Copy of order dated October 16,2026 issued by NCLAT

NATIONAL COMPANY LAW TRIBUNAL COURT-V, MUMBAI BENCH 4. IA/166/2026C.P. (IB)/729(MB)2025 IN THE MATTER OF Tata Capital Housing Finance Limited Dharan Infra-EPC Limited U/s 7 of the Insolvency and Bankruptcy Code, 2016 Order Delivered on 16.10.2026 CORAM: SH. VINAY GOEL SH. CHARANJEET SINGH GULATI MEMBER (J) MEMBER (T) Appearance through VC/Physical/Hybrid Mode: For the Petitioner: For the Respondent: ORDER IA/166/2026: The above IA is listed for pronouncement of the order. The same is pronounced in open court, vide a separate order. Sd/- Sd/- VINAY GOEL CHARANJEET SINGH GULATI Member (Judicial) Member (Technical) //Rahul// NATIONAL COMPANY LAW TRIBUNAL MUMBAI BENCH – COURT - V IVN. P./8/2026 1. Mr. Gajanan Damodar Deokar 2. M/s. G.D. Deokar & Sons … Financial Creditors Versus 1. Palak Swapnil Doshi IRP of Dharan Infra-EPC Limited 2. Tata Capital Housing Finance Limited 3. Dharan Infra-EPC Limited … Respondents IVN.P./9/2026 1. M/s. Metro Associates Through its Partner Mr. Heman Pokardas Tilokani 2. Metro Ploymers Private Limited … Financial Creditors Versus 1. Palak Swapnil Doshi IRP of Dharan Infra-EPC Limited 2. Tata Capital Housing Finance Limited 3. Dharan Infra-EPC Limited … Respondents IVN.P./15/2026 M/s. Metro Industries Through its Partner Mr. Heman Pokardas Tilokani … Financial Creditor Versus 1. Palak Swapnil Doshi IRP of Dharan Infra-EPC Limited I.A./166/2026, IVN. P./8/2026, IVN. P./9/2026, IVN. P./15/2026, IVN. P./24/2026, IVN. P./25/2026, IVN. P./81/2026, IVN. P./129/2026. 2. Tata Capital Housing Finance Limited 3. Dharan Infra-EPC Limited … Respondents IVN.P./24/2026 LIC Housing Finance Limited … Financial Creditor Versus Dharan Infra-Epc Limited … Corporate Debtor IVN.P./25/2026 Capri Global Capital Limited … Financial Creditor Versus Palak Swapnil Desai IRP of Dharan Infra-EPC Limited … Respondent IVN.P./81/2026 Canara Bank … Financial Creditor IVN.P./129/2026 Devesh Karda Suspended Director of the Corporate Debtor … Petitioner Versus Palak Swapnil Desai IRP of Dharan Infra-Epc Limited … Respondent I.A./ 166 (MB) / 2026 Page 2 of 27 I.A./166/2026, IVN. P./8/2026, IVN. P./9/2026, IVN. P./15/2026, IVN. P./24/2026, IVN. P./25/2026, IVN. P./81/2026, IVN. P./129/2026. Under Section 12A of the Insolvency and Bankruptcy Code, 2016, read with Regula- tion 30A(1)(a) of the IBBI (Insolvency Reso- lution Process for Corporate Persons) Reg- ulations, 2016. Palak Swapnil Desai IRP of Dharan Infra-EPC Limited 901, 9th Floor, Park Vistas, Opposite Lal- lubhai Park, Near MTNL, Andheri West, Mumbai – 400 058. … Applicant C.P. / 729 (MB) / 2025 Under Section 7 of the Insolvency and Bankruptcy Code, 2016. Tata Capital Housing Finance Limited … Petitioner Dharan Infra-EPC Limited … Respondent Order Pronounced On: 16.10.2026 Coram: Shri. Vinay Goel Shri Charanjeet Singh Gulati Hon’ble Member (Judicial) Hon’ble Member (Technical) Appearances: For the Petitioner LIC Housing Finance in Intervention Petition no. 24/2026 filed in IA 166/26 in CP 729/2025: Adv. Akhil Sarathy I/b Raghavan Sarathy For the Applicant in IVN.P/9/2026: Adv. Shawn Fernandes (VC) For the Applicant in IVN.P/15/2026 Adv. Shawn Fernandes (VC) Page 3 of 27 I.A./166/2026, IVN. P./8/2026, IVN. P./9/2026, IVN. P./15/2026, IVN. P./24/2026, IVN. P./25/2026, IVN. P./81/2026, IVN. P./129/2026. For the Applicant in IVN.P/8/2026: Adv. Prachi Wazalwar (VC) For the Intervenor in IVN.P/25/2026: Adv. Shadab Jan, Adv. Narpat Singh i/b ANM Global (VC) For the Int. Petition no 81 of 2026: Adv rukshin Ghiara and Ishwar Ahuja ib Saga Legal (VC) For the Applicants in IVN.P/129/2026: Adv. Swapnil Balajiwale a/w. Sr. Adv. Vikram Nankani (PH) For the Tata Capital Housing Finance Limited: Adv. Sanjeev Singh, Adv. Sandipa Bhattachar- jee, Adv. Anshita Argal (VC) Adv. Kartik Sharma For the RP: Adv. Kunal Kanungo, Adv. Tanushree Sogani & Adv. Atishay Jain (PH) For the Intervenor in IVN.P/25/2026: Adv. Shadab Jain, Adv. Narpat Singh i/b AVM Global (PH) For the Respondent: ORDER 1. I.A. No. 166 of 2026 has been filed by the Interim Resolution Professional (“IRP”) under Section 12A of the Insolvency and Bankruptcy Code, 2016 (“Code”), seeking withdrawal of the Corporate Insolvency Resolution Process (“CIRP”) initiated against Dharan Infra- EPC Limited (“Corporate Debtor”). I.A. No. 129 of 2026 has been filed by the Suspended Director of the Corporate Debtor, seeking the same relief. Further, six Financial Creditors have filed Intervention Petitions under Section 60(5) of the Code read with Rule 11 of the NCLT Rules, seeking to intervene in I.A. No. 166 of 2026 and oppose the proposed withdrawal of the CIRP. 2. Since the reliefs sought in I.A. No. 166/2026, I.A. No. 129/2026 and IVN. P. Nos. 8/2026, 9/2026, 15/2026, 24/2026, 25/2026 and Page 4 of 27 I.A./166/2026, IVN. P./8/2026, IVN. P./9/2026, IVN. P./15/2026, IVN. P./24/2026, IVN. P./25/2026, IVN. P./81/2026, IVN. P./129/2026. 81/2026 are interrelated, all the aforesaid Applications were heard analogously and are being disposed of by this common order. 3. Brief facts of I.A./166/2026: 3.1 It is submitted that the Company Petition 729 of 2025 has been filed by Tata Capital Housing Finance Limited (“Financial Creditor”) under Section 7 of the Code seeking initiation of CIRP against Corporate Debtor for default in repayment of an amount of Rs. 28,04,91,115/-. 3.2 This Tribunal, vide order dated 12.12.2025 (“Admission Order”), admitted the Corporate Debtor into the CIRP and appointed the Applicant as the IRP. The IRP published Form A dated 15.12.2025, inviting claims from the creditors of the Corporate Debtor, the last date of submission of proof of claims as per the published Form A was on or before 26.12.2025. 3.3 It is submitted that the last date to constitute the Committee of Creditors (“CoC”) as per Regulation 13 & Regulation 17 of the (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 (“CIRP Regulations”) was 04.01.2026. 3.4 During the pendency of final verification of claims and before the constitution of the CoC, the IRP was informed by the Financial Creditor that they had amicably settled the matter with the suspended director of the Corporate Debtor. 3.5 Further, the Financial Creditor, vide email dated 01.01.2026, informed the IRP that they had received an amount of Rs.10 Crore from the Corporate Debtor as a “Full and Final Settlement”. Thereafter, the Financial Creditor issued Form FA dated 01.01.2026 confirming that the CIRP cost has been paid to the Applicant. 3.6 It is submitted that, in an Appeal filed by the Promoter of the Corporate Debtor, challenging the admission order, the Hon’ble NCLAT, vide order dated 06.01.2026, directed the IRP to collate the claims in accordance Page 5 of 27 I.A./166/2026, IVN. P./8/2026, IVN. P./9/2026, IVN. P./15/2026, IVN. P./24/2026, IVN. P./25/2026, IVN. P./81/2026, IVN. P./129/2026. with law, however, restrained him from taking any further steps. Further, the IRP was granted liberty to file an Application under Section 12A of the Code. 3.7 Accordingly, the present Application has been filed by the IRP, seeking withdrawal of C.P.729 of 2025. 4. Brief facts of IVN. P./8/2026: 4.1 It is submitted that the Applicant Nos. 1 and 2 are Financial Creditors of the Corporate Debtor with an outstanding debt of Rs. 3,94,86,800/- and Rs. 6,84,77,605/-, respectively. On failure of the Corporate Debtor to repay the outstanding debt amount, the Financial Creditors had filed Company Petition 588 of 2025 under Section 7 of the Code, which was argued and reserved for orders on 18.11.2025. 4.2 It is submitted that the Company Petition 729 of 2025 was reserved for orders by this Tribunal vide order dated 08.11.2025, and the same was admitted vide order dated 12.12.2025 4.3 In light of the aforesaid, this Tribunal, vide order dated 15.12.2025, dismissed the Company Petition 588 of 2025 and directed the Applicants to file claim before the IRP. Accordingly, the Applicants have submitted their claim in Form C to th [Showing first 8,000 characters — download PDF for full document]