Rs 2,366.73 crore in default across 20 insolvency cases, but the median was Rs 7.35 crore

Most of the money in the insolvency cases Oquilia reported over the past month sat with very few companies. The 20 admissions that stated an amount in default added up to Rs 2,366.73 crore, yet the median case was Rs 7.35 crore. The 2 companies that went to the tribunal on their own petitions accounted for Rs 1,603.21 crore of that total. The count covers 23 companies admitted to the corporate insolvency resolution process in stories published between 11 October 2026 and 10 November 2026.

What we found

Financial creditors brought the largest share of the cases. Banks, non-banking lenders, asset reconstruction companies and other lenders filed 11 of the 23 admissions (48%). Operational creditors, mostly suppliers and buyers owed money for goods, filed 7 (30%). 2 companies (9%) were admitted on their own petitions, and for 3 (13%) the story, based on a public announcement, did not say who had filed.

The amounts split very differently. The 11 lender cases stated a total of Rs 727.78 crore. The 7 operational creditor cases stated Rs 35.74 crore between them. The 2 companies that filed for themselves stated Rs 1,603.21 crore, more than the other 2 groups put together.

The spread of amounts explains why the total says little about a typical case. The smallest stated default was Rs 1.15 crore and the largest Rs 1,376 crore. The median, the middle case when the amounts are put in order, was Rs 7.35 crore. The 3 largest cases were Sevantilal Fakirchand and Company at Rs 1,376 crore, Dynamix Securities and Holdings at Rs 518.89 crore and West Gujarat Expressway at about Rs 227 crore.

No company appeared twice in the count, so no single debtor recurs; the pattern is in the size of the amounts and who filed.

Some cases show how the large amounts arose. Sevantilal Fakirchand and Company put its total debt in default at about Rs 1,376 crore, according to the story, most of it a guarantee owed to a Bank of India-led consortium, and the NCLT Mumbai bench admitted it on its own plea. West Gujarat Expressway, an IL&FS group road company, was admitted by the NCLT Mumbai bench on its own petition, with a total debt in default of Rs 2,27,20,58,957.71 as on 14 January 2026, the order records.

Guarantees recur among the lender cases. JM Financial ARC claimed Rs 95.16 crore from Standard Pharmaceutical under its guarantee for loans to another firm, according to the order the story reports. Indian Bank claimed Rs 21,99,97,847 in principal from Mahamaya Exports on loans to ABW Infrastructure that Mahamaya guaranteed. In that case the tribunal held that a guarantor can face insolvency even if it got no money.

Debt bought from the original lender also recurs. DB View Infracon claimed a default of Rs 518.89 crore from Dynamix Securities and Holdings on a Rs 154 crore Yes Bank term loan it took over in 2016, per the order. Assets Care & Reconstruction Enterprise claimed Rs 38.84 crore from S&T Interiors and Contracting Services on loans first given by Standard Chartered Bank.

The operational creditor cases are smaller and often turn on goods. A buyer's unrefunded advance of Rs 5,39,50,000 for agricultural goods was the basis for Quasar India's admission, the story says. At San Commodities, the NCLT's Cuttack bench held that an unrefunded advance for goods is an operational debt, on a claim of Rs 3.85 crore. Campus Activewear said Rs 1.38 crore remained unpaid by Shreeshyam Trade Ventures, a Varanasi distributor. In the Sadguru Engineers & Allied Services case, the supplier claimed Rs 3.97 crore, and the tribunal relied on a debt of Rs 1.47 crore that the company had acknowledged.

What it means for you

When a company enters insolvency, a moratorium bars suits and recovery against it, and an interim resolution professional calls for claims from every creditor. That includes lenders, suppliers, employees and other people the company owes. In the cases counted here, the public announcements set short deadlines: Shyam EPC's creditors had until 13 November 2026, as did Megma RFID and Labels' creditors.

A creditor of a company in this table, or of any other company admitted to insolvency, can find the public announcement on the IBBI website at ibbi.gov.in. The announcement gives the last date for submitting claims, the interim resolution professional's contact details and where and how to file. Financial creditors file electronically; other creditors may file in person, by post or electronically, according to the announcements Oquilia reported.

Admission into insolvency is not a finding of fraud or mismanagement. Each order counted here may be appealed to the NCLAT.

How we counted

Oquilia counted 23 stories it published between 11 October 2026 and 10 November 2026 on companies admitted to the corporate insolvency resolution process by an order of the National Company Law Tribunal, or announced in an IBBI public announcement. There is one row per company.

The archive was searched for stories in the corporate category mentioning insolvency, and for all stories mentioning a "Form A" public announcement or a "resolution process". Every story kept was based on an official document. Where 2 stories reported the admission of the same company, the earlier one was kept. That happened for Quasar India and for Sevantilal Fakirchand and Company.

Left out were stories that were not an admission: IBBI disciplinary orders against insolvency professionals, an NCLAT order upholding an earlier admission, an approved resolution plan, liquidation orders for companies already in insolvency, and a stock exchange filing by a company already in the process.

"Petition by" records who filed, as the story reports it. "Financial creditor" covers banks, non-banking lenders, asset reconstruction companies and other lenders. "Operational creditor" covers suppliers and others owed money for goods or services. "The company itself" means the company filed on its own petition. "Not stated" means the story, based on a public announcement, did not say who filed.

The amount in default is the figure the story gives: the default claimed in the petition, or the default the company stated when it filed itself. Where a story gave 2 figures, the one the petitioner claimed was used. "Not stated" means the story gave no amount, and those cases are left out of the total and the median. Percentages are rounded to the nearest whole number.

Limits

This analysis has a scope: this counts only orders Oquilia reported, not every order passed. Cases are counted by the date Oquilia published the story, not the date of the order. Outcomes can change on appeal. Figures are those the stories state, not amounts that creditors will recover or that the company accepts. The set is too small to rank tribunal benches, lenders or sectors, and only 2 of the 23 stories gave a sector, so the table does not compare sectors. Oquilia has not reviewed the merits of any case.