# Tatad Nayan Gautambhai vs. Pradhin Ltd

> NCLT judgment dated 2026-07-02. Citation: TCN-2026-NCLT-00715. Tatad Nayan Gautambhai (Financial Creditor) filed a petition under Section 7 of the Insolvency…

- **Court:** NCLT
- **Order date:** 2 Jul 2026
- **Citation:** TCN-2026-NCLT-00715
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chennai/tatad-nayan-gautambhai-vs-pradhin-ltd-cueor

## Summary

### Background

Tatad Nayan Gautambhai (Financial Creditor) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Pradhin Limited (Corporate Debtor) for initiating Corporate Insolvency Resolution Process (CIRP). The petition stemmed from an unsecured loan of Rs.11,00,00,000/- (with interest totaling Rs.12,98,00,000/-) provided by the Financial Creditor to the Corporate Debtor in 2024. The repayment was due by 30.09.2025, but the Corporate Debtor defaulted, acknowledging the outstanding amount and requesting the Financial Creditor not to present post-dated cheques due to its poor financial conditions.

## Facts

Tatad Nayan Gautambhai (Petitioner/Financial Creditor) filed a petition under Section 7 of IBC, 2016, against Pradhin Limited (Respondent/Corporate Debtor) for initiation of Corporate Insolvency Resolution Process (CIRP).

The Petitioner entered into a loan agreement dated 03.09.2024 with the Corporate Debtor, lending Rs.11,00,00,000/- as an unsecured loan at an interest of 18% per annum for business requirements.

The Petitioner disbursed Rs.10,83,00,000/- through bank transfers in four tranches between 09.09.2024 and 25.09.2024.

The Petitioner also paid Rs.17,00,000/- to a consultant who facilitated the unsecured loan arrangement for the Corporate Debtor.

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## Issues and analysis

### Issue 1: Whether there is a 'debt' and 'default' by the Corporate Debtor as per the provisions of the …

**Ratio:** The existence of a financial debt and its default were unequivocally established through

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**Reasoning:** The Petitioner provided a loan agreement detailing the unsecured loan and interest rate.

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**Interpretation:** The term 'default' as defined under Section 3(12) of IBC includes non-payment

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**Application:** Given the clear documentary evidence and the Corporate Debtor's admissions, the

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## Parties

- **Judges:** SANJIV…; Venkataraman…
- **Appellants:** Tatad Nayan…
- **Respondents:** Pradhin L…
- **Other parties:** Rajesh…
- **Advocates:** Giri…; Bhagavath K…; +1 more

## Timeline

- **2024-09-03 — Loan Agreement…**: Tatad Nayan Gautambhai (Financial Creditor) and Pradhin Limited (Corporate Debtor)…
- **2024-09-09 — First Loan Dis…**: First tranche of loan disbursement (Rs. 2,85,00,000.00) made by the Financial Creditor to…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 3(12) — Definitions](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-3)

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