# Mrunal Kanubhai Patel vs. Vanshita Transport Through Its Proprietor Mr. Nilesh V. Thakkar & Anr.

> NCLAT judgment dated 2026-08-03. Citation: TCN-2026-NCLAT-00249. Mrunal Kanubhai Patel, a suspended director and promoter of Monte Carlo Limited (CD),…

- **Court:** NCLAT
- **Order date:** 3 Aug 2026
- **Citation:** TCN-2026-NCLAT-00249
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/mrunal-kanubhai-patel-vs-vanshita-transport-through-its-proprietor-mr-nilesh-v-t-ugr88

## Summary

### Background

Mrunal Kanubhai Patel, a suspended director and promoter of Monte Carlo Limited (CD), appealed an NCLT order dated 06/07/2026 that initiated CIRP against the CD. The CIRP was triggered by a petition from Vanshita Transport (Operational Creditor, R-1) for an operational debt of approximately Rs. 1.47 crore. The appellant contended that a genuine prior dispute existed regarding the debt and alleged collusion and bribery in securing the contract.

## Facts

Mrunal Kanubhai Patel, the suspended director and promoter of Monte Carlo Limited (CD), filed an appeal against an NCLT order.

The NCLT, Ahmedabad Bench (Court-II), passed an order dated 06/07/2026 in CP (IB) No. 246 of 2025, initiating CIRP against Monte Carlo Limited.

The petition for CIRP was filed by Vanshita Transport (Respondent No. 1), identified as an operational creditor.

The operational debt for which CIRP was initiated amounted to approximately Rs. 1,47,83,503/-.

Monte Carlo Limited is a highly profitable company with a net worth of Rs. 1,962 crores and positive credit ratings (IND AA-/Positive).

The appellant alleged that an employee of the CD colluded with the operational creditor to award a transportation contract at an inflated price.

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## Issues and analysis

### Issue 1: Whether the Corporate Insolvency Resolution Process (CIRP) initiated against Monte Carlo Limited …

**Ratio:** An amicable settlement between the Corporate Debtor and the Operational Creditor, leading

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**Reasoning:** The document states that the operational creditor's claim was fully paid and settled, and

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**Interpretation:** The purpose of the IBC is resolution, and when parties resolve their

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**Application:** In this case, the settlement agreement dated July 25, 2026, explicitly outlines

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## Parties

- **Judges:** Mohammad Faiz…; Arun Ba…; +1 more
- **Appellants:** Mrunal Kanubhai…
- **Respondents:** Monte Carlo…; Vanshita Tr…; +1 more
- **Other parties:** Sanjay J.…
- **Advocates:** Arun Kath…; Ruby Singh…; +8 more

## Timeline

- **2025-01-01 — Demand Notice…**: Operational Creditor…
- **2025-01-04 — Demand Noti…**: The demand notice was…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

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This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclat-new-delhi/mrunal-kanubhai-patel-vs-vanshita-transport-through-its-proprietor-mr-nilesh-v-t-ugr88