# Sheth Fincap Services Private Limited vs. Takshashila Corporation LLP, Takshashila Developers Private Limited, Takshashila Resicom Private Limited

> NCLT judgment dated 2026-09-25. Citation: TCN-2026-NCLT-01073. Sheth Fincap Services Private Limited, a financial creditor and registered NBFC, filed three…

- **Court:** NCLT
- **Order date:** 25 Sept 2026
- **Citation:** TCN-2026-NCLT-01073
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-ahmedabad/sheth-fincap-services-private-limited-vs-takshashila-corporation-llp-p82rr

## Summary

### Background

Sheth Fincap Services Private Limited, a financial creditor and registered NBFC, filed three separate petitions under Section 7 of the IBC, 2016, against three co-borrower corporate debtors: Takshashila Corporation LLP, Takshashila Developers Private Limited, and Takshashila Resicom Private Limited. The petitions sought to initiate Corporate Insolvency Resolution Process (CIRP) due to a default amount of Rs. 7,40,33,665/-. The financial facility of Rs. 11 crores was granted jointly to the corporate debtors via a loan agreement dated 15.03.2024, secured by personal guarantees from Mr. Kamlesh Gondalia and Mr. Parthil Gondalia, and a mortgage deed dated 26.03.2024. The date of default was stated as 15.05.2025, following the dishonour of a cheque for Rs. 18,56,250 and

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## Facts

Petitions were filed under Section 7 of the IBC, 2016 by the financial creditor, Sheth Fincap Services Private Limited.

The financial creditor is a registered NBFC by RBI and was incorporated on 03.02.2025.

The corporate debtors are Takshashila Corporation LLP, Takshashila Developers Private Limited, and Takshashila Resicom Private Limited, identified as co-borrowers.

The petitions sought initiation of Corporate Insolvency Process against the corporate debtors for a default amount of Rs. 7,40,33,665/-.

The date of default is stated to be 15.05.2025.

The applicant granted a financial facility of Rs. 11 crores to the three corporate debtors jointly.

A loan agreement was duly executed on 15.03.2024, making the co-borrowers jointly and severally liable.

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## Issues and analysis

### Issue 1: Whether the applicant, Sheth Fincap Services Private Limited, has successfully proved the existence …

**Ratio:** The applicant, a financial creditor, proved the debt and default through loan agreements,

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**Reasoning:** The Tribunal noted that the applicant, an NBFC, filed petitions under Section 7 of IBC

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**Interpretation:** Section 7 of the IBC allows a financial creditor to initiate CIRP against a

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**Application:** The Tribunal found that the applicant had sufficiently proved the debt and

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## Parties

- **Judges:** Chitra Hankare,…; Velamur G Venkata…
- **Appellants:** Sheth Fincap…
- **Respondents:** Takshashila…; Takshashila…; +1 more
- **Other parties:** Parth Gon…; Kamlesh Go…; +1 more
- **Advocates:** Nipun Si…; Pragati T…; +1 more

## Timeline

- **2024-03-15 — Loan Agreeme…**: Loan agreement executed between the…
- **2024-03-26 — Mortgage De…**: Duly registered mortgage deed created…

## 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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