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The National Company Law Tribunal (NCLT) dismissed an application to withdraw a Corporate Insolvency Resolution Process (CIRP) against a company, citing the “in rem” nature of the proceedings and the need to protect the interests of all creditors. The original Financial Creditor, who initiated the CIRP under Section 7 of the Insolvency and Bankruptcy Code (IBC), sought withdrawal after reaching a settlement, but intervening creditors opposed the move, arguing that the settlement involved only one creditor and substantial debts remained. Relying on guidance from a Supreme Court ruling, the Tribunal emphasized that a settlement with a single creditor does not resolve overall financial distress and that withdrawal requires approval from the Committee of Creditors (CoC), which had not been formed in this case. Consequently, I.A. No. 166/2026 and I.A. No. 129/2026 were dismissed, rendering intervention petitions academic.

The National Company Law Tribunal has dismissed applications to withdraw a corporate insolvency resolution process against a company, citing the “in rem” nature of the proceedings and the absence of a Committee of Creditors (CoC). One financial creditor initially filed an application to withdraw the process, having reached a settlement for a portion of the debt, while a suspended director also sought similar relief. However, intervening creditors opposed the withdrawal, arguing that substantial debts remained outstanding and the company’s overall financial distress hadn`t been resolved. The Tribunal, referencing a Supreme Court ruling, emphasized that Section 12A of the Insolvency and Bankruptcy Code requires 90% approval from the CoC for withdrawal, a condition unmet in this case, and that allowing the withdrawal would unfairly disadvantage other creditors and potentially trigger further litigation.

Dharan Infra-EPC announced that the 18th Annual General Meeting(AGM) of the company will be held on 29 December 2025.Powered by Capital Market - Live News

Dharan Infra-EPC has cancelled the board meeting which was scheduled to be held On 14 November 2025Powered by Capital Market - Live News

Dharan Infra-EPC will hold a meeting of the Board of Directors of the Company on 14 November 2025.Powered by Capital Market - Live News