NCLT Terminates CIRP and Recalls Admission

The NCLT, New Delhi Bench, refused to grant any further extension of the Corporate Insolvency Resolution Process (CIRP) and took the extraordinary step of recalling the original admission order itself. 

The application sought a further extension of 90 days under Section 12 of the Insolvency and Bankruptcy Code, 2016. Instead of granting the extension, the Tribunal terminated the CIRP and recalled the admission order itself.

The Tribunal held that the insolvency process had become fundamentally unworkable due to serious procedural irregularities, absence of financial records, lack of identifiable assets, and prolonged failure to achieve any meaningful progress toward resolution.