In a significant ruling that brings a five-year-long insolvency proceeding to a close, the National Company Law Tribunal (NCLT) in Hyderabad has approved the resolution plan submitted by JSW Energy Limited for Raigarh Champa Rail Infrastructure Private Limited. The order, passed on January 21, 2026, greenlights a resolution plan worth ₹700 crore, marking the end of a Corporate Insolvency Resolution Process (CIRP) that began in January 2021. The plan, which received 100% approval from the Committee of Creditors (CoC) in November 2025, was formally sanctioned by the two-member bench of Judicial Member Rajeev Bhardwaj and Technical Member Sanjay Puri.

The approval brings certainty to a process that was marred by delays and legal skirmishes. The CIRP, initiated by a petition from Axis Bank, saw multiple twists, including a change in the majority lender. JM Financial Asset Reconstruction Company (JMFARC) eventually became the sole member of the CoC after acquiring debt from various lenders, holding 78.59% of the voting share.

The path to JSW’s victory was anything but linear. Earlier in the process, Medha Servo Drives had emerged as the preferred bidder, but protracted litigation from other aspirants—including Jindal Power and JSW itself—stalled the process. After a series of dismissals and appeals, the NCLAT in June 2025 finally permitted the issuance of a fresh Form-G, reopening the bidding.

In the rebid, JSW Energy competed with Shanti GD Ispat & Power. The SRA’s final offer of ₹700.10 crore significantly exceeded the company’s liquidation value of ₹206.22 crore and its fair value of ₹293.74 crore, ensuring a better recovery for creditors.

Under the terms of the approved plan, secured financial creditors, led by JMFARC with admitted claims of ₹543.62 crore, will receive ₹699.99 crore—a recovery of 129% of their admitted dues. This will be paid out over ten years, comprising ₹104.3 crore in upfront cash and ₹550 crore via debt instruments carrying interest of 8% for the first eight years and 10% thereafter. Operational creditors, including Axis Trustee Services, will receive their full admitted dues of ₹10.58 lakhs within 90 days.

The tribunal noted JSW Energy’s extensive experience in the power sector, highlighting its operational capacity of over 13,000 MW and its successful turnaround of other distressed assets like Ind Bharat Energy and KSK Mahanadi. The NCLT, citing settled law from the Supreme Court, emphasized that the commercial wisdom of the CoC is paramount and that judicial review is limited to ensuring the plan meets the statutory requirements of Section 30(2) of the IBC.

With the plan now approved, the moratorium under Section 14 stands lifted. A monitoring committee, including representatives of JSW and the financial creditors, will oversee the implementation of the plan. The performance bank guarantee of ₹50 crore furnished by JSW will remain in force until all payments are made.

For JSW Energy, the acquisition consolidates its position in the sector, bringing a rail infrastructure asset critical for coal evacuation under its control. For the creditors, the decade-long payout structure offers a steady, secured return, closing a chapter on a non-performing asset that had been stuck in resolution for over five years.

Summary of Distribution under the Resolution Plan

Also See: NCLT approves JSW Infra’s Rs 467 cr resolution plan for NCR Rail Infrastructure

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The Mumbai Bench of the National Company Law Tribunal (NCLT) has approved the resolution plan submitted by JSW Infrastructure Limited for the acquisition of NCR Rail Infrastructure Limited (formerly Arshiya Rail Infrastructure Limited). The order, pronounced on Thursday, paves the way for the corporate debtor to be revived as a going concern. The resolution plan, which was approved by the Committee of Creditors (CoC) with a unanimous 100% voting share, entails a total plan value of approximately Rs 467.47 crores.

JSW Infrastructure has proposed an upfront payment of Rs. 426 Crores to the financial creditors. In a unique financial restructuring move, the balance principal outstanding will be converted into Redeemable Preference Shares (RPS) and simultaneously sold to the resolution applicant for an additional Rs. 34 Crores.

The corporate debtor, NCR Rail Infrastructure, owns and operates a Private Freight Terminal (PFT) in Khurja, Uttar Pradesh. The resolution plan aims to maximize the value of these assets, providing a significant boost to the logistics capabilities in the region. The company was admitted into the Corporate Insolvency Resolution Process (CIRP) on March 7, 2024, following a petition filed by financial creditor Edelweiss Asset Reconstruction Company Limited.

A two-member bench comprising Hon’ble Member (Judicial) Ashish Kalia and Hon’ble Member (Technical) Sanjiv Dutt passed the order, allowing the plan under Section 31 of the Insolvency and Bankruptcy Code (IBC), 2016.

Key aspects of the resolution plan

• Stakeholder payments: The plan provides for the payment of CIRP costs, Rs. 99.33 lakhs to employees and workmen, and Rs. 75 lakhs to other operational creditors.
• Implementation monitoring: An Implementation and Monitoring Committee (IMC) will be constituted to oversee the execution of the plan. The Resolution Professional (RP), Mr. Pankaj Mahajan, will submit quarterly progress reports to the tribunal.
• PUFE transactions: The tribunal directed that any recovery from pending proceedings related to fraudulent or wrongful trading (Section 66 applications) shall remain with the corporate debtor. The Successful Resolution Applicant (SRA) will pursue these applications at its own cost.
• Reliefs and concessions: While approving the plan, the NCLT clarified that reliefs falling under the domain of other government departments must be dealt with by the respective competent authorities. It also provided specific directions regarding tax implications, statutory filings, and the continuation of business permits.

The tribunal emphasized the “commercial wisdom” of the CoC, noting that the scope of judicial review is limited to ensuring the plan meets the requirements of Section 30(2) of the IBC. With this approval, the moratorium declared under Section 14 of the Code ceases to have effect, and the RP stands discharged from his duties, handing over control to the SRA.

JSW Infrastructure, part of the JSW Group and the second-largest private port operator in India, will now take over the management and operations of NCR Rail Infrastructure, aiming to integrate the freight terminal into its wider logistics network.

Also See: NCLT approves Capri Global’s ₹456 crore resolution plan for Mumbai Hospital of Seven Hills Healthcare

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The Mumbai bench of the National Company Law Tribunal (NCLT) has admitted a Section 9 insolvency plea against Baggit India Private Limited, initiating the corporate insolvency resolution process (CIRP) over an alleged operational debt of ₹1.11 crore.

The petition was filed by Sunrise Global Tradelinks, a proprietary concern engaged in sourcing and supplying raw materials used in handbags and purses. The operational creditor claimed that Baggit had defaulted on payments for goods supplied under four purchase orders dated March 15, 2025. The materials included PVC leathercloth, embroidery strips, metal chains, magnetic buttons and polyester knitted fabrics.

According to the order pronounced on February 27, 2026, the total outstanding claimed was ₹1,11,84,020 as of May 2, 2025. Invoices were raised on May 1, 2025, stipulating immediate payment. Despite reminder letters and a demand notice issued under Section 8 of the Insolvency and Bankruptcy Code (IBC) on July 17, 2025, the dues remained unpaid.

Baggit opposed the plea, arguing that goods worth ₹11.94 lakh were defective and unfit for use. The company contended that it had communicated the defects and intended to issue debit notes to adjust the amount. It further argued that after deducting the disputed sum, the remaining amount would fall below the ₹1 crore threshold prescribed under Section 4 of the IBC for initiating insolvency proceedings.

However, the tribunal rejected the defence of a “pre-existing dispute”. The bench observed that the only written communication raising objections to the quality of goods was dated August 11, 2025 — after the insolvency application had already been filed on July 31, 2025. The tribunal noted that no test reports were produced and that the dispute appeared to be an afterthought.

Relying on judicial precedents that hold disputes raised after issuance of a demand notice cannot qualify as pre-existing disputes, the bench concluded that the defence was a “moonshine” one. It held that the operational debt exceeding ₹1 crore was due and payable and that default had been established.

Accordingly, the tribunal declared a moratorium under Section 14 of the IBC and appointed Amit Vijay Karia as the interim resolution professional (IRP). The operational creditor has been directed to deposit ₹3 lakh towards initial CIRP costs. The IRP will now take over the management of the company and invite claims from creditors as part of the resolution process.

Baggit India Private Limited, incorporated on November 4, 2008, is a Mumbai-based company engaged in the design, manufacture and sale of handbags and fashion accessories. The company has its registered office at Narayan Udyog Bhavan, Lalbaug, Mumbai, and operates in the domestic retail fashion segment, supplying products through various distribution channels.

The company was started by Nina Lekhi, who is also the managing director of the company.

Also See: NCLT approves Capri Global’s ₹456 crore resolution plan for Mumbai Hospital of Seven Hills Healthcare

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The Supreme Court has delivered a significant ruling clarifying the boundaries between the Insolvency and Bankruptcy Code and the Prohibition of Benami Property Transactions Act, holding that attachments under the Benami Act can only be challenged before authorities constituted under that legislation and not before the NCLT or NCLAT under the IBC framework.

A bench of Justice PS Narasimha and Justice Atul Chandurkar dismissed an appeal against an NCLAT judgment that had upheld the provisional attachment of certain properties of Padmaadevi Sugars Ltd even as corporate insolvency resolution proceedings were pending against the company. The ruling settles an important question regarding the interplay between the moratorium under Section 14 of the IBC and attachment proceedings under the Benami Act.

The case originated from insolvency proceedings against Padmaadevi Sugars Ltd, during which the Deputy Commissioner of Income Tax (Benami Prohibition) passed a provisional attachment order on November 1, 2019 under Section 24(1) of the Benami Act, attaching certain immovable properties of the corporate debtor. This attachment was subsequently affirmed by the Competent Authority on November 10, 2021 under Section 24(3) of the Act.

At the time of attachment, corporate insolvency resolution proceedings were underway and a moratorium under Section 14 of the IBC was in force. Section 14 bars the institution or continuation of suits and proceedings against the corporate debtor and prohibits actions against its assets during the resolution process. The Resolution Professional, and later the Liquidator after the company was ordered into liquidation on April 20, 2021, moved the National Company Law Tribunal seeking lifting of the attachment.

The NCLT refused to interfere with the provisional attachment, prompting the liquidator to challenge the orders before the National Company Law Appellate Tribunal. The central legal question was whether attachment of the corporate debtor’s properties under the Benami Act could continue when a moratorium under Section 14 of the IBC was in force, and whether the IBC, by virtue of Section 238, would override the Benami Act.

The liquidator contended that the attachment was illegal as it violated Sections 14 and 33(5) of the IBC. However, the Deputy Commissioner of Income Tax argued that Section 14 of the IBC did not bar proceedings under the Benami Act, and crucially, that attachment under the Benami Act could be challenged only within the statutory framework of that Act, and not before the NCLT or NCLAT by invoking Section 60(5) or Section 32A of the IBC.

The NCLAT dismissed the appeal, holding that the Benami Act is a self-contained code and that attachment under it can be challenged only before the authorities provided under that Act. It observed that the liquidator could not invoke Sections 32A or 60(5) of the IBC to bypass the statutory hierarchy established under the Benami Act. The tribunal also noted that the provisional attachment had already been affirmed by the Competent Authority and that the aggrieved party was required to follow the procedural framework under the Benami Act. It concluded that the applications filed before the NCLT were not maintainable in law and upheld the orders of the Adjudicating Authority.

The Supreme Court has now affirmed this position, dismissing the appeal and thereby establishing that parallel proceedings under the Benami Act operate independently of the IBC framework, and challenges to attachments must follow the statutory remedy provided under the Benami Act itself rather than through the insolvency adjudication process.

Also See: NCLT approves Capri Global’s ₹456 crore resolution plan for Mumbai Hospital of Seven Hills Healthcare

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The National Company Law Tribunal’s Amaravati Special Bench has approved a ₹456 crore resolution plan for Mumbai hospital of Seven Hills Healthcare. The resolution plan also includes an additional CIRP costs of approximately ₹205.34 crores and a separate ₹223.48 crore settlement with the Municipal Corporation of Greater Mumbai, finally bringing an end to the long-standing insolvency proceedings of the corporate debtor. The plan, submitted by Capri Global Holdings Private Limited and backed by the Reliance Group as an equity support provider, focuses specifically on the Mumbai hospital assets while the Vizag facility had already been resolved separately in 2024.

The approval, granted by Hon’ble Member (Judicial) Kishore Vemulapalli on January 19, 2026, comes after a tumultuous corporate insolvency resolution process that first began in March 2018. The journey was far from smooth—an earlier resolution plan in favour of Dr. B.R. Shetty was set aside by the Supreme Court in November 2019 on the grounds that any plan affecting the Mumbai hospital’s land required prior approval from the MCGM under the Mumbai Municipal Corporation Act. To make matters worse, the hospital was requisitioned as a COVID-19 treatment facility, causing further delays and extensions.

The financial contours of the approved plan are substantial. Secured financial creditors, who had admitted claims of over ₹1,122 crores, will receive ₹449.10 crores, translating to a recovery of approximately 40.02 per cent. Operational creditors, including employees and statutory authorities, have also been provided for, with employees receiving ₹2 crores against admitted claims of ₹9.91 crores and other operational creditors getting ₹4.60 crores.

What makes this resolution particularly noteworthy is the structural transformation built into the plan. As an integral part of the resolution, a Scheme of Arrangement has been approved that will see the complete cancellation of the existing share capital and the conversion of Seven Hills Healthcare from a company limited by shares into a company limited by guarantee without share capital. In practical terms, this means the Mumbai hospital will operate as a not-for-profit Section 8 company, with any surplus generated mandatorily reinvested into expanding healthcare infrastructure. The Reliance Foundation Hospital Trust, a public charitable trust, will be admitted as the sole guarantor, taking over from the existing guarantors who stand discharged.

The implementation roadmap is clearly laid out. Within 30 days of the order, the hospital is to be handed over, funds infused, and payments made to stakeholders in the prescribed priority. A monitoring committee comprising one nominee each from the Committee of Creditors and the resolution applicant, along with the resolution professional as chairman, will oversee the process until the new board takes over. The business plan envisions ramping up bed capacity from 300 to 1,500 beds over five years, with investments in medical equipment, IT systems, and infrastructure upgradation.

On the regulatory front, the MCGM’s no-objection, issued on December 15, 2025, following directions from the NCLAT, was crucial in clearing the path. The NCLT has made it clear that while civil claims not forming part of the plan stand extinguished in line with Supreme Court rulings in Ghanashyam Mishra and Essar Steel, it cannot grant blanket exemptions from stamp duty or statutory taxes. Certain reliefs sought by the resolution applicant were rejected or modified, particularly those seeking immunity from environmental compliance or tax liabilities.

With this approval, the moratorium under Section 14 of the Insolvency and Bankruptcy Code ceases to have effect, and the resolution professional is directed to hand over management and records to Capri Global. The Registrar of Companies will issue a fresh certificate of incorporation reflecting the new structure as a company limited by guarantee. Periodic status reports are to be filed until full implementation, ensuring transparency and oversight. This resolution not only maximizes value for creditors but also preserves a vital healthcare asset for public benefit, aligning with the core objectives of the insolvency framework.

Key Financial Highlights

• Total Infusion: ₹456 crores + actual CIRP costs (approx. ₹205.34 crores) + actual Standstill Period costs.
• MCGM Dues: ₹223.48 crores to be settled separately.
• Financial Creditors’ Payout: ₹449.10 crores, resulting in a recovery of 40.02% for secured financial creditors.
• Operational Creditors: The plan allocates ₹2 crores for employees and ₹4.60 crores for other operational creditors.
• Total Resolution Amount: Approximately ₹884.82 crores, including the settlement amount to MCGM.

Also See: MGM Healthcare acquires SevenHills Hospital in Vizag for Rs 171 crore

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For the fourth time in as many years, SRS Real Infrastructure Limited, a real estate developer once known for ambitious residential and commercial projects across Haryana, is on the block. Resolution Professional Amarpal has issued a fresh invitation for Expression of Interest (EOI), hoping to finally find a buyer for the company’s scattered portfolio of land, incomplete projects, and a disputed five-star hotel.

The latest EOI, published on February 16, 2026, comes more than three years after the National Company Law Tribunal (NCLT), Chandigarh Bench, admitted the company into Corporate Insolvency Resolution Process (CIRP) on August 16, 2022. The repeated attempts to find a resolution applicant underscore the complexities and legal uncertainties clouding the developer’s assets.

A Portfolio Marred by Ownership Disputes

While the company’s portfolio appears diverse—ranging from a 35-acre plotted residential project in Panchkula to a commercial IT tower on NH-2 in Faridabad—two of its most significant assets are mired in legal challenges that could deter potential bidders.

The invitation document explicitly warns prospective resolution applicants (PRAs) about the status of the SRS Emerald Court and the SRS Nest (Banquet & Five Star Hotel) projects. Both assets are situated on land owned by a wholly-owned subsidiary, M/s SRS Retreat Services Ltd., and are heavily mortgaged to lenders. Crucially, the mortgagee banks have contested the Joint Development Agreements (JDAs) signed with the corporate debtor, alleging they were executed “without any approval and disclosure from the mortgagee bank”.

In the case of the SRS Nest hotel in Palwal, which sits on approximately 14 acres and includes constructed banquet and hotel facilities, the situation is even more fraught. The mortgagee bank has reportedly labeled the construction expenditure by the corporate debtor as “fraudulent transactions,” arguing that the asset does not belong to the corporate debtor. Furthermore, approximately ₹70 crores in receivables from government departments are also tied to this disputed land. The RP has noted that the status of these assets may change pending further documents from the banks, injecting a significant element of uncertainty into the bidding process.

The Assets on Offer

Despite the disputes, the EOI lists a range of properties across Haryana:

1. SRS Residency, Panchkula: A residential plotted project on 35 acres with 573 units.
2. SRS Royal Hills, Rewari: A completed residential project with 345 units and 8 shops.
3. SRS Pearl Floor, Palwal: A completed residential project with 470 unsold units.
4. SRS Retreat Farms, Manjhawali (Faridabad): A completed residential project on 109 acres with unsold units.
5. SRS Tower, Faridabad: A commercial IT project with 350 units on NH-2.
6. SRS Emerald Court, Faridabad: Semi-constructed land (23 Kanal 13 Marla) on NH-2 (ownership disputed).
7. SRS Signature Farm, Rohtak: A proposed plotted project on 15 acres.
8. SRS Nest, Palwal: A constructed banquet and five-star hotel on 14 acres (ownership disputed, operations ceased).
9. Plots at Lotus City, Kurukshetra: 7 plots totaling 1,610 sq. yards.
10. Land in Bijopur, Faridabad: 3 acres and 16 marla.
11. Land in Chirsi, Faridabad: 5.85 acres.
12. Receivables: Approximately ₹70 crores from government departments, linked to the disputed SRS Nest land.

Stringent eligibility for bidders

To navigate this complexity, the RP has laid out strict financial criteria. For those bidding for the corporate debtor as a going concern, the minimum tangible net worth required is ₹50 crores for companies, and ₹30 crores for individuals or HUFs, based on the average of the last two financial years. Financial investors must have Assets Under Management (AUM) of at least ₹250 crores.

Interested parties must submit a refundable EMD of ₹10 lakh along with their EOI by the March 3, 2026 deadline. Successful PRAs will later need to deposit a performance security of ₹1 crore for individual projects or ₹5 crore for the entire company.

A history of failed attempts

The current invitation explicitly addresses previous bidders. It notes that applicants who were part of the final lists from the first, second, and third Form-G invitations (issued in 2023) must submit all documents afresh, although their earlier Earnest Money Deposits (EMD), if not withdrawn, will be adjusted.

The company, which has had no operations in recent years and employs no staff, presents a complex challenge. The RP has been transparent about the fact that information is based on available documents and may change. A significant hurdle remains the lack of clarity over the subsidiary-owned assets. The mortgagee banks are “in the process” of sharing more documents that could alter the status of these key properties.

With the fourth attempt now underway, the success of the SRS Real Infrastructure CIRP hinges on whether a buyer can be found who is willing to untangle its legal knots and see value in a real estate portfolio frozen in time. The last date for submission of EoIs is March 3, 2026.

Also See: Two Boeing 777-300ERs of Jet Airways to go under the hammer; reserve price fixed at Rs 356 crore

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In the most significant asset disposition since the grounding of the airline, Jet Airways (India) Limited (in Liquidation) has officially initiated the e-auction process for two of its wide-body Boeing 777-300ER aircraft. The public announcement, issued by Liquidator Satish Kumar Gupta on February 22, 2026, invites bids for assets that were once the crown jewels of the defunct airline’s fleet.

The sale of Asset ID 3751 (Aircraft VT-JEU) and Asset ID 3753, both located in Delhi, carries a combined reserve price of over ₹356 crore, marking a critical step in monetizing the liquidation estate following the formal demise of the corporate debtor.

The long road from resolution to ruin

This e-auction represents the final chapter of a tragic saga that began over six years ago. Jet Airways, once India’s premier full-service carrier, was admitted into the Corporate Insolvency Resolution Process (CIRP) on June 20, 2019, after failing to service its massive debt.

After multiple failed attempts to find a buyer, the Jalan-Kalrock Consortium (JKC) emerged as the Successful Resolution Applicant (SRA), with the NCLT approving the plan on June 22, 2021. However, the revival plan never took off. The process was plagued by disputes over the fulfillment of conditions precedent, payment of CIRP costs, and the implementation timeline.

The Supreme Court’s intervention

The bone of contention remained the payment of the first tranche of ₹350 crore and the adjustment of a ₹150 crore Performance Bank Guarantee (PBG). On January 18, 2024, the Supreme Court explicitly directed that the PBG could not be adjusted against the payment and must remain alive until the plan was fully implemented. Despite this, JKC failed to deposit the full amount, infusing only ₹200 crore and seeking to adjust the PBG for the remainder.

Exasperated by the “inordinate delay,” a three-judge bench of the Supreme Court on November 7, 2024, invoked its powers under Article 142 of the Constitution to order the liquidation of Jet Airways. The Court termed the case an “eye-opener,” noting that “timely liquidation is indeed preferred over endless resolution”. It further ordered the forfeiture of the ₹200 crore infused by JKC and allowed lenders to encash the ₹150 crore PBG.

The assets on the block

Following that landmark judgment, the liquidation process has commenced. The assets currently listed for auction are:

• Aircraft Boeing-777-300ER with engines and APU. Reserve Price: ₹1,71,80,50,000.
• Aircraft Boeing-777-300ER with engines and APU. Reserve Price: ₹1,84,95,00,000.

The sale is strictly on an “as is where is” and “without recourse” basis. Interested bidders must submit eligibility documents and an Earnest Money Deposit (EMD) ranging from approximately ₹17 crore to ₹18.5 crore by March 24, 2026. The e-auction is scheduled for March 27, 2026, on the BAANKNET platform.

With the airline’s Air Operator Certificate (AOC) now a relic of the past and the assets being stripped, the e-auction on March 27 will officially mark the dismantling of what was once India’s largest private airline.

Also See: Bank of Baroda emerges top bidder for Jet Airways prime BKC Office

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NBCC (India) Limited has successfully completed the e-auction of a total of 417 residential units at Amrapali Aspire Leisure Valley (2 Towers – 306 Flats), Greater Noida (West), Uttar Pradesh and Aspire Silicon City (1 Tower – 111 Flats), Phase-IV, Sector-76, Noida, Uttar Pradesh. The e-auction achieved a total sales value of approximately ₹1,045.40 crore, reflecting strong market response and bids received above the reserve price. This high-value auction received an overwhelming response, with bids far exceeding the reserve price. The proceeds will be used to repay bank loans and mitigate the financing needs of ongoing projects.

This project, monitored by the Supreme Court, boasts state-of-the-art amenities and a strategic location, making it a popular investment opportunity. This sale will mark a significant milestone in completing stalled Amrapali projects and fulfill the dream of many homebuyers.

Till date, a total of 5,671 units have been sold through e-auction in the new FAR projects of Amrapali (Aspire Golf Homes, Aspire Centurion Park, Aspire Dream Valley, Aspire Leisure Park, Aspire Silicon City and Aspire Leisure Valley), with a total saleable area of ​​153.72 lakh sq ft and a total highest bid price of Rs 11,719.27 crore.

With this successful execution, NBCC has further strengthened its position as a leading real estate developer in India. It also holds the distinction of being the only Public Sector Undertaking (PSU) in this sector in India and has set a new standard for transparent and competitive property sales through a digital platform. The success of this e-auction is expected to further strengthen investor confidence in the sector and establish NBCC as a leading institution in the execution of distressed asset projects. It will also provide relief to thousands of affected homebuyers in Noida/Greater Noida (West), Uttar Pradesh.

The Supreme Court by its judgment dated 23 July 2019 issued several directions towards ensuring steps and measures for execution and completion of all pending project of Amrapali. Cases of Home Buyers awaiting execution of tripartite agreements and those awaiting completion of their projects have been dealt with by the Court. The directions issued by the Court relate to the steps to be taken by Central Government, State Government, Noida and Greater Noida Authorities, NBCC and various Banks.

In terms of the above direction, the Receiver has been coordinating with various authorities towards processing, studying, and completion of the task given unto the Receiver.

Also See: NBCC sells Aspire Silicon City to AU Real Estate for Rs 1,468 crore

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The National Company Law Tribunal (NCLT), Mumbai Bench, has approved Sagacious Capital Private Limited’s resolution plan for Reliance Innoventures Private Limited, marking the end of a protracted insolvency process.

The bench, comprising Member (Judicial) Mohan Prasad Tiwari and Member (Technical) Charanjeet Singh Gulati, sanctioned the plan in an order pronounced on Tuesday. The approval concludes a process where creditors, holding total admitted claims of approximately ₹4,236.61 crores, will receive a combined payout of ₹110.10 crores—a recovery of about 2.6% of the total admitted debt.

Breakdown of debt and payout:

According to the tribunal’s order, the admitted claims verified during the Corporate Insolvency Resolution Process (CIRP) and their respective payouts under the approved plan are as follows:

1. Secured Financial Creditors: Admitted claims of ₹1,410.14 crores. They will receive ₹101.58 crores, constituting a 7.20% recovery. The primary secured creditor is JC Flowers Asset Reconstruction.
2. Unsecured Financial Creditors: Admitted claims of ₹2,813.82 crores. They will receive ₹8.37 crores, a mere 0.30% recovery. This class includes claims from entities like HDFC Ltd. and Axis Trustee Services, largely stemming from corporate guarantees provided by Reliance Innoventures for other group companies.
3. Operational Creditors (for goods/services): Admitted claims of ₹12.63 crores. They will receive ₹0.13 crores, a 1.03% recovery.
4. Statutory Dues (Government): Admitted claims of ₹0.02 crores. These will be paid in full (100%).
5. CIRP Costs: Outstanding costs of ₹4.35 crores will be paid in full and in priority, either from the corporate debtor’s internal accruals or by the resolution applicant.

Plan Funding and Legacy Equity Extinguished

The total resolution plan amount of ₹110.10 crores will be infused by Sagacious Capital. As part of the capital restructuring, the entire existing share capital of Reliance Innoventures, worth ₹381.49 crores, will be extinguished. The company will then issue 100,000 new equity shares to Sagacious Capital, giving it complete ownership.

The tribunal’s approval underscores the binding nature of the resolution plan on all stakeholders and extinguishes all claims not specifically provided for within it. The order also clarifies that the resolution applicant will not be liable for any offences committed by the company prior to the insolvency commencement date.

This settlement brings finality to the insolvency of Reliance Innoventures, transferring its assets and operations to Sagacious Capital while providing a minimal but definitive recovery for its numerous creditors.

Reliance Innoventures Private Limited (RIPL) was the ultimate holding company of Reliance-Anil Dhirubhai Ambani Group (ADAG). It had strategic holdings in various listed operating group companies through intermediate holding companies. The company held the majority of the promoter shareholding in Reliance Capital Ltd, Reliance Power Ltd., Reliance Infrastructure Ltd. & Reliance Communications Limited among other Reliance ADAG Group Companies, directly and through subsidiaries. RIPL also used to sell wind power and EPC contracts for small projects.

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After nearly three decades of operational turbulence and financial distress, the long-grounded Dove Airlines Private Limited has officially initiated a voluntary liquidation process, marking the final chapter for the former charter carrier. The announcement, made on Monday, January 5, 2026, signals a transition from the legal purgatory of insolvency to a definitive winding down of the company.

A tale of two entities

The current liquidation involves the West Bengal-registered entity, Dove Airlines Private Limited (CIN: U35301WB2006PTC107699). Incorporated in February 2006 and based at Shakespeare Sarani, Kolkata, this entity was historically a joint venture involving Usha Martin, which divested its 50% stake in 2015 to stem corporate losses.

This contrasts with an older Delhi-based entity (CIN: U62100DL1995PTC072184) promoted by the Jain Group, which had faced a Corporate Insolvency Resolution Process (CIRP) initiated by the NCLT in 2022. While the Delhi wing struggled through court-mandated resolution attempts, the Kolkata-based corporate shell—which reported a modest revenue of ₹23.9 lakh for the 2024 fiscal year—has now chosen the path of voluntary liquidation under the Insolvency and Bankruptcy Board of India (IBBI) Regulations, 2017.

Final winding down: Claims invited

Mr. Pranab Kumar Chakrabarty has been appointed as the liquidator to oversee the distribution of assets and settlement of remaining liabilities.

• Stakeholder Deadline: All creditors and stakeholders are required to submit proof of their claims by February 4, 2026.
• Submission Protocols: Financial creditors must file their claims electronically, while other stakeholders may submit proofs in person, by post, or electronically.
• Legal Warning: The liquidator has cautioned that any false or misleading claims will attract strict legal penalties.

The End of a Charter Era

At its peak, Dove Airlines operated as a non-scheduled (charter) carrier, providing passenger and cargo services using regional aircraft like the Dornier 228. Despite ambitious mid-career plans to join the government’s UDAN scheme for regional connectivity, the airline remained plagued by financial stress, grounded fleets, and legal disputes with aircraft lessors.

The move to voluntary liquidation suggests that the company’s current directors—including members of the Jalan family—have determined the entity is solvent enough to pay its remaining debts through an orderly asset sale rather than a forced bankruptcy. As the February 4 deadline approaches, the once-hopeful regional player prepares for its final landing, closing a thirty-year legacy of Indian private aviation.

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