ORDER

IA-1707/2026

1. The present application has been filed by Mr. Hitesh Goel, a Resolution Professional of Nobility Estates Private Limited (Corporate Debtor/NEPL), on behalf of ASK Trusteeship Services Private Limited (ASK), the Applicant in the instant Company Petition filed under Section 7 of the Insolvency & Bankruptcy Code, 2016 bearing CP-(IB)- 390(PB)/2023.

The application has been preferred under Section 12A read with Section 60(5) of the Code and under Regulation 30A (1) (b) of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 (CIRP Regulations) and read with Rule 11 of the NCLT Rules, 2016 for seeking withdrawal of Corporate Insolvency Resolution Process (CIRP) of the Corporate Debtor initiated vide order dated 24th November, 2023 passed by this Adjudicating Authority. The prayers made in the application is extracted below:

“a. Allow the present application and permit withdrawal of the Company Petition being CP (IB) No. 390 of 2023 and accordingly conclude the Corporate Insolvency Resolution Process of Nobility Estates Private Limited by taking on record the Form FA dated 13 March 2026 issued by ASK Trusteeship Services Private Limited as well as the accompanying Bank guarantee dated 13 March 2026;

b. hold that the pending applications in relation to the Corporate Insolvency Resolution Process of the Corporate Debtor pending before this Hon'ble Adjudicating Authority shall be deemed / closed withdrawn in view of withdrawal of the Company Petition bearing CP (IB) No. 390 of 2023 and the Corporate Insolvency Resolution Process of the Corporate Debtor, Nobility Estates Private Limited;

c. direct that upon approval of the present Application, the management and control of the Corporate Debtor shall stand restored to its Board of Directors;

d. release the Resolution Professional from all obligations and liabilities arising from the CIRP of the Corporate Debtor;

e. direct settlement of unpaid CIRP costs to the extent such costs remain unpaid as on the date of order;

f. Pass any such other or further order (s) as may be deemed fit and proper in the facts and circumstances of the present case.”

BRIEF FACTS:

2. ASK Property Investment Advisors Private Limited (Financial Creditor) filed CP-(IB)- 390(PB)/2023 under Section 7 of the Code against Nobility Estates Private Limited, the Corporate Debtor, seeking initiation of CIRP. The Corporate Debtor is engaged in the business of development of residential housing project known as "Le Grandiose" situated at Sector 150, Noida, Uttar Pradesh-201310. This Adjudicating Authority vide order dated 24th November, 2023, admitted the Section 7 Petition and initiated the CIRP of the Corporate Debtor and appointed an Interim Resolution Professional, who was subsequently appointed as the Resolution Professional. The Resolution Professional, subsequent to the passing of the admission order, took steps as per the provisions of the Code and Regulations and invited claims from the Creditors by publishing Form A in terms of Regulation 6 of the CIRP Regulations.

3. One of the Suspended Directors of the Corporate Debtor filed an appeal bearing Company Appeal (AT) (Insolvency) No. 1575 of 2023) under Section 61 of the Code before the Hon’ble NCLAT against the order dated 06.12.2023. The Hon’ble NCLAT vide order dated 10th January, 2024 dismissed the said appeal. Thereafter, the Resolution Professional constituted the Committee of Creditors on 20.02.2026 in terms of Section 18 read with Section 21 of the Code, after collating, verifying, and admitting the claims. The CoC consisted of :

4. The Resolution Professional al