Arshiya Limited Discloses ₹66,520.44 Crore Admitted Claims Under CIRP
Arshiya Limited, under CIRP since April 23, 2024, disclosed its creditor list as on February 5, 2026, with Resolution Professional Pankaj Mahajan certifying 61 admitted claims worth ₹66,520,441,312.93 out of 69 total claims of ₹67,143,678,269.26. Financial creditors dominate the admitted amount, led by Edelweiss Asset Reconstruction Company Limited, while contingent claims of ₹324,890,043.00 include disputed government and operational creditor dues pending adjudication.
*this image is generated using AI for illustrative purposes only.
Arshiya Limited, which is currently undergoing the Corporate Insolvency Resolution Process (CIRP), has disclosed detailed creditor claims as certified by Resolution Professional Pankaj Mahajan. The disclosure, dated May 12, 2026, complies with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and Regulation 13(2)(c) of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. The CIRP commenced on April 23, 2024, and the creditor list reflects the position as on February 5, 2026.
Summary of Claims
The Resolution Professional received a total of 69 claims from Financial Creditors and Operational Creditors. Following verification, 61 claims were admitted. The table below presents the consolidated summary of all claims:
| Category: | Claims Received | Amount Received (₹) | Claims Admitted | Amount Admitted (₹) | Contingent Claims (₹) | Not Admitted (₹) |
|---|---|---|---|---|---|---|
| Secured Financial Creditors | 7 | 35,434,155,787.54 | 7 | 35,431,865,381.54 | - | 2,290,406.00 |
| Unsecured Financial Creditors | 7 | 30,863,902,742.41 | 6 | 30,845,226,182.01 | - | 18,676,560.40 |
| Operational Creditors (Employees) | 20 | 18,987,609.25 | 16 | 7,996,647.00 | - | 10,990,962.25 |
| Operational Creditors (Government) | 4 | 464,448,349.00 | 3 | 111,219,021.00 | 112,347,069.00 | 240,882,260.00 |
| Other Operational Creditors | 30 | 318,938,049.06 | 28 | 80,888,349.39 | 212,542,974.00 | 25,506,725.67 |
| Other Creditors | 1 | 43,245,732.00 | 1 | 43,245,732.00 | - | - |
| Total | 69 | 67,143,678,269.26 | 61 | 66,520,441,312.93 | 324,890,043.00 | 298,346,914.32 |
Financial Creditors
Claims from financial creditors constitute the majority of the admitted amount. Secured financial creditors filed seven claims totaling ₹35,434,155,787.54, of which ₹35,431,865,381.54 were admitted. The key secured creditors and their admitted claims are detailed below:
| Creditor: | Amount Claimed (₹) | Amount Admitted (₹) | Nature of Claim | CoC Voting Share |
|---|---|---|---|---|
| Edelweiss Asset Reconstruction Company Limited | 27,853,660,045.00 | 27,853,660,045.00 | Term Loan, FITL, Corporate Loan | 42.03% |
| Punjab National Bank | 3,541,560,235.58 | 3,541,560,235.58 | Term Loan, FITL, Cash Credit | 5.34% |
| State Bank of India | 2,459,295,017.96 | 2,459,295,017.96 | Term Loan | 3.71% |
| IDFC First Bank Limited | 833,459,352.00 | 831,168,946.00 | Term Loan | 1.25% |
| CFM Asset Reconstruction Private Limited | 437,831,869.00 | 437,831,869.00 | Term Loan | 0.66% |
| Axis Bank Limited | 247,543,788.00 | 247,543,788.00 | Term Loan | 0.37% |
| SREI Equipment Finance Limited | 60,805,480.00 | 60,805,480.00 | Overdue Charges | 0.09% |
| Total | 35,434,155,787.54 | 35,431,865,381.54 | 53.46% |
Unsecured financial creditors filed seven claims amounting to ₹30,863,902,742.41, with ₹30,845,226,182.01 admitted across six creditors. Key unsecured creditors included Edelweiss Asset Reconstruction Company Limited (₹24,498,293,635.85 admitted), Bank of India (₹3,302,623,564.69 admitted), and Union Bank of India (₹1,732,343,769.16 admitted). Two related-party creditors — Arshiya Northern FTWZ Limited and NCR Rail Infrastructure Limited — filed claims via inter-company deposits; the latter's claim of ₹16,488,751.56 was not admitted.
Operational and Other Creditors
Operational creditors span employees, government authorities, and other entities. Employee claims totaled ₹18,987,609.25 across 20 submissions, with ₹7,996,647.00 admitted for 16 claimants. Notably, the claim of Vijay Shamkant Bagate was received after the regulated timeline and was included in the creditor list following approval by the Committee of Creditors (CoC) through e-voting at the 11th CoC meeting held on October 27, 2025.
Government dues amounted to ₹464,448,349.00 across four claims, with ₹111,219,021.00 admitted and ₹112,347,069.00 treated as contingent. The claim of Group Gram Panchayat (₹109,761,023.00) was treated as contingent with a notional admittance of ₹1.00, as the matter is pending before the Honorable High Court. The claim of the Commissioner, CGST & CEX, Raigad Commissionerate (₹240,882,260.00) was not admitted as it pertained to "M/s. Arshiya Logistics Services Limited" and was deemed not admissible in Arshiya Limited's CIRP. The claim of Nalini Vivekanand Sawale, Department of Goods and Service Tax, was treated as contingent with a notional admittance of ₹1.00 due to a pending appeal before the Deputy Commissioner – SGST.
Other operational creditors filed 30 claims totaling ₹318,938,049.06, with ₹80,888,349.39 admitted across 28 creditors. Contingent claims in this category amounted to ₹212,542,974.00, primarily comprising disputed claims from Beekalene Fabrics Private Limited (₹173,265,867.00) and Isha Laxmi Narayan (Design Team) (₹39,277,107.00), both under adjudication. BG Strategic Advisors LLC, the sole other creditor, had its full claim of ₹43,245,732.00 for retainer fees and expenses admitted.
Status and Compliance
The Resolution Professional has noted that the status of all claims is subject to further revision upon receipt and verification of additional documents or information. The disclosure was made in compliance with applicable SEBI and IBBI regulations, and the creditor list has been certified by Resolution Professional Pankaj Mahajan (IBBI Registration No: IBBI/IPA-001/IP-P00836/2017-2018/11420).
Given that Edelweiss Asset Reconstruction Company holds over 42% of the Committee of Creditors voting share, how might this dominant position influence the resolution plan approval and potential recovery outcomes for minority creditors?
With contingent claims of ₹324.89 crore still pending adjudication in various courts, how could the resolution of these disputes impact the timeline and feasibility of any proposed resolution plan for Arshiya Limited?
As the CIRP has been ongoing since April 2024, what are the regulatory deadlines and extension possibilities under the IBC framework, and what happens to Arshiya's assets if no viable resolution plan is approved?
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