Date: July 2, 2026

Financial Default Disclosure

Loan Default Details (as of June 30, 2026)

  • Total loan amount outstanding: ₹1,206.03 crore
  • Total claims received (including interest and penal interest): ₹1,206.03 crore
  • Total financial indebtedness including short-term and long-term debt: ₹1,206.03 crore

Comparative Claims Data

  • Amount of claim submitted as on 10th August 2023: ₹1,206.03 crore
  • Amount of claim submitted as on 22nd February 2023: ₹1,500.00 crore

Corporate Insolvency Resolution Process Timeline

Initial Proceedings

  • NCLT Mumbai Bench initiated Corporate Insolvency Resolution Process (CIRP) on February 22, 2023
  • Mr. Rohit Mehra appointed as Interim Resolution Professional (IRP)
  • Public announcement made on February 25, 2023, with claims submission deadline of March 8, 2023

Legal Challenges

  • Ms. Shilpi Asthana (director) filed appeal before NCLAT Principal Bench, New Delhi (Company Appeal (AT)(Ins)/274/2023)
  • NCLAT issued interim stay on operation of admission order on March 7, 2023
  • NCLAT dismissed the appeal and all interim applications on August 10, 2023
  • NCLAT Final Order received by IRP on evening of August 14, 2023

Current Status

  • With NCLAT Final Order, CIRP stands reinstated with Mr. Rohit Mehra as IRP
  • Powers of Board of Directors suspended and vested in IRP under Section 17 of IBC

Additional Court Proceedings

  • NCLT order dated October 1, 2024 (1 October Order) established:
  • Insolvency commencement date: February 22, 2023
  • CIRP activities reckoned from February 22, 2023
  • Moratorium under Section 14 applicable during Stay Period
  • Transactions during Stay Period to be reversed
  • Ordinary course business expenses to be protected
  • NCLAT judgment dated July 31, 2025 in multiple appeals (CA(AT)(INS) No. 1975, 1977, 1978-1979, 2003, 2005, 2006, 2192 of 2024):
  • Dismissed all appeals
  • Directed financial creditors to remit amounts back to corporate debtor with accrued interest
  • Supreme Court Status:
  • Financial creditors have preferred appeals before Hon'ble Supreme Court
  • Stay granted to financial creditors from remitting amounts received during CIRP stay period
  • Direction that no payments shall be made to operational creditors for liabilities relating to stay period

Compliance Basis

  • Current filing based on claims received from financial creditors as on August 10, 2023 and February 22, 2023
  • Future changes based on Supreme Court appeal outcomes will be incorporated in subsequent filings