# UG Fincon Advisors LLP vs. Mr. Umang Thakkar & Mrs. Kanaklataben Thakkar

> NCLT judgment dated 2026-08-04. Citation: TCN-2026-NCLT-00898. UG Fincon Advisors LLP, a Financial Creditor, filed two Company Petitions (CP (IB) No.79 of…

- **Court:** NCLT
- **Order date:** 4 Aug 2026
- **Citation:** TCN-2026-NCLT-00898
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-ahmedabad/ug-fincon-advisors-llp-vs-mr-umang-thakkar-mrs-kanaklataben-thakkar-7v1xa

## Summary

### Background

UG Fincon Advisors LLP, a Financial Creditor, filed two Company Petitions (CP (IB) No.79 of 2026 and CP (IB) No.80 of 2026) under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, against Mr. Umang Thakkar and Mrs. Kanaklataben Thakkar, who are Personal Guarantors to Dharmadev Infrastructure Limited (Corporate Debtor). The petitions sought initiation of the Insolvency Resolution Process for a default amount of Rs.26,08,12,970/- (as on 31.12.2025) arising from a loan agreement dated 22.06.2017 and subsequent personal guarantees. The debt became due on 16.01.2026. Disputes were initially referred to arbitration, resulting in Consent Terms and an Arbitral Award. However, post-dated cheques issued by the Corporate Debtor were dishonoured, leading to fresh

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## Facts

UG Fincon Advisors LLP filed Company Petitions CP(IB) No.79 of 2026 and CP(IB) No.80 of 2026 under Section 95(1) of the IBC, 2016.

The petitions were filed against Mr. Umang Thakkar and Mrs. Kanaklataben Thakkar, who are Personal Guarantors to the Corporate Debtor, Dharmadev Infrastructure Limited.

The petitions were filed on 26.02.2026 by Mr. Vishal Dilip Udani, Partner of UG Fincon Advisors LLP, authorized vide letter dated 15.09.2021.

The Financial Creditor sought initiation of Insolvency Resolution Process for a default amount of Rs.26,08,12,970/- (as on 31.12.2025) with interest.

The default relates to a Deed of Guarantee dated 22.06.2017 executed by the Respondents.

The debt is stated to have become due on 16.01.2026.

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## Issues and analysis

### Issue 1: Whether the liability sought to be enforced arises solely from the Consent Terms dated 25.09.2024 …

**Ratio:** The Consent Terms and the Arbitral Award merely recorded settlement of the pre-existing

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**Reasoning:** The material on record shows that the Loan Agreement, Personal Guarantees, mortgage

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**Interpretation:** A settlement or arbitral award that records an existing financial debt does not

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**Application:** The Respondents' objection that the liability does not constitute a financial

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## Parties

- **Judges:** SH. SHAMM…; SH. SANJEEV…
- **Appellants:** UG Fincon…; Kushvinder…; +1 more
- **Respondents:** Dharmadev…; Umang Th…; +1 more
- **Other parties:** Khushvinder…; Kushvinder…
- **Advocates:** Tarak D…; Preeti…; +1 more

## Timeline

- **2017-06-22 — Loan Agreement &…**: Financial Creditor advanced a loan to Corporate Debtor under a Loan Agreement, and…
- **2017-06-22 — Indenture of…**: Loan was secured by an Indenture of…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 95 — Application by creditor to initiate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-95)

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