NCLT Mumbai Admits Insolvency Petition Against Dharan Infra-EPC Limited for ₹28.05 Crore Default
The National Company Law Tribunal (NCLT) Mumbai Bench-VI has admitted an insolvency petition filed by Tata Capital Housing Finance Limited against Dharan Infra-EPC Limited under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The order was pronounced on December 12, 2025, initiating the Corporate Insolvency Resolution Process (CIRP) for the real estate construction company.
The petition involves significant financial obligations that remained unpaid by the corporate debtor. The key financial parameters of the case are outlined below:
| Parameter | Details | |---------------------|----------------------------| | Outstanding Amount | ₹28,04,91,115 | | Default Date | February 7, 2023 | | Loan Account Numbers| 10701594, 10674762, 10705544| | Original Facilities | ₹35 crores (2018) + ₹45 crores (2019)| | Total Disbursed | ₹69.80 crores |
Tata Capital Housing Finance had sanctioned two construction finance facilities to Dharan Infra-EPC Limited. The first facility of ₹35 crores was sanctioned via a letter dated December 17, 2018, with an addendum issued on December 15, 2020. The second facility of ₹45 crores was sanctioned through a letter dated May 20, 2019, with an addendum dated March 7, 2022.
Following the NCLT order, the Interim Resolution Professional (IRP) has issued a formal public announcement under Regulation 6 of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. The announcement calls upon all creditors of Dharan Infra-EPC Limited to submit their claims with proof.
| CIRP Details | Information | |-----------------------------|------------------------------------| | CIRP Commencement Date | December 12, 2025 | | Public Announcement Date | December 15, 2025 | | Claims Submission Deadline | December 26, 2025 | | IRP Name | Mrs. Palak Swapnil Desai | | IRP Registration | IBBI/IPA-001/IPP-01517/2019-2020/12515|
Dharan Infra-EPC Limited, formerly known as Karda Constructions Limited and KBC Global Limited, contested the petition through multiple arguments. The company claimed that it had made payments totaling ₹29.84 crores and disputed the inclusion of certain mortgaged units in the demand notices. The corporate debtor argued that several flat units for which No Objection Certificates (NOCs) were granted and full sale consideration received should not be included in mortgaged assets.
The NCLT Mumbai bench, comprising Hon'ble Shri Nilesh Sharma (Member Judicial) and Hon'ble Shri Sameer Kakar (Member Technical), conducted a comprehensive analysis of the case. The tribunal found that all three statutory conditions for Section 7 admission were satisfied:
| Condition | Status | |----------------------------|------------------------------------------------------| | Financial Debt Existence | Established through loan agreements and disbursements| | Default Occurrence | Confirmed via NPA classification on February 7, 2023 | | Limitation Period | Within three-year limit (petition filed June 26, 2025)|
The corporate debtor had not disputed the debt amount and had repeatedly acknowledged its liability through settlement proposals and communications. The tribunal noted that the loan account was classified as Non-Performing Asset (NPA) on February 7, 2023, which constituted the date of default.
The IRP has established a structured process for creditor claims submission. Financial creditors must submit their claims electronically, while other creditors may submit claims in person, by post, or electronically. The public announcement identifies three insolvency professionals as authorized representatives for different classes of creditors:
| Authorized Representatives | Details | |-----------------------------|----------------------------------------------------| | Arun Nandlal Agrawal | IBBI/IPA-003/IP-00262/2020-2021/13234 | | Apoorva Nalin Bookseller | IBBI/IPA-001/IP-P-01401/2018-2019/12223 | | Manish Lali Dawda | IBBI/IPA-001/IP-P-02508/2021-2022/13797 |
The tribunal has imposed a comprehensive moratorium under Section 14 of IBC, which prohibits institution or continuation of suits and proceedings against the corporate debtor, transfer or disposal of assets, and enforcement of security interests. Tata Capital Housing Finance must deposit ₹3,00,000 with the IRP for initial CIRP costs, and the IRP must submit monthly progress reports to the tribunal.
The order represents a significant development in the insolvency proceedings, with the real estate company now under the resolution process aimed at either revival through a resolution plan or liquidation if no viable proposal emerges.
