Catalyst Trusteeship Limited Vs Marvel Omega Builders Private Limited

Catalyst Trusteeship Limited vs Marvel Omega Builders Private Limited

National Company Law Tribunal · Decided on 22 September 2025

HON’BLE JUDGES

Lakshmi Gurung, Member (Judicial) · Hariharan Neelakanta Iyer, Member (Technical)

CASE NUMBER

IVN.P. 29/2025, IVN.P. 30/2025, I.A. 901/2025, I.A. 1233/2025, I.A. 1355/2025 In C.P. (IB)/254(MB)2023

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Judgment

10 paragraphs · 218 words

ORDER

I.A. 901/2025 (12A)

This application has been filed by the IRP for withdrawal of CIRP proceedings.

Ld. Counsel for the applicant has referred to the order dated 23.12.2024 passed by Hon’ble NCLAT in Company Appeal (AT) (Ins) No. 1797 of 2024 and IA No. 8872, 8875 of 2024. Pursuant to Hon’ble NCLAT order, the original financial creditor i.e. Catalyst Trusteeship Limited had signed form FA and consequent upon which the IRP had filed application under section 12A of IBC for withdrawal of the CIRP proceedings.

Ld. Counsel for the original financial creditor submits that there is breach of the consent terms arrived between the parties vide settlement agreement dated 16.12.2024, in view of which the financial creditor seeks to withdraw Form FA and opposes present application under section 12A of the Code.

The IRP has filed additional affidavit dated 18.09.2025 placing on record the email along with letter dated 17.09.2025 of termination of consent terms and seeks to withdraw the present application.

Accordingly, I.A. 901/2025 is dismissed as withdrawn. Consequently, CIRP activities to continue.

In view of the order passed in IA 901/2025 in company petition 254/2023, IVN.P. 29/2025, IVN.P. 30/2025 and I.A. 1233/2025 are rendered infructuous and stand disposed of.

I.A. 1355/2025