Stay Order Issued by NCLAT in Dharan Infra-EPC's CIRP After One-Time Settlement with Tata Capital

Dharan Infra-EPC Ltd, formerly known as KBC Global Limited and Karda Construction Limited, has been under Corporate Insolvency Resolution Process (CIRP). The Company's suspended Board of Directors preferred an appeal before the Hon’ble National Company Law Appellate Tribunal (NCLAT) seeking a stay on the CIRP proceedings. During the claim verification period, the Corporate Debtor entered into a one-time settlement with the original Financial Creditor, Tata Capital Housing Finance Limited, and cleared the entire outstanding dues on 31 December 2025. The Hon’ble NCLAT, after being apprised of the facts, directed the Interim Resolution Professional (IRP) to take appropriate steps in accordance with law, including approaching the Hon’ble National Company Law Tribunal (NCLT), Mumbai Bench, by filing an application under Section 12A of the Insolvency and Bankruptcy Code, 2016. The IRP has initiated the process of filing an application before the Hon’ble NCLT, Mumbai Bench, seeking withdrawal of the application filed under Section 7 of the Code.