NCLT Mumbai Admits Tata Capital's Insolvency Plea Against Dharan Infra Over ₹28 Crore Default

The National Company Law Tribunal (NCLT) at Mumbai has admitted an insolvency application filed by Tata Capital Housing Finance Ltd against Dharan Infra EPC Ltd, a real estate and infrastructure company, holding that the lender had established debt and default exceeding Rs 28 crore and initiating the corporate insolvency resolution process.

The bench of Judicial Member Nilesh Sharma and Technical Member Sameer Kakar observed,

“We are, therefore, of the considered view that the present Application filed by the FC is complete in terms of Section 7 of the IBC and deserves to be admitted.”

Tata Capital said construction finance facilities of Rs 35 crore and Rs 45 crore were sanctioned in December 2018 and May 2019 and disbursed in tranches. After initial repayments, Dharan Infra committed persistent defaults, leading to the account being classified as NPA on February 7, 2023.

An amount of Rs 28.04 crore remained outstanding as on May 20, 2025.

The lender relied on repeated acknowledgments of liability by the corporate debtor, including replies to demand notices and settlement proposals, to establish subsistence of debt and default.

Rejecting Dharan Infra's objection that arbitration and proceedings before the Bombay High Court barred insolvency, the tribunal held that pendency of such proceedings does not prevent admission of a Section 7 petition once debt and default are established.

The tribunal admitted the plea, imposed a moratorium, appointed Palak Swapnil Desai as interim resolution professional. It also directed Tata Capital to deposit Rs 3 lakh towards initial CIRP costs.

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