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RESEARCH From the Research Desk — The sub-Rs 100 crore acquisition market, sized. Read it →

Intelligence / The verdicts / Withdrawn & settled

Withdrawn cases — how fast a settlement comes

Every company admitted to CIRP and later withdrawn — settled with its creditors under Section 12A, set aside on appeal by the NCLAT, or recalled by the NCLT. See them.

The settlements desk six rows here · the full register for members

Find the comparable exit

Narrow by how long it took, whether the estate was put to market, the route as recorded, sector, bench, year or registry status; the benchmark line recomputes for the selection and every row opens to the order, the petition and what came after.

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Members four more filters · NCLT bench, year withdrawn, withdrawal route as recorded, registry status today
Benchmark
Too few cases in this selection for its own benchmark (n=2, guard is 30). The national medians in the tiles and cards above apply.
Showing 2 of 2 withdrawals, newest first Time in process = admission → withdrawal · route quoted, not translated
Corporate debtor
Withdrawn · time in processbench · admitted
Who filedpetitioner, as filed
Route, as recordedthe case row or the order, verbatim
Since thenregistry status · later orders
Professional
Explore
Jun 20225 d in process
Hero Solar Energy Private Limited
Withdrawn (NCLAT Settlement)
View case ↗Quick view

§The settlement

Admitted to CIRP
27 May 2022
Withdrawn
1 Jun 2022
Time in process
5 days, admission to withdrawal · 2 mo faster than the sector median (3 mo)
Route text
CIRP TERMINATED

◷Who filed · what was owed

Who filed
Hero Solar Energy Private Limited

⇢Since then

Orders after the withdrawal
2 · latest Apr 2026 · dismissed
Latest order after the withdrawal
17 Apr 2026 · NCLAT · Others order ↗
All recorded fields · 1 more
NCLT bench
New Delhi
Aug 20211y 6mo in process
Utsav Securities Pvt. Ltd.
Admission set aside (NCLAT)
MCA: Converted to LLP
View case ↗Quick view

§The settlement

Admitted to CIRP
30 Jan 2020
Withdrawn
3 Aug 2021
Time in process
1y 6mo · 551 days, admission to withdrawal · 15 mo slower than the sector median (3 mo)
Route text
SET ASIDE

◷Who filed · what was owed

Who filed
Utsav Securities Pvt. Ltd.

⇢Since then

MCA status
Converted to LLP (as on 12 Jun 2026)
Orders after the withdrawal
1 · latest Dec 2022
Latest order after the withdrawal
8 Dec 2022 · NCLT · Others order ↗
All recorded fields · 1 more
NCLT bench
New Delhi

MembersThe comparables behind every exit — how fast settlements come, who settles and with whom, what happened after, and the settlement clock by year, sector, bench and claim size.See plans →Sign in

The freshest exits from NCLT orders to 25 Sep 2026

Withdrawn since 30 Jun 2026 — 8 companies

The settlements the NCLT allowed after IBBI's cut-off, weeks before they reach a published table: the order date and the bench.

Corporate debtor
Withdrawal order
NCLT bench
Shalfeyo Industries Private LimitedU51909RJ2014PTC046650
Trading & Distribution
7 Sep 2026
NCLT Jaipur
Superfine Metals Private LimitedU27203PN2004PTC019492
Steel & Metals
1 Sep 2026
NCLT Mumbai
Kay Bee Cotgin Private LimitedU17115PB1997PTC019571
Textiles & Apparel
20 Aug 2026
NCLT Chandigarh
A F Enterprises LimitedL18100DL1983PLC016354
Textiles & Apparel
6 Aug 2026
NCLT New Delhi
Montecarlo LimitedU40300GJ1995PLC025082
Power & Energy
3 Aug 2026
NCLT Ahmedabad
Lanarsy Infra LimitedU45200KA2011PLC061346
Construction & Infrastructure
31 Jul 2026
NCLT Bengaluru

Members2 more withdrawals since 30 Jun 2026, each with who filed, whether the estate went to market and the professional — on Pipeline and the Full Investor Desk.See plans →Sign in

Every terminal state has a re-entry path three independent signals, named on each row

Back in the process — 58 settlements that did not hold

A withdrawal is not a verdict, and it is not always the end. These companies were admitted to a fresh insolvency after the tribunal allowed their petition to be withdrawn — the smallest and least published dataset on this page, and the one a creditor weighing a settlement should read first.

1
International Print-O-Pac LimitedU22219DL1981PLC012808 · Other Manufacturing · NCLT New Delhi
Settled and withdrawn Nov 2024 after 5 mo in process; back under insolvency Sep 2026, 1y 10mo later.
18 Sep 2026A second CIRP round on this CIN · a later commencement on the IBBI process record · an NCLT admission order after the withdrawal
2
Soura Natural Energy Solutions India Private LimitedU29198KL2013PTC033602 · Machinery & Equipment · NCLT Kochi
Settled and withdrawn Mar 2022 after 2 mo in process; back under insolvency Jul 2026, 4y 4mo later.
30 Jul 2026A second CIRP round on this CIN · a later commencement on the IBBI process record · an NCLT admission order after the withdrawal
3
Ideal Real Estates Private LimitedU70101WB1988PTC045347 · Real Estate & Housing · NCLT Kolkata
Settled and withdrawn Mar 2025 after 11 mo in process; back under insolvency Jul 2026, 16 mo later.
7 Jul 2026A second CIRP round on this CIN · a later commencement on the IBBI process record · an NCLT admission order after the withdrawal
4
M.U. Buildcon Private LimitedU45400DL2011PTC223329 · Construction & Infrastructure · NCLT New Delhi
Settled and withdrawn Oct 2023 after 3 mo in process; back under insolvency Jun 2026, 2y 7mo later.
30 Jun 2026A second CIRP round on this CIN · a later commencement on the IBBI process record · an NCLT admission order after the withdrawal
5
Kapasi Infracon LLPAAQ2954 · Construction & Infrastructure · NCLT Allahabad
Settled and withdrawn May 2024 after 9 mo in process; back under insolvency Apr 2025, 10 mo later.
3 Apr 2025A second CIRP round on this CIN · a later commencement on the IBBI process record
6
Agrimas Chemicals LimitedU99999MH1973PLC016649 · Other Services · NCLT Mumbai
Settled and withdrawn Mar 2022 after 4 mo in process; back under insolvency Jan 2025, 2y 10mo later.
30 Jan 2025A second CIRP round on this CIN · a later commencement on the IBBI process record · an NCLT admission order after the withdrawal

Members52 more companies back in the process after a withdrawal, each with the signal that shows it — on Pipeline and the Full Investor Desk.See plans →Sign in

Our count, their count, the difference stated

How the withdrawals on this record reconcile to IBBI's published cumulative, and why the two populations are not the same shape.

1,333IBBI's Section 12A withdrawals as at 30 Jun 2026
1,495Ours, like-for-like to the same cut-off
+162Difference, documented case by case
15%of IBBI's 9,166 admissions ended in a 12A withdrawal — about one in seven
How the two counts reconcile

Our count is in the tiles above; the 8 withdrawals dated after IBBI's cut-off (the register above) come out of it to give the like-for-like figure. The two populations are not the same shape: IBBI counts Section 12A withdrawals, while this record counts every admission that ended in a withdrawal or closure order, whatever the order calls it.

Route as recorded, over the whole record: 469 say Section 12A on the case row or the order · 802 say withdrawn with no section named · 150 are closed per IBBI's remark (12A / appeal / review / settlement — a category, not a finding) or say closure · the cases set aside, recalled or settled on appeal are counted at the top of the page · 1 carry no remark. “Section 12A” is printed only where the source says so.
The latest withdrawal on this record is dated 7 Sep 2026 while the order feed runs to 25 Sep 2026 — withdrawal orders after that date are in the feed and not yet graded, so the count is a floor.

As of IBBI withdrawal figures to 30 Jun 2026 · NCLT/NCLAT orders to 25 Sep 2026 · latest withdrawal on this record 7 Sep 2026 · MCA status as on 12 Jun 2026, which runs on its own clock.

Sources, basis and disclaimers →Report an error