# In the matter of Ishwar Constructions Private Limited

> NCLT judgment dated 2025-03-06. Citation: TCN-2025-NCLT-00391. The case involves an Interlocutory Application (IA 1119/2025) filed by the Interim Resolution…

- **Court:** NCLT
- **Order date:** 6 Mar 2025
- **Citation:** TCN-2025-NCLT-00391
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/ishwar-constructions-private-limited-87140eca

## Summary

### Background

The case involves an Interlocutory Application (IA 1119/2025) filed by the Interim Resolution Professional (IRP) seeking withdrawal of the Corporate Insolvency Resolution Process (CIRP) order passed against the Corporate Debtor, Ishwar Constructions Pvt. Ltd. The CIRP was initiated based on an application under Section 7 of the Insolvency and Bankruptcy Code (IBC).

## Facts

The key facts are as follows: An Interlocutory Application (IA 1119/2025) was filed by the IRP under Section 12A of the Insolvency and Bankruptcy Code (IBC) for the withdrawal of the CIRP order passed against the Corporate Debtor, Ishwar Constructions Pvt. Ltd. The matter was settled between the parties, with the Corporate Debtor agreeing to pay Rs. 56 Crores plus unpaid TDS and Legal Charges as full and final settlement of the dues to LIC Housing Finance Ltd. The CIRP was initially ordered on 2024-10-08. The IRP sought to withdraw the CIRP based on this settlement. The relevance of these facts lies in demonstrating that a resolution was achieved outside of the formal CIRP process, leading to the IRP's application for withdrawal.

## Issues and analysis

### Issue 1: Whether the Interlocutory Application (IA 1119/2025) filed by the IRP for withdrawal of the CIRP …

**Ratio:** The legal principle applied is that if parties reach a settlement and the IRP applies for

…

**Reasoning:** The court reasoned that the matter had been settled between the parties for a sum of Rs.

…

**Interpretation:** The interpretation is that Section 12A of the IBC allows for the withdrawal of

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**Application:** In this specific case, the ratio and reasoning were applied to the fact that a

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## Parties

- **Judges:** SANJIV…; ASHISH…
- **Appellants:** Vijay Pitamber…
- **Respondents:** Ishwar Constructio…; LIC Housing…

## Timeline

- **2024-10-08 — CIRP Ord…**: CIRP was ordered against…
- **2025-03-06 — Order Da…**: The court allowed the withdrawal of the CIRP order and disposed of the IA 1119/2025 and…

## 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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