Authority: National Company Law Tribunal Allahabad Bench Prayagraj
Order Date: 12th June, 2026
Case Overview
This order pertains to an application (IA No.207/2026) filed under Section 12A of the Insolvency and Bankruptcy Code, 2016, in the matter of CP (IB) No.59/ALD/2022. The corporate insolvency resolution process (CIRP) was initiated against the Corporate Debtor, Earthbuild Greencity Private Limited, based on a petition filed under Section 7 of the IBC by the financial creditor, Piramal Capital & Housing Finance Limited. The CIRP was initiated by an order dated 11th July 2023, with the total default amount alleged to be ₹53,26,52,972. The application sought withdrawal of the CIRP following a settlement approved by the Committee of Creditors (CoC) in its 26th meeting held on 17th November 2025.
The settlement proposal, dated 18th November 2025, offered an aggregate sum of ₹3,90,00,000 (Rupees Three Crore Ninety Lakhs Only) as full and final settlement of the corporate guarantee. As of the hearing, the suspended board of directors had already deposited ₹2,90,00,000, with the remaining installments scheduled to be paid within 90 days from the approval of the Section 12A application. Furthermore, during a hearing on 6th April 2026, counsel for the ex-management undertook to pay the entire outstanding CIRP cost, which was confirmed to have been paid by the date of this order.
Final Outcome
The adjudicating authority allowed IA No.207/2026, permitting the withdrawal of the CIRP against Earthbuild Greencity Private Limited. The Resolution Professional, Mr. Ankit Goel, was discharged from his duties under the IBC. All other pending applications in the matter (IA No.451/2023, IA No.452/2023, IA No.204/2024) were also disposed of accordingly.
Topics: Insolvency Resolution, Settlement, NCLT Order