It has been reported that two special-purpose vehicles established by Mayur Suchak's Renaissance Group, namely Renaissance Indus Infra and Renaissance Urban Infra, are both facing insolvency. Renaissance Indus Infra is primarily involved in warehousing and industrial development in and around Bhiwandi, Mumbai, while Renaissance Urban Infra is engaged in infrastructure development and the establishment of industrial smart cities.

In addition to these companies, IIFL Facilities Services, Authum Investment and Infrastructure (which recently acquired assets from Reliance Home Finance and Reliance Commercial Finance), and JC Flowers Asset Reconstruction Company (which acquired distressed assets worth Rs 480 billion from Yes Bank) have also submitted expressions of interest (EoI), as stated by one of the sources.

The only two creditors for the SPVs (Special Purpose Vehicles) of the Renaissance Group admitted for corporate insolvency are Clearwater Capital Partners Singapore Fund and Catalyst Trusteeship. Ares SSG Capital is the sole bondholder, with Catalyst serving as the debenture trustee.

Despite the National Company Law Tribunal admitting both cases separately, the lenders are working towards a group resolution. Birendra Kumar Agarwal is the Resolution Professional (RP) responsible for both SPVs.