# In the matter of Devi Engineering And Constructions Private Limited

> NCLT judgment dated 2025-07-24. Citation: TCN-2025-NCLT-01201. An application was filed by the Interim Resolution Professional (IRP) under Section 12A of the…

- **Court:** NCLT
- **Order date:** 24 Jul 2025
- **Citation:** TCN-2025-NCLT-01201
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-amaravati/devi-engineering-and-constructions-private-limited-f86b7aec

## Summary

### Background

An application was filed by the Interim Resolution Professional (IRP) under Section 12A of the Insolvency and Bankruptcy Code (IBC), 2016, read with Regulation 30A of the IBBI (Corporate Insolvency Resolution Process) Regulations, 2016, seeking withdrawal of the Corporate Insolvency Resolution Process (CIRP).

## Facts

Sidhvi Infrastructure Projects Ltd initiated CIRP against Devi Engineering and Constructions Private Limited.

The Corporate Debtor, Devi Engineering and Constructions Pvt. Ltd., was admitted into CIRP vide order dated 07.07.2025.

The Operational Creditor and the Corporate Debtor amicably settled the dispute prior to the constitution of the Committee of Creditors (CoC).

The IRP filed an application under Section 12A of the IBC seeking withdrawal of the CIRP.

Three major Financial Creditors, namely Union Bank of India, Punjab National Bank, and NEDFI, holding more than 90% of admitted financial debt, submitted their consent letters for allowing the withdrawal of the CIRP.

Other Financial Creditors raised objections to the withdrawal application.

…

## Issues and analysis

### Issue 1: Whether the application for withdrawal of CIRP under Section 12A of the IBC should be allowed, …

**Ratio:** The Adjudicating Authority is inclined to allow the application based on the consent of

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**Reasoning:** The Operational Creditor and Corporate Debtor settled the dispute amicably. The majority

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**Interpretation:** Section 12A of the IBC allows for the withdrawal of CIRP with the approval of

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**Application:** The Adjudicating Authority applied Section 12A of the IBC and Regulation 30A of

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## Parties

- **Judges:** UMESH KUMAR…; KISHORE VEMULAPALL…
- **Appellants:** Sidhvi Infrastruct…; Mr.Malireddy…
- **Respondents:** Devi Engineering…
- **Other parties:** Union Bank of…; Punjab National…; +7 more
- **Advocates:** M. Maharshi…; Maraddi…; +2 more

## Timeline

- **07.07.2025 — Initiation…**: Corporate Insolvency Resolution Process (CIRP) initiated vide order dated 07.07.2025 in…
- **23.07.2025 — Hearing…**: Hearing held on 23.07.2025, matter heard…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

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