# KARVY FORDE SEARCH PVT. LTD. vs. DROPBASE SOFTWARE PVT. LTD.

> NCLT judgment dated 2026-07-17. Citation: TCN-2026-NCLT-00737. The Corporate Insolvency Resolution Process (CIRP) was initiated against Dropbase Software Pvt.…

- **Court:** NCLT
- **Order date:** 17 Jul 2026
- **Citation:** TCN-2026-NCLT-00737
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-jaipur/karvy-forde-search-pvt-ltd-vs-dropbase-software-pvt-ltd-b8spt

## Summary

### Background

The Corporate Insolvency Resolution Process (CIRP) was initiated against Dropbase Software Pvt. Ltd. by Karvy Forde Search Pvt. Ltd. on 20.10.2022. Mr. Rajneesh Sharma was appointed as the Interim Resolution Professional (IRP) and subsequently confirmed as the Resolution Professional (RP). The Committee of Creditors (CoC) was constituted, comprising four creditors, with government entities holding a majority voting share. However, the CoC repeatedly rejected key resolutions, including approval for CIRP costs, RP remuneration, appointment of advisors, and proposals for company revival or early dissolution. The suspended directors, Mr. Himanshu Meena and Mr. Akhil Sharma, failed to cooperate by not providing essential financial information. The Corporate Debtor was found

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## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against Dropbase Software Pvt. Ltd. on 20.10.2022 by an order of the Adjudicating Authority, based on a petition filed by M/s Karvy Forde Search Pvt. Ltd. under Section 9 of the IBC.

Mr. Rajneesh Sharma was appointed as the Interim Resolution Professional (IRP) and subsequently confirmed as the Resolution Professional (RP) by the Committee of Creditors (CoC) on 29.11.2022.

The CoC comprises 4 creditors, with government entities (Assistant Commissioner, CGST & Central Excise, and Income Tax Officer) collectively holding a majority voting share of 81.55%.

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## Issues and analysis

### Issue 1: Whether the Corporate Insolvency Resolution Process (CIRP) has reached a deadlock due to …

**Ratio:** Yes, the CIRP reached an effective deadlock due to the Committee of Creditors' (CoC)

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**Reasoning:** The CoC, particularly the government entities holding a majority voting share,

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**Interpretation:** A deadlock in CIRP occurs when the essential decision-making bodies (like the

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**Application:** The repeated rejection of Agenda Items 8, 9, 10, and 11 in the 3rd CoC meeting

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## Parties

- **Judges:** Reeta K…; Kavita Bha…
- **Appellants:** Dropbase suspended…
- **Respondents:** DROPBASE SOFTWARE…; KARVY FORDE…; +1 more
- **Other parties:** M/s Karvy Forde…; Assistant…; +5 more
- **Advocates:** Nitesh Shrivastava…

## Timeline

- **20.10.2022 — CIRP Init…**: CIRP initiated by Adjudicating Authority under Section 9 of the Code on a petition filed…
- **14.11.2022 — Claim Rec…**: Claim of M/s Karvy Forde…

## 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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