UG Fincon Advisors LLP filed a Company Petition (CP (IB) No. 417/7/AHM/2025) under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Dharmadev Infrastructure Limited for defaulting on a financial debt of Rs. 20,97,43,678/- as of 31.03.2025. Dharmadev Infrastructure Limited also filed an Interlocutory Application (I.A. No. 45/AHM/2026) seeking dismissal of the Company Petition.
UG Fincon Advisors LLP, the Financial Creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Dharmadev Infrastructure Limited.
The Financial Creditor claimed a financial debt of Rs. 20,97,43,678/- as on 31.03.2025, with the date of default being 01.02.2025.
A loan of Rs. 4,00,00,000/- was advanced by the Financial Creditor to the Corporate Debtor on 22.06.2017 under a Loan Agreement with an interest rate of 18% per annum compounded quarterly.
The loan was secured by personal guarantees from Mr. Umang Thakkar and Ms. Kanaklataben Thakkar and by mortgaging properties.
The Corporate Debtor defaulted in repayment of the renewed loan by 14.09.2021, making only partial payments.
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UG Fincon Advisors LLP filed a Company Petition (CP (IB) No. 417/7/AHM/2025) under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Dharmadev Infrastructure Limited for defaulting on a financial debt of Rs. 20,97,43,678/- as of 31.03.2025. Dharmadev Infrastructure Limited also filed an Interlocutory Application (I.A. No. 45/AHM/2026) seeking dismissal of the Company Petition.
UG Fincon Advisors LLP, the Financial Creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Dharmadev Infrastructure Limited.
The Financial Creditor claimed a financial debt of Rs. 20,97,43,678/- as on 31.03.2025, with the date of default being 01.02.2025.
A loan of Rs. 4,00,00,000/- was advanced by the Financial Creditor to the Corporate Debtor on 22.06.2017 under a Loan Agreement with an interest rate of 18% per annum compounded quarterly.
The loan was secured by personal guarantees from Mr. Umang Thakkar and Ms. Kanaklataben Thakkar and by mortgaging properties.
The Corporate Debtor defaulted in repayment of the renewed loan by 14.09.2021, making only partial payments.
…Financial Creditor…
Corporate Debtor…