This works fine for me. Since I don't a full setup locally, I remove every dependency in the ivy.xml files, except the dependency on win32registry on lib-exception.
Have you tried to clean your caches ?
I indeed did clean the caches many times, both using IvyDE or the ANT task.
I spend a couple a hours tonight testing around and I finally found out how to reproduce the bug.
I started from a fresh Eclipse runtime and a new Workspace. Below is the exact sequence I used.
1/ Downloaded Package Helios SR2 classic
2/ Added plugins/features: Subclipse TeamProvider & SVNKit for svn-1.6.x, Eclipse MarketPlace and Easy Shell, then IVY-2.2.0 and IvyDE-2.1.0
3/ Imported my projects from working copy, but keep win32registry closed
4/ Created 2 new projects in default location: moduleA and moduleB
5/ For both created ivy.xml on efe4it's template ivy files. ModuleB depends on ModuleA and resolve works fine.
6/ Opened win32registry project and resolve fails as before.
Finally I found that resolve does fail when ivy.module matches the project name, i.e.:
"ivy.xml"!/ivy-module/info@module == ".project"!/projectDescription/name