We use a session cookie and first-party analytics to run this site — no third-party trackers, no ads. Details in our Privacy Policy.
New researchThe sub-₹100 crore acquisition market, sized.Read the research →

← Research Desk · merc.in Research Desk · published 23 Jul 2026

#
RD·02
Deal structures Updated 9 Oct 2026
45%of resolutions had only one plan
₹8.2 → 9.5 CrShubhada bid progression
123.7%median recovery vs liquidation value, 3+ plans
118.6%median recovery vs liquidation value, one plan
Source: NCLT Mumbai plan-approval order, IA(IBC)(Plan) in CP(IB) 729(MB)/2022, read in full, for the Shubhada figures. Population: 1,277 approved resolutions whose plan-approval order was read in full and names the applicants who submitted plans; recovery figures as published; medians, not averages. As of 9 Oct 2026.

Competition pays — but only at three bidders

In one Nagpur case a rival bid lifted the price 16%. Across 1,277 resolutions, competition helps less than that story suggests — and most of the gain comes at three bidders, not two.

In the CIRP of Shubhada Tool Industries (Nagpur; NCLT Mumbai), two applicants stayed to the end: Cian Agro Industries & Infrastructure Limited, a listed company, and Industrial Asset Transaction Services Private Ltd. The plan-approval order records offers moving from ₹8.20 crore through ₹8.90 crore to the ₹9.50 crore range before Cian’s final plan carried the CoC with a 100% vote. That is roughly a 16% lift with no change in the asset, only in the number of hands raised. A ₹97.5 lakh participation deposit kept both bidders in the rounds.

Does that hold across the record? We counted, for every approved plan whose order was read in full, how many applicants actually put a plan in.

Plans submittedResolutionsMedian recovery vs liquidation valueMedian recovery vs admitted claims
1577118.6%22.0%
2373119.8%20.8%
3 or more327123.7%24.2%

The direction is the one the Shubhada file suggests, but the size is smaller. A second plan adds just over one point of liquidation value at the median, and nothing against claims. Three or more plans is where recovery moves: about five points more against liquidation value and two more against claims than a single-plan process.

The read-through still cuts both ways. For a creditor or resolution professional, keeping a third applicant alive is worth more than keeping a second. For a buyer, 45% of approved resolutions had only one plan on the table — the uncontested deal is common, and the earlier you enter the funnel, the more often you are that one plan.

Questions this piece answers

Does a second bidder raise the price in an IBC resolution?

A little. At the median, two plans returned 119.8% of liquidation value against 118.6% for one plan, and no more against admitted claims (as of 9 Oct 2026).

How many bidders does it take to move recovery?

Three or more plans: 123.7% of liquidation value and 24.2% of admitted claims at the median, against 118.6% and 22.0% with a single plan (as of 9 Oct 2026).

How often is there only one resolution plan?

In 45% of approved resolutions (577 of 1,277), only one plan was submitted (as of 9 Oct 2026).

Read more like this, every Monday.

The Monday Five: five moves from India’s insolvency record, in your inbox every Monday. Free.

The desk reads the record so you don't have to.

The trial opens 20 case pages of your choice — free for 7 days, no card.

Apply for access →

As of NCLT/NCLAT orders to 15 Oct 2026 · the market aggregates on this page recompute on load, read 21 Oct 2026.

MethodologyGlossaryReport an error corrections are archived with their before-value.