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Judgment
ORDER
IA(I.B.C)/188 (MB)/2026 [Sec.12A]
This application has been filed by the RP seeking following prayers:
a. To pass an order allowing the present Application under Section 12A of the Insolvency and Bankruptcy Code, 2016 along with accompanying Form FA filed by the Financial Creditor under Regulation 30A of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 seeking withdrawal of the Company Petition bearing C.P. (IB)/222(MB) 2025, in lieu of the settlement arrived at between the Financial Creditor and Suspended Director/s of Corporate Debtor;
b. To pass an order relieving M/s NV Autospares Private Limited [CIN: U34300MH2005PTC241861] from the rigours of Corporate Insolvency Resolution Process (CIRP) proceedings and its pursuant processes, which was initiated vide Order dated August 25, 2025 in C.P.(IB)/222(MB)2025 u/s. 7 of IBC, 2016;
c. To pass an order terminating the CIRP of the Corporate Debtor and thereby discharging M/s DiMax Restructuring Private Limited (IBBI Regn. No.: IBBI/IPE-0172/IPA-3/2024-2025/50087) from the duty of Resolution Professional of the Corporate Debtor;
d. To pass any such other or further order(s), as may be deemed fit and in the interest of justice and equity.
The Minutes of the 5th CoC meeting held on 02.01.2026, has approved the resolution for withdrawal of CIRP of M/s NV Autospares Private Limited under section 12A of the Insolvency and Bankruptcy Code, 2016 and has passed the resolution with 100% voting which is as follows :
Resolution No.2
Agenda Item No. 10: To consider and approve the withdrawal of Corporate Insolvency Resolution Process of M/s NV Autospares Private Limited u/s 12A of the IBC, 2016 r/w Regulation 30A of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016:
“RESOLVED THAT pursuant to the provisions of Section 12A of the Insolvency and Bankruptcy Code, 2016, read with Regulation 30A of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, and upon approval of this resolution by not less than ninety percent (90%) of the voting share of the Committee of Creditor, the consent of the Committee of Creditors be and is hereby accorded for the withdrawal of the Corporate Insolvency Resolution Process of M/s NV Autospares Private Limited (“Corporate Debtor”);
RESOLVED FURTHER THAT the Committee of Creditors of Corporate Debtor hereby takes note of the application in Form FA submitted by Mr. Sanjay Katira, i.e., the Applicant/Financial Creditor, dated December 29, 2025;
RESOLVED FURTHER THAT the Resolution Professional of Corporate Debtor, be and is hereby authorized to file an Interlocutory Application for withdrawal of the Corporate Insolvency Resolution Process of Corporate Debtor before Adjudicating Authority and to do all acts, deeds and matters as may be necessary to give effect to this resolution.”
Following is the result of the above resolution put for ballot voting, approved.
To consider and approve the withdrawal of Corporate Insolvency Resolution Process of M/s. NV Autospares Private Limited u/s 12A of the IBC, 2016 r/w Regulation 30A of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016
Sr.No Name of the Voting Voted Voted Abstained members Share For Against By By not Voting Voting 1. M/s. - - -Janalaxmi 12.91% 12.91% Co-operative Bank Ltd. 2. Mr.Girish - - -Narayan 18.90% 18.90% Pawar 3. M/s. Safalya - - -Consultancy 25.39% 25.39% Pvt. Ltd 4. M/s. Kinder - - -Universe 35.71% 35.71% Pvt. Ltd 5. Mr. Sanjay - - -7.09% 7.09% Katira Total 100% 100% - - -
Form FA dated 29.12.2025, is annexed to the application duly signed by the original petitioner Mr. Sanjay Subhash Katira.
Ld. PCS representing RP as well as RP in-person Mr. Ashish Vyas Authorised Signatory of DiMax Restructuring Private Limited, IPE -Resolution Professional appearing through VC submits that the entire CIRP cost amounting to Rs. 21,03,896 has been paid by the applicant to the RP and the RP is bound by the undertaking given to this Tribunal.
As all the requirements of section 12A read with Regulation 30A are complied with, we are inclined to allow the application under section 12A and the Corporate Debtor is released from the rigours of CIRP. The applicant is directed to hand over the management to the Board of Directors, whose powers were suspended due to the initiation of CIRP. The Applicant is discharged from all responsibilities.
Accordingly, I.A. is allowed and stands disposed of
C.P. (IB)/222(MB)/2025 [ Sec.7 ]
In view of order passed in IA 188/2026, the present Company Petition is disposed of as withdrawn. The Corporate Debtor is released from the rigours of CIRP proceedings.
IA(I.B.C)/4449(MB)/2025 [Sec.19(2)/Regulation 30]
In view of order passed in IA 188/2026 and having the Corporate Debtor released from the rigours of CIRP process, the present I.A. has become infructuous. Accordingly, I.A. is disposed of having rendered infructuous.
IA(I.B.C)/4823 (MB)/2025 [ Sec.22]
In view of order passed in IA 188/2026 and having the Corporate Debtor released from the rigours of CIRP process, the present I.A. has become infructuous. Accordingly, I.A. is disposed of having rendered infructuous.
IA(I.B.C)/705 (MB)/2026 [Sec.60(5)]
In view of order passed in IA 188/2026 and having the Corporate Debtor released from the rigours of CIRP process, the present I.A. has become infructuous. Accordingly, I.A. is disposed of having rendered infructuous.