The £10m turnover group, which also includes electrical contractor John A Gaunt bought in 2012, is being handled by the Birmingham office of BDO.
Indtherm was established 42 years ago and operated across the region taking on contracts up to £1.5m.
Recently it worked with Willmott Dixon on a crematorium job in Warwickshire and was working for G F Tomlinson on a Travis Perkins depot in Luton.
According to the last set of accounts Indtherm employed around 50 staff prior to falling into administration.
In the East Midlands another well-established firm, K Gray Plumbing & Heating services, has also been placed in administration.
The £9m turnover firm specialised in both contract and domestic work, employing around 60 fitters.
Mark Bowen of MB Insolvency is the administrator.