NCLT approves Ocean Capital's resolution plan for ARSS Infra Projects
This story was originally published at 19:17 IST on 3 September 2025
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NEW DELHI – The Cuttack bench of the National Company Law Tribunal has approved Ocean Capital Market Ltd.'s resolution plan for the debt-ridden ARSS Infrastructure Projects Ltd. The resolution plan proposed a total financial outlay of INR 4.6 billion, in which INR 2.17 billion was for the settlement of claims of the financial creditors.
In 2021, the tribunal had admitted a petition by State Bank of India to start insolvency proceedings against ARSS Infrastructure Projects. The debt-ridden company had admitted dues of INR 53.14 billion. Its creditors included State Bank of India, Bank of India, IDBI Bank, Punjab National Bank, and others. In February, the committee of creditors approved Ocean Capital's resolution plan for ARSS Infrastructure Projects with 96.91% favourable votes.
Ocean Capital Market is involved in financial intermediation. The promoters and directors of Ocean Capital Market are Dipti Ranjan Patnaik, Indrani Patnaik, Anshuman Patnaik, Sushil Kumar Mohanty, Mansi Mehta and Dolly Prasad. Dipti Ranjan Patnaik along with his wife Indrani Patnaik is one of the largest iron ore mine owners in the country with a cumulative net worth of approximately INR 40 billion, said the tribunal. The group has recently resolved one of the non-performing assets in Odisha namely Maithan Ispat Ltd. and has turned a sick company into profitable operations, the tribunal added.
As per the approved resolution plan, Ocean Capital Market will manage the business of the corporate debtor with his new team of management and it intends to continue and further grow the major businesses of ARSS Infrastructure on a "going concern basis". There is no plan to delist shares of the company except that the existing promoter's 10.62 million equity shares shall be cancelled and the issued, subscribed and paid-up capital of the corporate debtor shall be reduced accordingly.
On Wednesday, the shares of ARSS Infrastructure Projects ended 5.0% higher at INR 54.27 on the National Stock Exchange and those of State Bank of India ended 1.0% higher at INR 812.5. End
Reported by Surya Tripathi
Edited by Akul Nishant Akhoury
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