# Deepak Modi vs. Shalfeyo Industries Private Limited, Axis Bank Limited, Prime Impex

> NCLAT judgment dated 2026-09-07. Citation: TCN-2026-NCLAT-00253. The Corporate Insolvency Resolution Process (CIRP) was initiated against Shalfeyo Industries…

- **Court:** NCLAT
- **Order date:** 7 Sept 2026
- **Citation:** TCN-2026-NCLAT-00253
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/deepak-modi-vs-shalfeyo-industries-private-limited-axis-bank-limited-prime-impex-t4y3n

## Summary

### Background

The Corporate Insolvency Resolution Process (CIRP) was initiated against Shalfeyo Industries Private Limited by Prime Impex (Operational Creditor) for a debt of Rs. 11.90 lakhs. Axis Bank Limited was the sole Financial Creditor with a claim of Rs. 1.04 Crore. The Appellant, Deepak Modi (suspended director), settled Axis Bank's claim by paying Rs. 1.28 Crore and offered to settle Prime Impex's claim. He filed an application under Section 12A of the IBC for withdrawal of CIRP, which was dismissed by the NCLT, Jaipur Bench, on 18.12.2024 due to non-compliance with procedural requirements, specifically regarding the filing of Form FA by the Resolution Professional with 90% CoC approval and a bank guarantee for CIRP costs.

## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against Shalfeyo Industries Private Limited on 16.08.2022 by Prime Impex, the Operational Creditor, for a claim of approximately Rs. 11.90 lakhs.

Mr. Umang Jain was appointed as the Interim Resolution Professional and subsequently confirmed as the Resolution Professional.

Axis Bank Limited, the sole Financial Creditor, submitted a claim of approximately Rs. 1.04 Crore.

In the 1st CoC meeting on 15.09.2022, Axis Bank stated that the Corporate Debtor had no meaningful assets and requested CIRP closure.

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## Issues and analysis

### Issue 1: Whether the application for withdrawal of CIRP under Section 12A of the IBC, filed by a suspended …

**Ratio:** The Adjudicating Authority correctly dismissed the initial application for withdrawal of

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**Reasoning:** The NCLT's dismissal was based on the statutory mandate that an application for

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**Interpretation:** Section 12A and Regulation 30A establish a clear procedural framework for the

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**Application:** The initial application by Deepak Modi, the suspended director, was

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## Parties

- **Judges:** Mohammad Faiz…; Arun Ba…; +1 more
- **Appellants:** Deepak…
- **Respondents:** Shalfeyo Industrie…; Axis Bank L…; +1 more
- **Other parties:** Umang…
- **Advocates:** Sandeep…; Anupam…; +1 more

## Timeline

- **2020 — Original Petit…**: The original petition, CP (IB) No.…
- **2022-08-16 — CIRP Init…**: Corporate Insolvency Resolution Process (CIRP) initiated against Shalfeyo Industries…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 12A — (1) Subject to sub](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-12a)

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