# Nisus Finance and Investment Managers LLP & Anr. vs. Earthcon Universal Infratech Limited

> NCLT judgment dated 2026-10-15. Citation: TCN-2026-NCLT-01224. The Corporate Insolvency Resolution Process (CIRP) was initiated against Earthcon Universal…

- **Court:** NCLT
- **Order date:** 15 Oct 2026
- **Citation:** TCN-2026-NCLT-01224
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-new-delhi/earthcon-universal-infratech-limited-1kzsc

## Summary

### Background

The Corporate Insolvency Resolution Process (CIRP) was initiated against Earthcon Universal Infratech Limited. The Resolution Professional (RP) filed an application under Section 12A of the IBC, read with Regulation 30A of IBBI (CIRP) Regulations and Rule 11 of the NCLT Rules, 2016, seeking approval for a withdrawal/settlement proposal submitted by Mr. Shadab Khan, the ex-director/promoter, and termination of the CIRP. This proposal was approved by the Committee of Creditors (CoC) with an overwhelming majority. The Intervenor, Consortium of M/s. DS Infraheights Pvt. Ltd., objected to the withdrawal, citing recent amendments to Section 12A and Regulation 30A of the IBC, which came into force after the initiation of the withdrawal process but before its final approval

…

## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against Earthcon Universal Infratech Limited by an order dated 08.01.2020.

Mr. Jitender Arora was appointed as the Interim Resolution Professional (IRP), and subsequently, Mr. Gaurav Katiyar was appointed as the Resolution Professional (RP) on 15.10.2020.

The Committee of Creditors (CoC) was constituted on 24.02.2020, and Mr. Deepak Gupta was appointed as the Authorized Representative of Financial Creditors in the class of Home Buyers on 02.03.2020.

On 07.05.2021, the CoC approved a Resolution Plan submitted by Saya Homes Private Limited (in consortium) with 91.46% voting.

…

## Issues and analysis

### Issue 1: Whether the withdrawal/settlement proposal under Section 12A of the IBC, initiated before the …

**Ratio:** The NCLT held that the withdrawal process, having commenced before the amended Section

…

**Reasoning:** The withdrawal proposal was received on 09.03.2026, and deliberations began in the 40th

…

**Interpretation:** The NCLT interpreted the timing of the 'initiation' of the withdrawal process

…

**Application:** The NCLT applied this interpretation to the facts, concluding that since the

…

## Parties

- **Judges:** BACHU VENKAT…; RAVINDRA CHATURVED…
- **Appellants:** Nisus Finance &…; Gaurav Ka…
- **Respondents:** Earthcon Universal…
- **Other parties:** Committee of…; Shadab…; +4 more
- **Advocates:** Rishabh…; Mrinal Harsh…; +8 more

## Timeline

- **2020-01-08 — CIRP Init…**: Corporate Insolvency Resolution Process (CIRP) initiated against Earthcon Universal…
- **2020-02-24 — CoC Consti…**: Committee of Creditors…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 12A — Withdrawal of application admitted under section…](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-new-delhi/earthcon-universal-infratech-limited-1kzsc