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Informist, Friday, Jun. 5, 2026

MUMBAI – The Mumbai bench of the National Company Law Tribunal Friday approved Greensward Enterprise Pvt. Ltd.'s INR-1.81-billion resolution plan for Frost International Ltd. Earlier, the plan was approved by the committee of creditors holding 69.26% voting share after multiple rounds of bidding and challenge mechanisms aimed at maximising value. 
 

The insolvency process was prolonged by an Enforcement Directorate attachment on the company's assets, which the resolution professional argued had deterred prospective bidders. Following an earlier tribunal order clarifying that the attachment would be lifted upon approval of a resolution plan, the company witnessed renewed investor interest, attracting 49 expressions of interest and 52 resolution plans in the final bidding round.
 

Assenting secured financial creditors, under Greenward's plan will receive INR 1.32 billion, while dissenting lenders will receive INR 392.1 million. The company's average liquidation value was assessed at INR 1.38 billion, lower than the value offered under the approved plan. This is against the INR 79.63 billion worth of claims admitted against the Frost International.  

The resolution applicant will pay INR 576.6 million within 45 days of approval and the remaining INR 1.21 billion between 270 and 365 days, along with interest on the deferred component. Greensward has also furnished a performance bank guarantee of INR 181.2 million rupees. 

The order comes despite an ongoing dispute involving Bank of India over distribution of proceeds linked to the FrostInternational's One BKC property in Mumbai. The issue is pending before the Supreme Court, although the court declined to halt the insolvency proceedings, allowing the resolution process to continue. Any final distribution relating to the disputed asset will remain subject to the outcome of the appeal. 

The insolvency proceedings are a result of an at least INR 40 billion corporate fraud involving the Mumbai-based commodity trading firm Frost International Ltd. In 2020, the company, led by promoters like Rajesh Bothra and Udai Jayant Desai, defrauded a consortium of 14 banks, led by the Bank of India.

Frost International was admitted to the corporate insolvency resolution process on Feb. 9, 2023, on a petition filed by Bank of India. The company had admitted claims of nearly INR 79.63 billion.

Friday, shares of Bank of India closed 1.3 higher than Thursday at INR 141.46 on the National Stock Exchange. For the March quarter, the bank reported a profit of INR 30.16 billion on total income of INR 226.85 billion.  End

Reported by Prateem Rohanekar

Edited by Deepshikha Bhardwaj

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