resolution plan approved within the process — order under Section 33(1)
TEPL's revised plan secured 15.53% against the required 66%; no plan was submitted to the Adjudicating Authority and the extended CIRP period expired.
Liquidator
Shri Savan Godiavala
the resolution professional continued as liquidator
the resolution professional continued as liquidator
Petition
IDBI Bank Limited · Section 7 · admitted 7 Aug 2017
Bench & coram
National Company Law Tribunal, Hyderabad Bench, Hyderabad
Ratakonda Murali, Member (Judicial)
Ratakonda Murali, Member (Judicial)
Time in the process
CIRP received a 90 days extension and 16 days exclusion; Power Mech Projects Limited's request to exclude a further 163 days was dismissed.
Market test
1
Liquidator’s fee
The Liquidator's fee is paid under Regulation 4 of the Liquidation Process Regulations, as part of liquidation cost. The appointment is subject to his written consent within a week.
Resolution plans that did not survive · 7
Thriveni Earthmovers Private Limited (TEPL) · rejected by CoC (15.12% of the Financial creditors approved the Revised Plan on the e-voting following the CoC of 25 Apr 2018; 15.53% of the Financial Creditors approved the Revised plan on e-voting closed 26 Jul 2018, against a required voting share of 66%)
Of seven plans, only TEPL's met the Code's mandatory requirements. Its revised plans won only 15.12% and then 15.53% of the CoC vote, short of the required 66%.
Ingen Capital Group, LLC · lapsed — plan found deficient by the RP, not carried to a CoC vote
Kept the company as a going concern but lacked mandatory requirements of the Code. The RP gave chances to fix them; in the end only TEPL's plan was found compliant.
Cube Highways and Infrastructure Pvt LTd · lapsed — plan found deficient by the RP, not carried to a CoC vote
Sought only identified assets, not a resolution of the company as a going concern, so it did not meet the Code's mandatory provisions.
Metro Asset Services Private Limited · lapsed — plan found deficient by the RP, not carried to a CoC vote
Sought only identified assets, not a resolution of the company as a going concern, so it did not meet the Code's mandatory provisions.
Penn Energy International Renewables Limited · lapsed — plan found deficient by the RP, not carried to a CoC vote
Sought only identified assets, not a resolution of the company as a going concern, so it did not meet the Code's mandatory provisions.
Rohan Solar Power Private Limited · lapsed — plan found deficient by the RP, not carried to a CoC vote
Sought only identified assets, not a resolution of the company as a going concern, so it did not meet the Code's mandatory provisions.
Solarland (Wuxi) Electric Power Technology Limited · lapsed — plan found deficient by the RP, not carried to a CoC vote
Sought only identified assets, not a resolution of the company as a going concern, so it did not meet the Code's mandatory provisions.
What the bench heldThe Tribunal held that TEPL's Resolution Plan was not approved by the required 66% voting share of Financial Creditors.
Also disposed of in this order · 2
Liquidation period extended / time excluded IA No. 230 of 2018 — Power Mech Projects Limited sought to exclude 163 days from the CIRP and restart bidding so it could bid. Dismissed: it had withdrawn fearing Section 29A disqualification and never submitted a plan.
Directions in the liquidation IA No. 192 of 2018 — BLR Logistics (I) Limited, an operational creditor, sought the return of its ₹64.80 lakh bank guarantee. Allowed: the RP was directed to return the original guarantee.
Key dates in the order · 19
7 Aug 2017 — IDBI Bank's Section 7 petition (CP (IB) 111/7/HDB/2017) admitted; Savan Godiawala appointed IRP, later RP
18 Nov 2017 — RP advertised inviting EoI
23 Nov 2017 — Ordinance introducing Section 29A promulgated; start of the 163-day period later sought to be excluded
16 Jan 2018 — NCLT extended the CIRP by 90 days on the RP's application
2 Feb 2018 — 180-day CIRP period ended
20 Mar 2018 — Thriveni Earthmovers (TEPL) submitted its plan
17 Apr 2018 — TEPL addendum
23 Apr 2018 — CoC told TEPL's was the only compliant plan; SBI Capital Markets and Cyril Amarchand Mangaldas reviewed its terms
24 Apr 2018 — TEPL submitted a further addendum, its revised plan
25 Apr 2018 — Revised plan put before the CoC under Section 30(2); e-voting gave 15.12% approval
1 May 2018 — Result communicated to TEPL, which revised its plan the same day
2 May 2018 — Revised plan placed before CoC; no time to deliberate; IA 138/2018 moved
4 May 2018 — Extended 270-day CIRP period expired
6 Jun 2018 — Ordinance inserted Explanation II to Section 29A
13 Jul 2018 — Order in IA 138/2018 excluded 16 days and directed the revised plan go before the CoC
23 Jul 2018 — CoC deliberated the revised TEPL plan at length and put it to e-voting
26 Jul 2018 — E-voting closed with 15.53% approval against 66% required
28 Jul 2018 — The 16 excluded days expired
27 Aug 2018 — IA 321/2018 allowed; Savan Godiawala appointed liquidator; IA 230/2018 dismissed; IA 192/2018 allowed
Read the order ↗ · scanned copy
Recent movement
28 Apr 2025
Others - contempt case no.5/2024 under section 425 of companies act, 2013 in ca (at) (ch)
NCLAT appeal read the order ↗
Case timeline
◆ Liquidator changed7 Aug 2017
CIRP commenced
Insolvency proceedings began · NCLT Hyderabad
14 further events in between
27 Aug 2018
Liquidation order passed
No resolution plan approved — assets liquidated
26 Sep 2022
Sale as a going concern
NCLT order · IA IBC 561 OF 2021 IN CP IB NO 111 7 HDB 2017 read the order ↗
28 Apr 2025
Others - contempt case no.5/2024 under section 425 of companies act, 2013 in ca (at) (ch)
NCLAT appeal read the order ↗
Personal guarantor proceedings
Insolvency cases against individuals who guaranteed this company's loans. They run separately from the company's own process; a professional named here acts for the guarantor, not the company.
23 Jul 2021
Appointment of RP in PG case
Order title on IBBI: State Bank of India, IA (IBC) No. 346/2021 in CP (IB) No. 02/95/HDB/2021
Professional named in the order: Anil Kohli
read the order ↗
Professional named in the order: Anil Kohli
read the order ↗
23 Jul 2021
Appointment of RP in PG case
Order title on IBBI: State Bank of India, IA (IBC) No. 347/2021 in CP (IB) No. 03/95/HDB/2021
Professional named in the order: Anil Kohli
read the order ↗
Professional named in the order: Anil Kohli
read the order ↗
Company
Type
Public · Company limited by shares
Listing
Unlisted
Incorporated
26 Mar 1993
Authorised capital
₹12,000.00 Cr
Paid-up capital
₹5.00 L
Industry (MCA)
Construction
ROC
ROC Hyderabad
Company status
Active
Registered address
F-2, Second Floor, Naina Residency, Plot.No-344, Road No. 07, Kakatiya Hills, Shaikpet, Hyderabad, Telangana, 500081, India
Claims filing history
Latest claims position · version 1, as on 25 Feb 2021, filed by Savan Godiawala
| Creditor class (as IBBI lists it) | Claims | Claimed | Admitted | Admitted % |
|---|---|---|---|---|
| Liquidation costs incurred till date | — | — | ₹42.52 Cr | — |
| Secured financial creditors | 24 | ₹14,393.16 Cr | ₹14,392.71 Cr | 99.9% |
| Unsecured financial creditors | 29 | ₹40,636.87 Cr | ₹39,942.47 Cr | 98% |
| Operational creditors (Workmen) | 56 | ₹61.07 L | ₹58.33 L | 96% |
| Operational creditors (Employees) | 937 | ₹40.04 Cr | ₹34.00 Cr | 85% |
| Operational creditors (Government Dues) | 25 | ₹625.85 Cr | ₹409.87 Cr | 65% |
| Operational creditors (other than Workmen, Employees and Government Dues) | 602 | ₹17,345.69 Cr | ₹6,595.11 Cr | 38% |
| Total | 1673 | ₹73,042.23 Cr | ₹61,417.27 Cr | 84% |
Of ₹73,042.23 Cr claimed, ₹61,417.27 Cr stands admitted — 84 paise per ₹1 claimed. ₹11,667.48 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.
v1 · latest
as on 25 Feb 2021 · filed by Savan Godiawala
Sources, basis and disclaimers → ·
report an error
This case vs Construction & Infrastructure
Time to liquidation order385 days
typical for this sector 425 days
Size rank in sector#1 of 247
Key parties
IRP at commencement
Savan Godiawala → · Aug 2017
Per IBBI's register of insolvency professionals, read 5 Oct 2026
CIRP initiated by
IDBI Bank LImited FC
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