NCLT dismisses plea to withdraw CIRP; insolvency process to continue
NCLT, Mumbai Bench dismissed the application seeking withdrawal of the CIRP of Dharan Infra-EPC Ltd.
By ScoutQuest · · 1 min read
- NCLT Order Date
- order dated October 16, 2026
- Tribunal
- National Company Law Tribunal, Mumbai Bench
- Outcome
- dismissed the application that sought withdrawal of the company's Corporate Insolvency Resolution Process
What the update says
- Dharan Infra-EPC Ltd has intimated BSE and NSE about an order dated October 16, 2026 passed by the Hon'ble National Company Law Tribunal, Mumbai Bench.
- The tribunal dismissed the application that sought withdrawal of the CIRP.
- That withdrawal application was shared on the basis of a settlement with one of the creditors, namely Tata Capital.
- The CIRP will therefore continue in accordance with the Insolvency and Bankruptcy Code, 2016 and the applicable timelines.
What CIRP means
CIRP is the corporate insolvency resolution process under the IBC. A company under CIRP is steered by an Interim Resolution Professional, and creditors decide the company's way forward through a resolution plan within the timelines set by the Code.
Who has signed the intimation
The letter is signed by Palak Swapnil Desai, Interim Resolution Professional, and issued on behalf of the company, consistent with the company being under CIRP.
What this means for retail investors
- The route to exit insolvency through a settlement with Tata Capital has not been accepted by the tribunal.
- The company stays within the CIRP, with the process to run as per the IBC and its timelines.
- What finally happens to the company and to shareholders depends on the resolution process and the plan that emerges from it.
Also from Dharan Infra-EPC
NCLT common order on Section 12A plea to withdraw CIRP; Rs.10 Crore full and final settlement recorded
19 Oct 2026
NCLT order on IRP plea to withdraw CIRP; six financial creditors oppose the closure
19 Oct 2026
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