# In the matter of DHARMADEV INFRASTRUCTURE LIMITED

> NCLT judgment dated 2026-02-09. Citation: TCN-2026-NCLT-00120. UG Fincon Advisors LLP filed a Company Petition (CP (IB) No. 417/7/AHM/2025) under Section 7 of…

- **Court:** NCLT
- **Order date:** 9 Feb 2026
- **Citation:** TCN-2026-NCLT-00120
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-ahmedabad/dharmadev-infrastructure-limited-2db1aef6

## Summary

### Background

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.

## Facts

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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## Issues and analysis

### Issue 1: Whether the petition filed under Section …

**Ratio:** The Adjudicating Authority is only required to ascertain the existence of financial debt

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**Reasoning:** The Corporate Debtor's arguments regarding the petition being a recovery proceeding and

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**Interpretation:** The Adjudicating Authority's role under Section 7 is limited to ascertaining

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**Application:** The Adjudicating Authority found that the existence of financial debt and

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## Parties

- **Judges:** SHAMMI…; SANJEEV S…
- **Appellants:** UG Fincon…
- **Respondents:** Dharmadev…; Dharmadev…
- **Other parties:** Kanaklataben…; Rajendra D.…
- **Advocates:** Tarak D…; Saurabh So…; +1 more

## Timeline

- **2017-06-22 — Loan Agre…**: Financial Creditor advanced a financial loan of…
- **2021-09-14 — Default in Re…**: Corporate Debtor committed default…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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