Dharan Infra-EPC Limited will continue to undergo the Corporate Insolvency Resolution Process (CIRP) after the National Company Law Tribunal (NCLT), Mumbai Bench, dismissed its application for withdrawal on October 16, 2026.

The tribunal rejected the request filed by the Interim Resolution Professional (IRP), Palak Swapnil Desai, which sought to end the proceedings based on a settlement with one of the creditors, Tata Capital. The dismissal ensures that the CIRP proceeds in accordance with the provisions of the Insolvency and Bankruptcy Code, 2016.

Legal Proceedings and Settlement Context

The company, previously known as KBC Global Limited, had approached the NCLT seeking permission to withdraw from the CIRP following a settlement agreement with Tata Capital. The IRP submitted this application pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, informing both BSE and National Stock Exchange of India Limited about the development.

Despite the settlement with a single creditor, the tribunal ruled that the withdrawal could not be granted. Consequently, the statutory timelines and procedures mandated by the IBC remain in force for the company.

What the Numbers Show

The dismissal highlights a critical procedural hurdle in Indian insolvency law: settlements with individual financial creditors do not automatically guarantee the termination of CIRP if other stakeholders or procedural requirements are not fully satisfied. The continued status of under CIRP indicates that the resolution plan or liquidation process must still be navigated through the formal IBC framework, rather than being bypassed by bilateral agreements.

Dharan Infra-EPC Limited has informed stock exchanges that it is seeking an additional seven days to complete its submission of information requested by the Securities and Exchange Board of India (SEBI). The company, which is undergoing Corporate Insolvency Resolution Process (CIRP), disclosed the development in a filing dated August 17, 2026.

The ongoing investigation by SEBI pertains to the period prior to the commencement of the CIRP. In May and June 2026, the regulator issued summons to the company’s directors and key managerial personnel (KMP), requiring them to furnish specific records, data, and information.

Submission Status

According to the disclosure, the suspended board of directors and KMP have already submitted a portion of the requested data. However, they have approached SEBI on multiple occasions to seek extensions for furnishing the remaining requisite information. As of the filing date, the interim resolution professional noted that another request for a seven-day extension had been submitted to complete the process.

The company stated it will continue to update the National Stock Exchange of India Limited (NSE) and the Bombay Stock Exchange (BSE) on any material developments in accordance with SEBI Listing Regulations.

What the Numbers Show

The repeated requests for extensions highlight the complexity or volume of historical data required for the pre-CIRP investigation. With the initial summons issued in mid-2026 and extensions still being sought in August, the resolution timeline for this specific regulatory compliance matter remains open-ended.