Authority: National Company Law Tribunal, Division Bench, Court - 1, Ahmedabad
Order Date: 09/10/2026
Case Overview
The National Company Law Tribunal (NCLT) Ahmedabad heard two interconnected applications (IA/1676(AHM)2026 and IA/1677(AHM)2026) in the matter of CP(IB) 317 of 2019, which was initiated under Section 9 of the Insolvency and Bankruptcy Code, 2016. The original petition was filed by Bharat Road Carrier Pvt Ltd (Operational Creditor) against Rasna Pvt Ltd (Corporate Debtor).
The application IA/1676(AHM)2026 was dismissed as withdrawn after the learned counsel for the applicant stated it had been rendered infructuous in light of IA/1677(AHM)2026.
The substantive application IA/1677(AHM)2026 was filed by Mr. Ravindra Kumar Goyal, the Interim Resolution Professional (IRP) of Rasna Private Limited. The application was made under Section 12A read with Section 60(5) of the Insolvency and Bankruptcy Code, 2016, Regulation 30A(1)(a) of the IBBI Regulations, 2016, and Rule 11 of the NCLT Rules, 2016. The IRP sought permission to withdraw the Corporate Insolvency Resolution Process (CIRP) initiated against Rasna Private Limited pursuant to the order dated 01.09.2023 passed in CP (IB) No. 317 of 2019. The basis for the withdrawal application is a settlement arrived at between the Corporate Debtor (Rasna Pvt Ltd) and the Operational Creditor (Bharat Road Carrier Pvt Ltd).
The tribunal noted that there are certain claimants who submitted claims before the IRP and therefore directed that notice be issued to all those claimants.
Final Outcome
The matter remains pending before the tribunal. The NCLT has directed the Applicant/IRP to serve copies of the order as notice to all claimants on record through all permissible modes including Registered Post/Speed Post, Dasti, and email to registered email IDs. All claimants have been given 03 days from receipt of notice to file their replies, if any. The matter has been re-listed for further consideration on 19.10.2026. The final decision on whether to allow the withdrawal of the CIRP will be made after considering the responses from all claimants.
Topics: Insolvency Proceedings, Corporate Settlement, NCLT Order