# Sheth Fincap Services Private Limited vs. Takshashila Corporation LLP & Ors.

> NCLT judgment dated 2026-09-25. Citation: TCN-2026-NCLT-01049. Sheth Fincap Services Private Limited, a financial creditor, filed three separate applications…

- **Court:** NCLT
- **Order date:** 25 Sept 2026
- **Citation:** TCN-2026-NCLT-01049
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-ahmedabad/sheth-fincap-services-private-limited-vs-takshashila-corporation-llp-u0dpn

## Summary

### Background

Sheth Fincap Services Private Limited, a financial creditor, filed three separate applications under Section 7 of the IBC, 2016, against Takshashila Corporation LLP, Takshashila Developers Private Limited, and Takshashila Resicom Private Limited, who are co-borrowers. The applications sought to initiate Corporate Insolvency Resolution Process (CIRP) due to a default amount of Rs.7,40,33,665/- arising from an Rs.11 crore financial facility granted on 15.03.2024. The loan was secured by personal guarantees and mortgage deeds, and the date of default was stated as 15.05.2025, following the dishonour of cheques.

## Facts

Three petitions, C.P.(IB)/188(AHM)2026, C.P.(IB)/190(AHM)2026, and C.P.(IB)/192(AHM)2026, were filed under Section 7 of the IBC, 2016.

Sheth Fincap Services Private Limited, a registered NBFC, is the financial creditor and applicant.

The financial creditor was incorporated on 03.02.2025 and is registered with CIN U65923MH2015TC261592.

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

The applicant 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.

…

## Issues and analysis

### Issue 1: Whether the applicant has proved the existence of …

**Ratio:** Debt and default are proven by loan agreements, personal guarantees, mortgage documents,

…

**Reasoning:** The applicant provided secured documents (personal guarantee, mortgage) which were

…

**Interpretation:** The existence of a financial debt and a default in its repayment, supported by

…

**Application:** The financial creditor (Sheth Fincap Services Pvt. Ltd.) successfully

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## Parties

- **Judges:** Chitra Ha…; 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 Agreement &…**: Financial facility of Rs.11 crores granted to corporate debtors under a loan agreement…
- **2024-03-26 — Mortgage…**: A duly registered mortgage deed was executed,…

## 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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