India’s insolvency quarter, on the record.
April – June 2026. How many companies went in, how many came out, and on what terms — each beside the quarter before.
As of 15 Oct 2026 · report an error
The quarter in five numbers
196admitted into CIRP
↑ 25%
Jan – Mar 2026: 157
Jan – Mar 2026: 157
69plans approved
↑ 86%
Jan – Mar 2026: 37
Jan – Mar 2026: 37
57liquidation orders
↓ 5%
Jan – Mar 2026: 60
Jan – Mar 2026: 60
28withdrawn & settled
↑ 8%
Jan – Mar 2026: 26
Jan – Mar 2026: 26
47voluntary liquidations
↓ 18%
Jan – Mar 2026: 57
Jan – Mar 2026: 57
The quarter in one line
Went in — admitted into CIRP196
Came out — reached a verdict154
The queue grew by 42 — about 1.3 going in for every one coming out.
What the approved plans returned
Median haircut
80.7%↑ 4%
creditors kept 19.3 paise per ₹1 admittedJan – Mar 2026: 78.0%
Realised under plans
₹4,151 Cr
summed over the 66 cases with the figure publishedJan – Mar 2026: ₹17,726 Cr
How long these cases took
Median time to a verdict
2.1 years↑ 11%
from admission to the order that ended itJan – Mar 2026: 1.9 years
Against the statutory clock
+14 months
the Code allows 330 days including extensions and litigation
Fastest and slowest benches
Kochi (6)1.1 years
Chennai (8)1.4 years
Kolkata (14)1.7 years
Mumbai (43)2.2 years
Allahabad (5)2.3 years
New Delhi (18)2.6 years
Bengaluru (5)2.8 years
Ahmedabad (6)3.2 years
Chandigarh (10)3.4 years
faster than the national 2.1 yearsslowernational median
The quarter’s largest plans
| Company | Acquirer | Order | Realised |
|---|---|---|---|
| Three C Green Developers Private Limited | Hynite Farms Private Limited | 5 Jun | ₹490 Cr |
| Adel Landmarks Limited | Art Constructions Private Limited | 19 May | ₹472 Cr |
| Rajesh Business & Leisure Hotels Private Limited | Consortium of Rare Asset Reconstruction Limited and Check-Inn Hotels … | 24 Apr | ₹467 Cr |
| Amar Prakaash Developerss Private Limited | Mr. Aadarsh Kumar Surana | 30 Jun | ₹260 Cr |
| Avani Projects and Infrastructure Limited | Prominent Suppliers Private Limited | 22 Jun | ₹250 Cr |
How the quarter ended
Liquidated · 57 (37%)
Plan approved · 69 (45%)
Withdrawn & settled · 28 (18%)
37% of this quarter’s verdicts were liquidations, against 49% in Jan – Mar 2026. A further 28 settled under §12A before any verdict.
Where the verdicts landed
By NCLT bench
Mumbai
48
New Delhi
23
Kolkata
16
Chandigarh
13
Chennai
11
Ahmedabad
9
By sector
Other Services
27
Other Manufacturing
20
Trading & Distribution
17
Food & Agro
15
Real Estate & Housing
14
Construction & Infrastructure
14
Free to quote — the source line
“The Stressed India Quarterly, Vol. 1 (April – June 2026), merc.in/quarterly”