NCLT approves Orkus Private Limited's resolution plan

Traders Union
All News
Financial News
Orkus resolution plan approved

Highlights

New Delhi NCLT Court-III approved Orkus Private Limited's resolution plan under Section 31 of the IBC on 5 August 2026.
The Committee of Creditors approved the plan with a 100% voting share at its 8th meeting on 24 and 25 September 2024, providing for a payment of ₹2.50 lakh towards statutory liabilities and workers.
All parties, including the Resolution Professional, are now responsible for implementing the plan, marking significant progress in India's insolvency resolution framework.

This article was translated from the original. Read the original version by our correspondent here.

Tribunal approval and plan structure

According to the order details of the Insolvency and Bankruptcy Board of India, NCLT's New Delhi Bench, Court-III, approved Orkus Private Limited's resolution plan under Section 31 of the IBC. The application was filed under Section 30(6) by Ajay Gupta, the company's Resolution Professional, while the plan was submitted by Mr. Satendra Kumar Gupta as the resolution applicant.

The order was pronounced on 5 August 2026. The tribunal stated that the Committee of Creditors had approved the plan with a 100% voting share at its 8th meeting held on 24 and 25 September 2024.

The plan's financial provisions include a payment of ₹2.50 lakh for statutory dues, workers and other operational creditors. In an additional affidavit filed later, the Resolution Professional clarified that this amount would be distributed among all operational creditors, including statutory dues, in proportion to their admitted claims.

Timeline, compliance and industry impact

The corporate insolvency resolution process against the company commenced on 7 December 2023, and a public announcement was issued through Form A on 8 December 2023. Claims were invited from creditors until 21 December 2023, while the previous IRP was subsequently replaced.

After hearing arguments in the case on 20 February 2026, the order was reserved. On 7 May 2026, clarification was sought regarding a discrepancy in the amount related to the GST claim, pursuant to which an additional affidavit was filed on 20 May 2026.

The tribunal found that the required steps, including the public announcement, meetings of creditors and other procedures, had been completed in accordance with the IBC. With this approval, the Resolution Professional and the relevant parties are now responsible for implementing the plan, marking an important step in bringing an approved plan to the implementation stage within India's insolvency resolution framework.

Our earlier report covered NCLT Allahabad's approval of the resolution plan in the corporate insolvency resolution process of Shandong Chunlong Group India Pvt. Ltd. It highlighted the plan's approval by the CoC with a 79.87% voting share, the role of the Resolution Professional, and the impact on restructuring and settlement of creditors' claims following completion of the process in accordance with the Code.

This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.