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In the matter of G.P Realtors Pvt. Ltd.

National Company Law Tribunal27 January 2026

Ratio decidendi

The rule this decision rests on

The Tribunal permits withdrawal of a corporate insolvency resolution process application under Section 12A of the Insolvency and Bankruptcy Code, 2016 where the Committee of Creditors has approved the withdrawal with 100% voting share on the basis of a settlement between the parties, and the withdrawal is taken on record accordingly. Connected applications which rest on the insolvency petition that is withdrawn under Section 12A are rendered infructuous and are disposed of together with that petition.

Written by Miss Lucy from the judgment below, not taken from a headnote.

Judgment

As delivered

THE NATIONAL COMPANY LAW TRIBUNAL CHANDIGARH BENCH (COURT – I) Item No.101 & 211 IA(IBC)/93(CH)2026 IA(IBC)/1133(CH)2025, IA(IBC)/912(CH)2025, IA(I.B.C)/686 (CH) 2025 IA(I.B.C)/942 (CH)2025, IA(I.B.C)/947 (CH)2025, IA(I.B.C)/1031 (CH)2025, IA(I.B.C)/1679 (CH)2025 IA(I.B.C)/1902 (CH)2025, IA(I.B.C)/1977 (CH)2025 In CP(IB) No.171/Chd/Hry/2021 (Admitted) (Other IAs at Item No.211) IN THE MATTER OF: Omkara Assets Reconstruction Pvt. Ltd. (erstwhile IndusInd Bank) ….Applicant Vs. G.P Realtors Pvt. Ltd. …Respondent Under Section: 7, 12(A), 60(5), 22, 19(2), 21 of IBC 2016 R 11 NCLT r/w Reg 17(1) of IBBI Order delivered on 27.01.2026 CORAM: SHRI. SHISHIR AGARWAL SHRI. K. BISWAL, HON’BLE MEMBER (T) HON’BLE MEMBER (J) PRESENT:- For the Applicant in : Mr. Gopal Jain, Senior Advocate IA No.93/2026 and Mr. S.S Brar, Advocate Respondent in IA No. 1133/2025, Ms. Surbhi Parekh, Advocate 1679/2025,1902/2025,1977/2025 Ms. Neha Shivhare, Advocate Ms. Gargi Singh, Advocate Mr. Madhav Kanoria, Advocate Mr. Hakikat Singh, Advocate For the Suspended : Mr. Aalok Jagga, Advocate Director Mr. Sahil Lohan, Advocate For the Respondent No.2 : Mr. Aman Pal, Senior Counsel with in IA No.93/2026 Mr. Rajender Kumar, Advocate For the Applicant in IA Nos. : Mr. Shivam Grover, Advocate 1679/2025,1902/2025, Mr. Ketan Gaur, Advocate 1977/2025 Mr. Neil Chatterjee, Advocate

PBS 27.01.2026

Ms. Nidhisha Garg, Advocate Mr. Ankit Pal, Advocate For the COC : Ms. Munisha Gandhi, Senior Adv. Ms. Salina Chalana, Advocate For the Ireo Pvt. Ltd. : Mr. Naman Singh Bagga, Advocate Mr. Kashish Mathur, Advocate For the Applicant in : Mr. Aalok Jagga, Advocate with IA No.1133/2025 Ms. Shruti Mandhotra, Advocate ORDER IA(IBC)/93(CH)2026 1. This is an application filed under Section 12A by the RP on behalf of the CoC, for withdrawal of CP(IB) No.171/Chd/Hry/2021. 2. Mr. Gopal Jain, Ld. Senior Counsel with Mr. S.S Brar, Advocate explained that in view of the settlement between the parties, the Agenda Item No.B1 of CoC meeting dated 06.01.2026 for withdrawal of CP(IB) No.171/Chd/Hry/2021 was approved with 100% vote share on 10.01.2026. 3. Mr. Ankit Pal, Ld. counsel for Applicant-Dover Aid V Pte Ltd. in IA(IBC) Nos.1679/2025, 1902/2025, 1977/2025 appears(online) and states that the company has no objection against the withdrawal of the CP(IB) No.171/Chd/Hry/2021, as the withdrawal will not encumber their interest/rights in the Dover land. 4. Accordingly, the present application is filed with a prayer to inter alia, take on record the settlement proposal dated 28.12.2025 submitted by the Suspended Director and to allow withdrawal of CP(IB) No.171/Chd/Hry/2021. The same is taken on record and IA(IBC)/93(CH)2026 is allowed & disposed of.

PBS 27.01.2026

CP(IB) No.171/Chd/Hry/2021 & IA(IBC) Nos.1133/2025, 912/2025, 686/2025, 942/2025, 947/2025, 1031/2025, 1679/2025, 1902/2025, 1977/2025 In view of the above order, CP(IB) No.171/Chd/Hry/2021 is disposed of as withdrawn in terms of Section 12A. Consequently, connected IAs i.e. IA(IBC) Nos.1133/2025, 912/2025, 686/2025, 942/2025, 947/2025, 1031/2025, 1679/2025, 1902/2025, 1977/2025 are rendered infructuous and disposed of.

Sd/- Sd/- (SHISHIR AGARWAL) (K. BISWAL) MEMBER (TECHNICAL) MEMBER (JUDICIAL)

PBS 27.01.2026

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