# In the matter of Offshore Infrastructures Limited

> NCLT judgment dated 2025-04-28. Citation: TCN-2025-NCLT-00994. An application was filed under Section 12A of the IBC, 2016 by the IRP seeking withdrawal of…

- **Court:** NCLT
- **Order date:** 28 Apr 2025
- **Citation:** TCN-2025-NCLT-00994
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/offshore-infrastructures-limited-5b316f0e

## Summary

### Background

An application was filed under Section 12A of the IBC, 2016 by the IRP seeking withdrawal of the CIRP process. The CIRP was initiated vide order dated 11.03.2025 in C.P. (IB)/182(MB)2022, which was challenged before the NCLAT. NCLAT passed an order on 18.03.2025, directing no further steps to be taken in pursuance of the impugned order.

## Facts

CIRP was commenced vide order dated 11.03.2025 in C.P. (IB)/182(MB)2022.

The order commencing CIRP was impugned before the Hon'ble NCLAT.

NCLAT ordered on 18.03.2025 that no further steps be taken in pursuance of the impugned order.

The appeal was disposed of vide order dated 21.03.2025.

The appellant agreed to pay the entire principal amount of Rs. 1,47,08,269/-.

The operational creditor agreed to accept the amount and file an application under Section 12A for withdrawal of the CIRP process.

The Operational Creditor issued Form-FA dated 28.03.2025.

The IRP received the Bank Guarantee from the Operational Creditor for the balance amount of fees.

Settlement has been arrived at between the parties and the complete settlement amount has been paid.

## Issues and analysis

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

**Ratio:** Section 12A of IBC allows for withdrawal of CIRP with the approval of 90% voting share of

…

**Reasoning:** Settlement has been arrived at between the parties and the complete settlement amount has

…

**Interpretation:** The tribunal interpreted Section 12A to allow withdrawal of the CIRP process

…

**Application:** The tribunal allowed the application for withdrawal of the CIRP process,

…

## Parties

- **Judges:** SAMEER…; NILESH S…
- **Appellants:** Milind Kha…
- **Respondents:** Offshore Infrastru…
- **Other parties:** Infraweld S…
- **Advocates:** Rupal Sh…; Bishwajeet…; +5 more

## Timeline

- **2025-03-11 — Commencement…**: CIRP was commenced vide order dated…
- **2025-03-18 — NCLAT Or…**: NCLAT ordered that no further steps be…

## 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)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-mumbai/offshore-infrastructures-limited-5b316f0e