Intelligence note
Admitted 6 Jun 2018 by the Mumbai bench on a petition by State Bank of India. Running 3,059 days as of 21 Oct 2026 (resolved-case median: 630 days). Abhijit Guhathakurta is the resolution professional. Claims filed ₹72,381.22 Cr, ₹64,534.61 Cr admitted so far (as on 24 Jul 2026).
The NCLT approved Twin Star Technologies' plan on 8 Jun 2021; NCLAT set that approval aside on 5 Jan 2022 and sent the plan back to the committee of creditors. Since 14 Feb 2022 the process has been held under a Supreme Court status quo. The plan figures shown are those of the set-aside plan. On 14 May 2026 the NCLAT held that the group's foreign oil and gas assets are not part of this process.
The NCLT approved Twin Star Technologies' plan on 8 Jun 2021; NCLAT set that approval aside on 5 Jan 2022 and sent the plan back to the committee of creditors. Since 14 Feb 2022 the process has been held under a Supreme Court status quo. The plan figures shown are those of the set-aside plan. On 14 May 2026 the NCLAT held that the group's foreign oil and gas assets are not part of this process.
Claims at a glance
FC 95%
OC 5%
Other 0%
Total admitted ₹64,534.61 Cr · as on 24 Jul 2026
Case details
CIN
L99999MH1986PLC103624
Incorporated
1986
Registered State
Maharashtra
NCLT Bench
Mumbai
Petition
CP (IB)-02 (MB)-2018
Initiated by
State Bank of India
Commencement
6 Jun 2018
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
₹2,962.02 Crores, 4.15% of the ₹71,433.75 Crores claimed
Winning plan
Twin Star Technologies Limited, with 95.09% of the CoC vote
Also in the race: V-Shape Investment Management Limited (plan submitted), Mr. V.N. Dhoot (proposal for restructuring of domestic assets / Section 12A application) (rejected by the CoC)
Also in the race: V-Shape Investment Management Limited (plan submitted), Mr. V.N. Dhoot (proposal for restructuring of domestic assets / Section 12A application) (rejected by the CoC)
Funding
Financial Creditors receive ₹200 crores upfront, ₹2,700 crores of NCDs at 6.65% p.a., available cash balances and 8% VIL equity.
Shares
Existing equity is extinguished to Nil for each of the 13 Corporate Debtors; financial creditors receive 8% equity in VIL with a 3-year lock-in.
Payout period
NCDs redeemable over a period up to 6 years from the Closing Date in 5 instalments
Who gets what (₹ crore)
| Admitted | Provided in the plan | % of admitted | |
|---|---|---|---|
| Financial creditors | 61,773.01 | 2,900.00 | 4.7% |
| Operational and other creditors | 3,165.62 | 62.02 | 2.0% |
| All creditors | 64,938.63 | 2,962.02 | 4.6% |
All creditors together: about 5 paise for every ₹1 of admitted claims.
Recent movement
14 May 2026
Others - i.a. no. 2190 of 2021 & i.a. no. 2828 of 2023, 5930 of 2024, 1299 of 2025 in ca
NCLAT appeal read the order ↗
Ongoing
Under CIRP — outcome awaited
No resolution plan approval or liquidation order yet in our sources
The plan
CoC approval
95.09% voting share · 19th meeting · voted 11 Nov 2020
How the plan pays
·Plan provides ₹2,962.02 Cr against ₹71,433.75 Cr claimed, 4.15%, a 95.85% haircut. Financial creditors get ₹200 crore upfront, ₹2,700 crore of NCDs at 6.65% and 8% of equity; dissenting unsecured financial creditors get nil. Performance guarantee ₹296.2 crore.
EoI / Form-G detail
Plan submission by
19 Mar 2022
Evaluation matrix issued
17 Feb 2022
Dates as captured from IBBI on 30 Aug 2026
Case timeline
◆ RP changed during process6 Jun 2018
CIRP commenced
Insolvency proceedings began · NCLT Mumbai
12 further events in between
8 Jun 2021
Resolution plan approved
14 May 2026
Others - i.a. no. 2190 of 2021 & i.a. no. 2828 of 2023, 5930 of 2024, 1299 of 2025 in ca
NCLAT appeal read the order ↗
Ongoing
Under CIRP — outcome awaited
No resolution plan approval or liquidation order yet in our sources
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.
4 Jun 2024
Admission of application in PG case
Order title on IBBI: State Bank of India Rajkumar Nandlal Dhoot, [C.P. (IB) NO. 1195-MB-2020
Professional named in the order: Asish Narayan
read the order ↗
Professional named in the order: Asish Narayan
read the order ↗
Company
Type
Public · Company limited by shares
Listing
Listed
Incorporated
4 Sep 1986
Authorised capital
₹1,500.00 Cr
Paid-up capital
₹334.46 Cr
Industry (MCA)
Community, personal and Social Services
ROC
ROC Mumbai
Company status
Under CIRP
Registered address
14. K.M Stone, Aurangabad Paithan Road Village Chittegaon, Taluka Paithan, Aurangabad, Maharashtra, 431105, India
Claims filing history
Operational creditors ↓
2 ↓
3 ↓
4 ↓
Other stakeholders ↓
Secured FC — class of creditors ↓
Secured financial creditors ↓
FC — class of creditors (homebuyer-type) ↓
Unsecured financial creditors ↓
Latest claims position · version 10, as on 24 Jul 2026, filed by Abhijit Guhathakurta
| Creditor class (as IBBI lists it) | Claims | Claimed | Admitted | Admitted % |
|---|---|---|---|---|
| Secured financial creditors (other than financial creditors belonging to any class of creditors) | 22 | ₹59,258.51 Cr | ₹58,204.42 Cr | 98% |
| Unsecured financial creditors (other than financial creditors belonging to any class of creditors) | 27 | ₹4,308.57 Cr | ₹3,130.84 Cr | 73% |
| Operational creditors (Workmen) | 313 | ₹68.72 Cr | ₹13.57 Cr | 20% |
| Operational creditors (Employees) | 2479 | ₹107.53 Cr | ₹36.53 Cr | 34% |
| Operational creditors (Government Dues) | 121 | ₹4,146.45 Cr | ₹1,855.02 Cr | 45% |
| Operational creditors (other than Workmen and Employees and Government Dues) | 1356 | ₹4,322.30 Cr | ₹1,128.23 Cr | 26% |
| Other creditors, if any, (other than financial creditors and operational creditors) | 87 | ₹169.13 Cr | ₹166.00 Cr | 98% |
| Total | 4405 | ₹72,381.22 Cr | ₹64,534.61 Cr | 89% |
Of ₹72,381.22 Cr claimed, ₹64,534.61 Cr stands admitted — 89 paise per ₹1 claimed. ₹7,463.22 Cr was not admitted. Classes with no claims are not shown.
IBBI shows the same claim totals, on the same date, for 12 other companies: Applicomp (India) Limited, CE India Limited, Century Appliances Limited, Electroworld Digital Solutions Limited, Evans Fraser and Co (Lndia) Limited, Millennium Appliances Lndia Limited, PE Electronics Limited, Sky Appliances Limited, Techno Electronics Limited, Techno Kart India Limited, Value Industries Limited, Videocon Telecommunications Limited. This is the group’s combined claims list, not this company’s alone.
Source: IBBI claims summary for this version · IBBI PDF ↓. Claims are revised as the process runs; this page shows the latest version only.
v10 · latest
as on 24 Jul 2026 · filed by Abhijit Guhathakurta
v9
as on 6 Apr 2026 · filed by Abhijit Guhathakurta
v8
as on 9 Jan 2026 · filed by Abhijit Guhathakurta
v7
as on 13 Dec 2024 · filed by Abhijit Guhathakurta
v6
as on 18 Apr 2024 · filed by Abhijit Guhathakurta
Show all 10 versions
v5
as on 26 Jun 2023 · filed by Abhijit Guhathakurta
v4
as on 6 Sep 2022 · filed by Abhijit Guhathakurta
v3
as on 25 Apr 2022 · filed by Abhijit Guhathakurta
v2
as on 6 Jan 2022 · filed by Abhijit Guhathakurta
v1
as on 17 Nov 2020 · filed by Abhijit Guhathakurta
Committee of creditors
As recorded in the plan-approval order of 8 Jun 2021
| Creditor | Class | Voting share | Vote | Admitted |
|---|---|---|---|---|
| State Bank of India | 18.05% | for | ||
| IDBI Bank | 16.06% | for | ||
| Union Bank of India + Corporation Bank + Andhra Bank | 9.07% | for | ||
| Central Bank of India | 8.43% | for | ||
| Bank of Baroda + Vijaya Bank + Dena Bank | 6.93% | for | ||
| ICICI Bank | 5.47% | for | ||
| Punjab National Bank + Oriental Bank of Commerce + United Bank of India | 5.02% | for | ||
| Indian Bank + Allahabad Bank | 4.94% | for | ||
| EXIM Bank | 3.83% | for | ||
| Bank of India | 3.76% | for | ||
| Canara Bank | 3.14% | for | ||
| Indian Overseas Bank | 2.98% | for | ||
| Syndicate Bank | 2.81% | for | ||
| LIC of India | 2.35% | for | ||
| Bank of Maharashtra | 1.97% | against | ||
| UCO Bank | 1.78% | for | ||
| IFCI | 1.03% | against | ||
| DB Trustees (Hongkong) Ltd | 0.87% | abstained | ||
| Banco BPM Societa Per Azioni | 0.50% | abstained | ||
| Yes Bank | 0.23% | abstained | ||
| Federal Bank | 0.17% | for | ||
| J & K Bank | 0.15% | for | ||
| Morgan Securities & Credits Pvt Ltd | 0.12% | abstained | ||
| Barclays Bank PLC | 0.11% | for | ||
| Goldman Sachs International | 0.064% | abstained | ||
| SIDBI | 0.053% | against | ||
| Axis Bank | 0.039% | for | ||
| ABG Shipyard Ltd | 0.024% | against | ||
| Morgan Stanley & Co International PLC | 0.013% | abstained | ||
| Nomura International PLC | 0.010% | abstained | ||
| Followel Engineering Limited | 0.0095% | abstained | ||
| Kothari Metals Limited | 0.0052% | abstained | ||
| Hewlett Packard Financial Services (India) Pvt Ltd. | 0.0021% | abstained | ||
| Latur Urban Co-operative Bank | 0.00053% | abstained | ||
| Hind Filters Limited | 0.00003% | abstained |
The CoC of the consolidated CIRP had 35 members, all financial creditors.
Dissenting creditors: Dissenting FCs shall not receive less than liquidation entitlement; the Tribunal directs full liquidation-value payment in cash upfront before assenting FCs.
Sources, basis and disclaimers → ·
report an error
Key parties
Resolution Professional
21 IBBI mandates · 0 of 1 resolved plan beat the liquidation floor
IRP at commencement
Anuj Jain → · Jun 2019
Per IBBI's register of insolvency professionals, read 5 Oct 2026
CIRP initiated by
State Bank of India
Get full access
Weekly intelligence digest, RP tracker, live case movement and sector analysis for ARCs, PE funds and resolution professionals.
Apply for access →That was the whole dossier — nothing held back, because this is one of our landmark cases.
Or buy any single company outright for ₹1,799 — yours permanently, and credited in full against your first month if you subscribe within 30 days.