The resolution professional for Raheja Developers’ stalled Revanta housing project in Gurugram has invited fresh expressions of interest (EoIs) from prospective bidders. The committee of creditors (CoC) scrapped an earlier invitation issued just five weeks ago.

GT Restructuring Services LLP is the resolution professional (RP) for the project, acting through insolvency professional Surendra Raj Gang. It published the revised Form G on 8 October 2026. The notice says the CoC decided at its fourth meeting to cancel the EoI process launched under a Form G dated 3 September 2026 and to publish a new invitation. The notice does not give a reason.

Under the new timetable:

• 24 October 2026: last date for EoIs
• 2 November: provisional list of prospective resolution applicants
• 7 November: last date for objections to the provisional list
• 13 November: final list issued, along with the information memorandum, evaluation matrix and request for resolution plans
• 14 December 2026: last date for resolution plans

Project-specific insolvency

The insolvency process covers only the Revanta project, not all of Raheja Developers Ltd. The NCLT’s New Delhi principal bench, comprising President Justice Anupinder Singh Grewal and Technical Member Ravindra Chaturvedi, admitted a Section 7 petition filed by 176 allottees of the Revanta project on 8 June. The bench held that homebuyers’ payments constitute financial debt under the IBC, and confined the CIRP to Revanta based on NCLAT rulings in the Raheja Shilas and Krishna Housing Scheme matters.

The developer launched Revanta in 2011, promising possession within 36 months for independent floors and 48 months for three high-rise towers, but did not complete the project even after the extended July 2022 deadline. In the proceedings, Raheja Developers argued that insolvency would hurt about 40,000 homebuyers across 35 projects and maintained that it was solvent and financially viable.

It is not the developer’s first brush with the IBC. In November 2024, the NCLT ordered insolvency proceedings against Raheja Developers on a petition by allottees of its Shilas project in Sector 109, Gurugram. Proceedings had earlier been initiated in 2019 over delays in its Raheja Sampada project.

What is on offer

According to the Form G, the project is spread over about 18.72 acres in Sector 78, Village Shikohpur, Gurugram. It has more than 900 units and a total saleable area of over 19 lakh sq ft. About 735 units have been sold to date.

The Form G discloses several gaps a bidder will have to deal with:

• The project’s Haryana RERA registration (No. 32 of 2017, dated 4 August 2017) has expired.
• Raheja Developers has no employees or workmen deployed on the project, according to the suspended management.
• The company’s financial statements, covering all its projects, are available only up to 31 March 2023. No project-specific financial statements exist.

MSME tag

The Form G states that Raheja Developers is an MSME, based on records shared by the suspended management. This matters for who can bid. Section 240A of the IBC exempts promoters of MSMEs from some of the Section 29A disqualifications, which could allow the developer’s promoters to submit a plan for the project.

The Form G does not disclose total admitted claims or the composition of the CoC.

Also See: Rankini Power puts itself up for bids a fourth time; SREI’s ₹1,439-crore claim at stake

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Kolkata-based Rankini Power Generation Pvt Ltd has issued a fresh invitation for expressions of interest (EOIs) from prospective resolution applicants. It is the fourth version of the company’s Form G in less than five months of insolvency proceedings, a sign that the earlier rounds failed to attract a viable buyer.

According to the notice, published in Business Standard on October 9, EOIs are due by November 7, 2026. The provisional list of applicants will be issued on November 17, objections are due by November 22, and the final list is due on December 2. Resolution plans must be submitted by January 6, 2027.

One creditor, one employee

The National Company Law Tribunal admitted Rankini into the corporate insolvency resolution process (CIRP) by an order dated May 14, 2026. Its creditor list is dominated by a single lender. SREI Equipment Finance Ltd claimed ₹1,439.49 crore, and ₹1,438.53 crore of that has been admitted, giving SREI 100% of the voting share in the committee of creditors.

Palm Products Pvt Ltd has filed a further secured claim of ₹70.83 crore, which remains under verification.

Most of the remaining claims come from parties linked to the company:

• Its holding company, Ganesh Credits & Investments Pvt Ltd, has filed an unsecured claim of ₹66.52 lakh.
• Sanjay Gupta, a member of Rankini’s suspended board, has an employee claim of ₹36.85 lakh, which has been admitted.
• His wife, Preeti Gupta, has an admitted operational claim of ₹46,667.

The Form G says the company has only one employee, and gives its installed capacity and production as “not applicable”.

The Nagpur link

According to the Form G, Rankini’s main asset is its [stake in] Abhijeet MADC Nagpur Energy Pvt Ltd (AMNEPL). AMNEPL owns a [246 MW] power plant in Nagpur.

AMNEPL was set up as a joint venture to supply power to the MIHAN special economic zone. It entered insolvency in 2017 and moved into liquidation in 2018 after resolution attempts failed. Liquidation began on August 31, 2018, under liquidator Vinod Kumar Kothari. By July 2020, claims of about ₹2,236 crore had been admitted against it, including about ₹2,056 crore from secured financial creditors.

The liquidator invited EOIs for AMNEPL’s assets repeatedly between 2018 and 2020. The National Company Law Appellate Tribunal (NCLAT) has since dismissed appeals by Maharashtra Airport Development Company (MADC), the state-owned owner of the plant’s land, and upheld the sale of AMNEPL’s assets. NCLAT held that MADC’s ownership of the land did not give it the right to block the sale, but said its rights under the build-operate-transfer agreement remain protected.

That leaves a would-be bidder for Rankini buying, in effect, a claim on whatever is left of a liquidated power plant, held by a company with a single employee and no operations of its own.

Timeline pressure

Rankini’s 180-day CIRP period runs out around November 10, 2026. The January 6 deadline for resolution plans falls on about day 237. Unless the tribunal extends the process or excludes time, the plan deadline will fall outside the standard window, though still within the code’s 330-day outer limit.

Also See: Months after parent KSS’ rescue plan cleared, jewellery arm Birla Jewels enters insolvency

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The National Company Law Tribunal (NCLT) has admitted Birla Jewels Ltd, the jewellery subsidiary of KSS Ltd (formerly K Sera Sera Ltd), into the corporate insolvency resolution process (CIRP). The admission comes about three months after an appellate tribunal approved a resolution plan for the parent.

Pravin R Navandar has been appointed interim resolution professional (IRP) of Birla Jewels, which runs the ‘Bjewelz’ brand. His public announcement (Form A) asks creditors to file claims by October 20, 2026.

A parent rescued for ₹3 crore

KSS’s own CIRP stretched over three and a half years. NCLT’s Mumbai bench admitted the company into insolvency on January 24, 2023. It acted on a petition under Section 7 of the Insolvency and Bankruptcy Code (IBC) filed by Micro Capitals Pvt Ltd. The committee of creditors (CoC) had two members: Micro Capitals, with 77.97% of the voting share, and Axis Bank, with 22.03%.

Eight prospective resolution applicants made the final list. Only one submitted a plan, and it was Micro Capitals itself. Its plan offered ₹3.01 crore. The CoC approved it in October 2023, with e-voting closing on November 9. Micro Capitals voted its 77.97% in favour and Axis Bank dissented. In effect, the majority creditor approved its own bid.

In March 2025, NCLT rejected the plan. It cited multiple violations of the Code and its regulations, and several material inconsistencies and deficiencies. Micro Capitals and the resolution professional, Dharmendra Dhelariya, both appealed. On June 30, 2026, the National Company Law Appellate Tribunal (NCLAT) allowed both appeals, set aside the NCLT ruling and approved the plan. It sent the matter back to NCLT only to pass consequential orders.

NCLT did so on August 5. The bench was Lakshmi Gurung (judicial member) and Charanjeet Singh Gulati (technical member). The order:

• lifted the moratorium on KSS;
• confirmed that claims left out of the plan stand extinguished;
• refused exemptions from stamp duty and taxes sought in the plan;
• directed that any recovery from a preferential-transactions application, which NCLT had allowed in August 2025, be dealt with under the plan and as the CoC decides.

A monitoring committee chaired by Dhelariya is overseeing implementation of the plan. On September 28, another bench of the same court, Vinay Goel and Gulati, corrected the August 5 order. The order had named the interim resolution professional as Manoj Kumar Agarwal instead of Dhelariya. In an exchange filing on October 7, KSS said the correction does not alter the plan or its terms.

From a 500-store plan to insolvency

At Bjewelz’s launch, KSS announced large plans:

• 500 outlets across India within three years, mainly through franchisees, starting in Patna;
• more than ₹100 crore of marketing spend;
• a turnover target of ₹6,000 crore within two years.

While launching Birla Jewels retail outlets in 2026, Group chairman Satish Panchariya had said the aim was a place among India’s top three jewellery chains.

Corporate data platforms still list Nikita Rattanshi, who was quoted at the launch as a director, on Birla Jewels’ board, along with Sandip Joshi and Siddharth Kumar. They put the company’s authorised and paid-up capital at ₹1 crore each. According to the Form A, the company was incorporated on May 23, 2011. Birla Jewels’ GST registration and KSS’s filings give the same building as their address: Morya Landmark-II, Andheri West.

Despite the name, Birla Jewels has no apparent connection to the Aditya Birla Group, whose jewellery business is run by Novel Jewels Ltd.

Also See: NCLT clears Rs 21-crore Netscape consortium plan for Juhi Industries; lenders take 97.5% haircut

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The Kolkata bench of the National Company Law Tribunal (NCLT) has approved a Rs 21-crore resolution plan for Juhi Industries Private Limited. The plan was submitted by a consortium of Ranchi-based Netscape Ventures Private Limited, Ashish Agarwal and Gopi Kishan Agarwal. Creditors will take a haircut of 97.46% on admitted claims of Rs 827.20 crore.

The order was pronounced on August 25 by a bench of Labh Singh (judicial member) and Rekha Kantilal Shah (technical member). The plan pays all creditors, including corporate insolvency resolution process (CIRP) costs, within seven days of a “Record Date.” The Record Date falls 45 business days after the tribunal’s approval. The money breaks down as follows:

• Financial creditors: Rs 2,070.72 lakh against admitted claims of Rs 626.96 crore.
• Government dues: Rs 24.28 lakh against Rs 198.78 crore.
• Other operational creditors: Rs 5 lakh against Rs 1.45 crore.

The committee of creditors (CoC) has two members. Bank of Baroda holds 58.05% of the vote on an admitted claim of Rs 363.92 crore. Canara Bank holds 41.95% on Rs 263.04 crore.

The plan amount is 90.26% of the company’s fair value of Rs 23.26 crore and 120.99% of its liquidation value of Rs 17.36 crore.

Two rounds, two bidders

Canara Bank filed the insolvency petition under Section 7 of the Insolvency and Bankruptcy Code (IBC). The tribunal admitted the company into CIRP on January 6, 2025, and appointed Anish Agarwal as interim resolution professional. He was later confirmed as resolution professional.

The first invitation for expressions of interest (Form G) drew no resolution plan by the June 5, 2025 deadline, so the CoC re-issued it. In the second round, two plans came in. One was from Orissa Alloy Steel Private Limited of the Rashmi Group. The other was from the Netscape consortium.

After revised financial offers, the plans went to e-voting from October 13 to December 3, 2025. The CoC approved the Netscape consortium’s revised plan, dated September 26, 2025, with 100% of the vote. The consortium deposited a performance security of Rs 2.10 crore.

From trader to manufacturer

The order describes Netscape Ventures as a trader in sponge iron, billets and coal with about 13 years in the business, mainly in eastern India. It says the consortium intends to move from trading into integrated manufacturing. According to the order, Juhi Industries’ operations had been shut because of capex and working-capital constraints.

The plan proposes to run the company as a going concern. However, it reserves an “unconditional right” for the bidder to use the company’s assets for an alternate project if the revival fails. The CoC minutes record that members saw no violation of law in that clause, citing earlier tribunal precedents.

The certified net worth figures on record are:

• Ashish Agarwal: Rs 3.81 crore
• Gopi Kishan Agarwal: Rs 3.26 crore
• Netscape Ventures: Rs 5.54 crore

The plan says it will be funded from the consortium’s existing resources and its associates, with bank borrowings if required. Existing equity will be cancelled without payout, and the consortium will hold 100% of the restructured company.

Tribunal sought clarifications

On July 13, 2026, the tribunal sought clarifications on the plan. The CoC approved the bidder’s responses at its 15th meeting, again with 100% of the vote. Under the clarifications, the bidder:

• withdrew a clause that would have let it acquire assets “whether or not mentioned” in the information memorandum;
• confirmed that no undisclosed person will take ownership or control of the company;
• dropped a performance-linked incentive for the resolution professional, keeping only a fixed fee of Rs 3 lakh a month;
• shortened the deadline for reconstituting the board from 30 days to seven days after the Record Date.

Tax losses and reliefs

The company has carried-forward business losses of Rs 324.16 crore and unabsorbed depreciation of Rs 20.55 crore. The tribunal said these can be carried forward only in line with the Income Tax Act, and that the tax department is free to examine them.

The plan sought several reliefs that fall outside the tribunal’s powers. These included reclassifying some land parcels from “forest land” in revenue records, waiving lease dues and exempting stamp duty. The bench left these to the authorities concerned, relying on the Supreme Court’s ruling in Embassy Property Developments.

The tribunal also said any personal guarantees given for the company’s loans can be invoked. A Section 19(2) application filed by the resolution professional against Mithlesh Pandey and others was disposed of as infructuous.

Also See: NCLT approves Hynite Farms’ ₹138.7-crore plan for stalled Greater Noida project Manorath

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The National Company Law Tribunal (NCLT) approved 107 resolution plans in the July–September quarter of FY 2026–27, the highest in any quarter since the tribunal began handling insolvency cases, according to data released by the NCLT on Wednesday. The figure is 78% higher than the 60 plans approved in the same quarter last year, and well above the previous quarterly peak of 90, recorded in October–December 2025.

The 107 plans carry an aggregate approved value of about ₹11,071 crore, the tribunal said. That works out to an average of roughly ₹103 crore per plan. Two benches accounted for most of the activity. The Mumbai bench approved 35 plans worth ₹4,189 crore, about 38% of the quarter’s total value. The Principal and New Delhi benches together cleared 29 plans worth ₹1,649 crore.

The Ahmedabad bench approved only eight plans, but they were worth ₹2,882 crore, making it the second-largest bench by value. Its average plan size of about ₹360 crore was the highest among all benches. Twelve of the NCLT’s 16 benches approved at least one plan during the quarter. Chennai, Guwahati and Jaipur cleared one each.

With 78 plans approved in April–June, the tribunal has cleared 185 resolution plans in the first half of FY27, worth ₹16,588 crore. That is 57% more than the 118 plans approved in the first half of FY26. FY26 as a whole saw 257 approvals.

The cumulative count of resolution plans approved by the NCLT stood at 1,735 as on 30 September 2026, with an aggregate approved value of ₹4,89,292 crore since 2017–18. The approved value refers to the amounts in resolution plans cleared by the tribunal. The NCLT release does not give realisation as a share of admitted creditor claims.

Pendency

The backlog of plans awaiting approval has eased since the Supreme Court flagged delays earlier this year. On 29 April 2026, the court had noted that 363 applications for approval of resolution plans were pending before the NCLT.

As on 30 September, 294 plans were pending consideration and orders had been reserved in a further 41, taking the total at these two stages to 335. That is 28 fewer than the April figure, a decline of about 8%.

The tribunal attributed the higher disposals to administrative changes. These include a real-time system to track pendency and disposal across benches, used to redistribute cases where needed.

A new framework for registration and listing, framed after consultation with the Bar, gives priority to older matters, IBC admission matters and plan-approval applications. The NCLT has also constituted special benches where required.

On the technology side, it has launched e-Inspection and e-Certified Copy services, alongside a revamped website and the ongoing roll-out of e-Courts 2.0.

Vacancies

The record came despite a shortage of members. Against a sanctioned strength of 62 members besides the President, the NCLT has 48 working members, leaving 14 posts vacant. As a result, only 13 courts are sitting full-day, while 18 sit half-day. Four more members are due to demit office by the end of 2026, which would bring the working strength down to 44 unless appointments are made.

The Supreme Court has taken suo motu cognisance of the appointment of judicial and technical members and of inadequate infrastructure at the tribunal. It has directed the Centre to file a status report on basic amenities at the Principal and Regional benches, and to identify urgent needs in consultation with the NCLT President.

Tables

Table 1: Bench-wise resolution plans approved, Q2 FY27 (July–September 2026)

Source: NCLT. Values converted from rupees to crore; share column computed.

Table 2: Resolution plans approved in Q2 (July–September), by year

Table 3: Quarter-wise resolution plans approved

Table 4: Year-wise resolution plans approved and approved value

Also See: Resolution Plans

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The liquidator of Birbhum Chemicals and Fertilisers Ltd has invited bids for the company’s land and building, 21 vehicles and its plant and machinery, at a combined reserve price of about ₹18.82 crore, according to an e-auction notice published on October 6.

The land and building lot carries a reserve price of ₹18.48 crore, the same price at which it was offered in a September auction, according to auction filings with the Insolvency and Bankruptcy Board of India (IBBI). Those filings describe the land as 28.55 acres with three godowns at Ichhapur, near Illambazar in West Bengal’s Birbhum district.

The vehicles are priced at ₹26.13 lakh and the plant and machinery at ₹8.07 lakh. The plant and machinery had been offered in July at a reserve of ₹8.50 lakh, the IBBI filings show, which puts the latest price about 5 per cent lower. The notice does not say whether the earlier auctions drew any bids.

Liquidator Sanjay Kumar Poddar will run the auction on the BAANKNET platform on November 6, from 11 am to 5 pm, with five-minute extensions for bids placed in the closing minutes. Bidders can submit eligibility documents from October 6 to November 3, inspect the assets until October 31 and deposit the earnest money by November 3. They must also file an undertaking that they are not barred under Section 29A of the Insolvency and Bankruptcy Code. The assets are being sold lot-wise on an “as is where is” basis, and bidders may bid for a combination of lots.

Source: e-auction sale notice, Business Standard (Mumbai), October 6, 2026

Small fraction of dues

Even if all three lots sell at their reserve prices, the proceeds would be a small fraction of what lenders are owed. During the corporate insolvency resolution process, five secured financial creditors had claims of about ₹126.3 crore admitted, or 96.55 per cent of all admitted claims, according to the list of creditors filed with IBBI in June 2024. A sale at reserve would cover roughly 15 per cent of that, before liquidation costs and the distribution order under Section 53 of the Code. The liquidator filed a fresh list of claims in April this year.

The National Company Law Tribunal’s Kolkata bench admitted Canara Bank’s Section 7 petition against the company on January 8, 2024, and Avishek Gupta was appointed resolution professional. More than two years later, on February 27, 2026, the tribunal ordered liquidation and appointed Poddar as liquidator.

On the day it admitted Canara Bank’s petition, the tribunal dismissed a separate Section 9 petition filed by an operational creditor, Jashim Mondal. The cause title of that petition described Birbhum Chemicals as a corporate guarantor.

Also Read: Gummidipoondi thermal plant of ARS Energy on the block at Rs 211.94 crore reserve price

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The liquidator of ARS Energy Pvt Ltd has put the company’s 60 MW coal-based thermal power plant at Gummidipoondi in Tamil Nadu’s Thiruvallur district up for e-auction at a reserve price of Rs 211.94 crore. This comes about five months after the creditors rejected seven resolution plans for the company.

According to the sale notice published on Monday, the assets will be sold as a slump sale under Regulation 32(b) of the IBBI (Liquidation Process) Regulations, 2016. The auction is scheduled for November 4, 2026, from 11 am to noon on the IBBI-empanelled BAANKNET platform. Each valid bid in the closing period will trigger an unlimited extension of five minutes. Bidders must deposit an earnest money deposit (EMD) of Rs 21.19 crore and bid in increments of Rs 2.12 crore.

What is on sale

The sale covers all the assets of the company in liquidation:

• about 62.99 acres of power plant land across the Chitturnatham, Eguvarpalayam and Guruvaraja Kandigai/Sirupuzhalpettai-II villages, with buildings and civil structures;
• a 251 TPH CFBC boiler, a 60 MW steam turbine generator with a 60 MW/75 MVA alternator, ESP, chimney, air-cooled condenser, and coal and ash handling systems;
• a 230 kV switchyard and a power evacuation line of about 32 towers running over 7 km;
• about 15.12 acres of additional land at Kannambakkam, a 17,018 sq ft parcel at Sinthalakuppam, and about 30 cents at Sirupuzhalpettai/Guruvaraja Kandigai;
• stores, spares, vehicles, receivables and actionable claims.

The assets are offered on an “as is where is, as is what is, whatever there is and without recourse” basis.

Prospective bidders must register on BAANKNET and submit their Section 29A eligibility affidavit and KYC documents by November 2. The EMD is also due by that date. The plant is open for inspection from October 5 to November 2. After the auction, the EMDs of the highest and second-highest bidders will be retained until post-auction due diligence and eligibility checks are complete.

Seven plans rejected

The Chennai bench of the National Company Law Tribunal (NCLT) admitted ARS Energy into the corporate insolvency resolution process (CIRP) on February 14, 2025, on a petition by Canara Bank. The committee of creditors (CoC) was made up entirely of secured lenders: Canara Bank (36.62%), Bank of Baroda (22.06%), State Bank of India (20.88%), Punjab National Bank (17.02%) and HDFC Bank (3.42%). Admitted financial debt was about Rs 387.40 crore.

The first invitation for expressions of interest, issued in April 2025, drew six plans. Four were shortlisted. After negotiations in July and August 2025, the CoC rejected them, saying their offers were well below liquidation value and commercially unacceptable. A second invitation in September 2025 drew seven plans. Their final values were:

• Cyfuture India Pvt Ltd: Rs 178.08 crore
• Maadurga Thermal Power Company Ltd: Rs 123.16 crore
• Woori Energy Innovations and Priyanka Infrahomes (consortium): Rs 100 crore
• Aikyam Stressed Asset Fund I and others (consortium): Rs 75.01 crore
• Hindustan Thermal Projects Ltd: Rs 51 crore
• Mohit Minerals Ltd: Rs 40 crore
• Lanco Kondapalli Power Ltd: Rs 21.01 crore

The CoC put all seven plans to vote on January 9, 2026. By the time voting closed in March, every lender had voted against all seven, citing feasibility, viability and commercial terms. On March 24-25, the CoC voted unanimously to liquidate the company. The NCLT ordered liquidation on May 5, 2026. The registered valuers had put the plant’s fair value at Rs 260.93 crore and its liquidation value at Rs 162.96 crore.

The reserve price of Rs 211.94 crore is about 30% above the liquidation value and about 19% below fair value. It is also Rs 33.86 crore more than the highest plan the lenders rejected, Cyfuture’s Rs 178.08 crore offer, which itself was above the liquidation value. Measured against the admitted debt, the reserve price would give lenders about 55%, before liquidation costs.

Change of liquidator

The NCLT’s May 5 order had appointed resolution professional R Bhuvaneshwari as liquidator. In the CoC vote on her appointment, lenders with 63.38% voted in favour, while Canara Bank, the largest lender, voted against. That was short of the required 66%. The tribunal appointed her anyway, noting that a majority had backed her and that no disciplinary proceedings or complaints were pending against her.

The sale notice, however, is signed by Kalvakolanu Murali Krishna Prasad of Hyderabad as liquidator. IBBI records list a further NCLT order in the matter dated August 14, 2026. The circumstances of the change could not be immediately ascertained.

Also See: Three years after IBC rescue, Sical Logistics revenue surges but profit depends on asset sales

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Sical Logistics has sharply increased its business since it was rescued under the Insolvency and Bankruptcy Code in 2023, but the recovery is yet to translate into a sustained operating profit. Consolidated revenue rose to Rs 385.68 crore in FY26 from Rs 221.46 crore a year earlier, while the company reported a net profit of Rs 45.40 crore. However, profit before tax and exceptional items was only Rs 1.50 crore for the year, with land and asset sales providing a substantial part of the reported profit. In the June 2026 quarter, revenue grew another 35.92% to Rs 132.58 crore and net profit stood at Rs 20.08 crore, but PBT was just Rs 5.08 crore.

The company on Sunday disclosed an award letter from Steel Authority of India Ltd (SAIL) for excavation and transportation of iron ore, ICW and sub-grade ore from phase 6 of the Dalli mechanised mine. The order is worth Rs 39.23 crore excluding GST and runs from October 5, 2026 to November 18, 2028.

The new order adds to Sical’s growing operating business, which is largely driven by mining and logistics contracts. Its longer-term revenue visibility also rests on a Rs 4,038-crore, GST-inclusive contract from South Eastern Coalfields for overburden removal at the Porda Chimtapani opencast project in Raigarh, Chhattisgarh.

Creditors’ haircut

The Chennai bench of the National Company Law Tribunal (NCLT) approved Delhi-based Pristine Malwa Logistics Park Pvt Ltd’s resolution plan on December 8, 2022. The monitoring committee declared January 11, 2023 as the effective date. The plan provided about Rs 480.82 crore, plus actual CIRP costs, against admitted claims of about Rs 2,155 crore, implying a recovery of roughly 22%.

Secured financial creditors, excluding bank-guarantee exposure, were allotted Rs 385.32 crore against admitted claims of Rs 936.15 crore. Unsecured financial creditors with Rs 482.63 crore in admitted claims received nothing. Operational creditors, including vendors with Rs 517 crore of admitted claims and statutory authorities with Rs 69.92 crore, also received nothing. Workmen and employee dues of Rs 6.75 crore were paid in full.

According to the annual report, financial creditors were paid in three instalments — Rs 54.32 crore upfront, Rs 105 crore two years after the effective date and Rs 226 crore after two and a half years. The deferred amounts carried 8% interest. Sical said it paid the final Rs 226 crore tranche in FY26 and received no-objection certificates from lenders. Their charges have since been satisfied.

Sical refinanced the final payment through a Rs 250-crore consortium term loan, of which Rs 240 crore was drawn, from Aditya Birla Capital, Piramal Finance and Arka Fincap. The loan was secured against land owned by subsidiaries at Vallur in Chennai and Whitefield in Bengaluru. It was also backed by a pledge of Pristine’s shares in Sical and a corporate guarantee from Pristine.

After prepayments, Rs 84.76 crore was outstanding at the end of March 2026, with the balance due in June 2028. Pristine subsequently released the pledges and non-disposal undertakings on its Sical shares following repayment of the loan on August 26, 2026. The shares pledged with Aditya Birla Capital, Arka Fincap and Piramal Finance were released.

Revenue up, profit from one-offs

Standalone revenue from operations rose more than fourfold to Rs 164.77 crore in FY26 from Rs 40.22 crore a year earlier. Most of the business came from overburden removal at Northern Coalfields’ Nigahi opencast project in Singrauli.

Consolidated revenue rose 74% to Rs 385.68 crore. This includes turnover of Rs 139.88 crore from container freight station subsidiary SMART and Rs 81.45 crore from warehousing arm Pristine Value Logistics.

Sical reported standalone net profit of Rs 39.56 crore in FY26, compared with a loss of Rs 44.04 crore in FY25. Before exceptional items, however, it posted a loss of Rs 16.03 crore.

Two asset-related gains accounted for much of the difference. The company booked a Rs 55.59-crore exceptional gain from the sale of a non-core land parcel and a Rs 29.74-crore gain on the sale of fixed assets under other income. Without these two items, the standalone business would have incurred a loss of about Rs 45.77 crore.

Finance costs rose 74% to Rs 61.54 crore, including Rs 19.68 crore of interest paid to related parties. Standalone operating profit before interest, depreciation and other income was about Rs 41.77 crore, below the finance cost.

Sical also leases 38 pieces of mining equipment from Pristine Malwa. It has approved lease rentals of up to Rs 21.08 crore for FY26, Rs 15.67 crore for FY27 and Rs 15.01 crore for FY28.

Uneven recovery

The quarterly numbers show that the recovery has been uneven. Consolidated sales rose 83.59% year-on-year to Rs 89.81 crore in the September quarter, 87.03% to Rs 93.16 crore in the December quarter and 29.65% to Rs 105.17 crore in the March quarter. But PBT before exceptional items was negative in three of the four quarters of FY26.

In the September quarter, consolidated net profit was Rs 11.71 crore against a loss of Rs 6.62 crore a year earlier, while PBT was Rs 13.97 crore. On a standalone basis, the company reported Rs 31.46 crore of other income against Rs 36.63 crore of revenue from operations. This included the Rs 29.74-crore gain on the sale of fixed assets booked during the year.

In the December quarter, net profit jumped to Rs 48.04 crore even as PBT was a loss of Rs 6.54 crore. The difference was largely the Rs 55.59-crore exceptional gain from the land sale.

In the March quarter, with no comparable one-off gain, Sical reported a consolidated net loss of Rs 9.95 crore against a loss of Rs 4.24 crore a year earlier. PBT was a loss of Rs 5.83 crore.

The recovery showed some improvement in the June 2026 quarter. Consolidated sales rose 35.92% to Rs 132.58 crore and net profit was Rs 20.08 crore against a loss of Rs 4.40 crore a year earlier. PBT was Rs 5.08 crore. Standalone sales were Rs 71.08 crore and net profit Rs 18.35 crore. The board also approved plans to raise Rs 150 crore for asset expansion.

*The audited annual report gives consolidated profit for the year as Rs 49.28 crore.

Balance sheet and order book

The balance sheet is lighter than before but still carries the legacy of the insolvency. Long-term borrowings fell to Rs 276.44 crore from Rs 418.25 crore. Of this, Rs 157.47 crore is unsecured debt owed to related parties.

The company’s debt-equity ratio fell to 1.85 from 14.86. However, standalone retained earnings remained negative at Rs 1,916 crore at the end of March 2026.

The company’s longer-term revenue visibility comes from a letter of acceptance from South Eastern Coalfields for overburden removal at the Porda Chimtapani opencast project in Raigarh, Chhattisgarh. The contract is worth about Rs 4,038 crore including GST over roughly 11 years and seven months, equivalent to about Rs 349 crore a year.

The new SAIL order is equivalent to about 24% of Sical’s FY26 standalone revenue.

There is also fresh insolvency trouble within the group. On August 7, 2026, the NCLT Chennai admitted a Section 10 application filed by wholly owned subsidiary Sical Iron Ore Terminal (Mangalore) Ltd, initiating CIRP against it.

Shareholders

Public shareholders bore a large share of the resolution cost. The erstwhile promoters’ 95.95 lakh shares were extinguished. Public holdings were consolidated at one share for every 15 held, leaving the public with 5% of the company.

Pristine was allotted 6.20 crore shares, representing 95% of the equity, at Rs 287.57 each through conversion of assigned debt.

Pristine has since reduced its stake to meet minimum public shareholding requirements. Its holding fell to 90% by March 2025. A rights issue to public shareholders in March 2026, priced at Rs 64 a share at a ratio of 11 shares for every five held, raised Rs 93.03 crore and reduced Pristine’s holding to 73.50%.

Until the company met the minimum public shareholding requirement, the exchanges had frozen the promoter group’s shares.

Sical shares closed at Rs 87.08 on October 1, 2026, after touching a high of Rs 92 and a low of Rs 87 during the day. The company had a market capitalisation of Rs 694.77 crore.

The stock’s 52-week range is Rs 60.11 to Rs 122.50. The closing price is about 70% below the Rs 287.57 at which Pristine’s debt was converted into equity, but 36% above the Rs 64 rights issue price. It is also about 29% below the 52-week high.

Trading has been restricted for long stretches. The stock was under the exchanges’ additional surveillance measure (ASM) from May 5 to June 30, 2025, and again from September 25 to November 2, 2025. It was placed under ASM again from June 22, 2026, with trading restricted to once a week.

Also See: Post-IBC survivors show mixed performance on bourses, with only Orchid Pharma in green

The post Three years after IBC rescue, Sical Logistics revenue surges but profit depends on asset sales appeared first on Insolvency Tracker.

The liquidator of Grids Steel & Alloys Ltd, an Odisha steel company under liquidation, has invited bids for its plant in Cuttack district as a slump sale. The reserve price is ₹32.56 crore, according to a sale notice published on Wednesday.

Liquidator Suresh Chandra Pattanayak, appointed by the Cuttack bench of the National Company Law Tribunal, will sell the company’s land, building and plant and machinery together. The factory is at Kapursing, in the Athagarh sub-division of Cuttack district. The sale falls under Regulation 32(b) of the IBBI (Liquidation Process) Regulations, 2016, which covers selling the assets in a slump sale. It will be conducted on an “as is where is, as is what is, whatever there is and no recourse” basis, without warranties or indemnities.

Bidders must submit expressions of interest and an earnest money deposit of ₹50 lakh by 5 pm on October 21. The e-auction runs from 3 pm to 5 pm on October 23 on the IBBI’s Baanknet platform, with unlimited 10-minute extensions until 7 pm. Bids must go up in steps of ₹5 lakh. Site inspections are allowed from October 1 to October 19 with prior permission. Each bidder must also give an undertaking that it is not barred under Section 29A of the Insolvency and Bankruptcy Code; an ineligible bidder forfeits its deposit. The winning bidder pays all applicable taxes and duties on top of the reserve price.

This is the liquidator’s third attempt to sell the plant this year. IBBI records show earlier auction notices for an auction on February 9, 2026 at a reserve price of ₹20.91 crore, and another on September 22, 2026 at a reserve price of ₹32.61 crore. The new reserve is ₹5 lakh lower than the September figure. It is still about 56% above the reserve set in February. The notice does not say what happened at either earlier round.

The company’s insolvency began with a petition by Canara Bank. NCLT Cuttack cause lists show the matter as Canara Bank vs Grids Steel & Alloys Ltd, CP (IB) No. 29/CB/2022. The tribunal admitted the company into the corporate insolvency resolution process on January 31, 2023, and passed an order appointing a liquidator on September 26, 2025. Canara Bank holds a registered charge of ₹54.42 crore on the company’s assets, according to company-registry data.

Grids Steel is an unlisted public company incorporated in April 2008, with a paid-up capital of ₹21.30 crore. It is registered in Berhampur, Odisha. Its last balance sheet filed with the Registrar of Companies was for the year ended March 31, 2018. Its latest claims list in liquidation is dated November 24, 2025.

Also See: Metal Closures liquidator puts Himachal factory up for sale at ₹12.1 crore, seven years after liquidation was ordered

The post Liquidator puts Grids Steel & Alloys’ Cuttack plant on the block for ₹32.56 crore appeared first on Insolvency Tracker.

The committee of creditors (CoC) of Majestic Hotels Ltd, which owns the Majestic Park Plaza hotel on Ferozepur Road in Ludhiana, has given prospective bidders one more month to submit expressions of interest (EoI). The deadline has moved from September 16 to October 16, 2026.

Resolution professional Krishan Vrind Jain said in a corrigendum to the Form G that the CoC agreed to the extension after several persons asked for it. The corrigendum was published on September 17 in The Tribune, Punjabi Tribune, Jansatta and Financial Express. Under the revised schedule, the provisional list of prospective resolution applicants will be issued on October 19, and objections are due by October 24. The final list will be issued on October 26, and the information memorandum, evaluation matrix and request for resolution plans will go out on October 29. The last date for submitting resolution plans is now November 28, 2026, a month later than the earlier October 29.

This is the second EoI round in the process. The Form G dated September 1, 2026 says it replaces an earlier Form G dated July 2, 2026, after the EoI process started under that notice was annulled. The notice does not give a reason for the annulment.

The hotel has 114 rooms, of which 77 are currently operational, according to the Form G. It also has five banquet halls, three restaurants, swimming pools, a spa and a gym, and employs 214 people. Revenue was Rs 21.43 crore in FY24 and Rs 21.69 crore in FY25, both audited, and Rs 22.36 crore in FY26 (provisional). The company is not registered as an MSME.

The Chandigarh bench of the National Company Law Tribunal admitted the company into insolvency on July 3, 2024. The petition was filed by UV Asset Reconstruction Company Ltd (UVARCL) under Section 7 of the Insolvency and Bankruptcy Code (IBC) and claimed a default of Rs 1,435.57 crore as of February 28, 2022. The bench of Dr PSN Prasad and Satya Ranjan Prasad rejected the company’s argument that the default fell within the Covid-era Section 10A bar. It held that the default arose on February 1, 2020, before the March 25, 2020 cut-off, when the company did not pay Rs 63.39 lakh in principal due for January 2020.

The National Company Law Appellate Tribunal (NCLAT) upheld the admission. A bench of Justice Ashok Bhushan and Indevar Pandey dismissed suspended director Kewal Krishan Sharma’s appeal in a judgment dated November 6, 2025, holding that the default occurred on 16.03.2020, before Section 10A took effect.

The debt goes back to 1991. That year the company borrowed from Tourism Finance Corporation of India (TFCI) and IFCI to build the hotel, and it took more loans from both through 1996. The two lenders classified the account as a non-performing asset in 2012. In December 2017 they assigned the debt to UVARCL. UVARCL paid Rs 10.23 crore for TFCI’s loan and Rs 6.01 crore for IFCI’s. UVARCL then agreed to a settlement of Rs 16.25 crore plus an interest-free Rs 2.84 crore, and it extended three working capital term loans. Under the 2017 settlement MoU, the settlement would lapse automatically if a missed instalment was not cleared within a 45-day cure period. After the company missed payments from January 2020, the full original dues revived.

UVARCL dominates the CoC. According to the list of creditors dated June 7, 2025, the ARC claimed Rs 1,972.78 crore. Of this, Rs 1,807.85 crore was admitted and Rs 164.92 crore was not, because of a difference in the interest rate applied on the TFCI term loan and on optionally fully convertible debentures issued to IFCI/TFCI. The ARC holds a 99.85% voting share.

The process has also been contested in other ways. Shareholders filed an application before the NCLT offering to pay the entire balance with interest under the 2017 settlement. It was disposed of on March 28, 2025, with liberty to apply under Section 12A. Separately, the NCLAT upheld an order directing Raman Khangura and her father-in-law Jagpal Singh Khangura to vacate the ninth floor of the hotel, which the resolution professional and CoC had argued was an asset of the corporate debtor.

The process is now well past the IBC’s 330-day outer limit for completing a CIRP. The tribunal records available do not show whether any periods have been excluded from that count.

Also See: Suspended director wins back Sapphire Hospitals under IBC; lenders recover 11% of ₹213 crore dues

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