# Visagar Financial Services Limited vs. Dharmkalp Constructions And Consultancy Private Limited

> NCLT judgment dated 2026-08-28. Citation: TCN-2026-NCLT-00913. The Corporate Insolvency Resolution Process (CIRP) for Dharmkalp Constructions and Consultancy…

- **Court:** NCLT
- **Order date:** 28 Aug 2026
- **Citation:** TCN-2026-NCLT-00913
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/visagar-financial-services-limited-vs-dharmkalp-constructions-and-consultancy-pr-3milb

## Summary

### Background

The Corporate Insolvency Resolution Process (CIRP) for Dharmkalp Constructions and Consultancy Private Ltd (Corporate Debtor) was initiated by the Tribunal on 26.09.2024, based on a petition filed by Visagar Financial Services Limited (Financial Creditor) under Section 7 of the IBC. Mr. Vikas Khiyani was appointed as the Interim Resolution Professional (IRP) and subsequently confirmed as the Resolution Professional (RP). The Committee of Creditors (CoC), comprising Visagar Financial Services Limited, resolved to liquidate the Corporate Debtor due to the absence of tangible assets and no scope for a resolution plan. Consequently, the RP filed an application seeking the liquidation of the Corporate Debtor.

## Facts

The Corporate Insolvency Resolution Process (CIRP) of Dharmkalp Constructions and Consultancy Private Ltd was initiated by the Tribunal on 26.09.2024 in CP (IB) No. 322 of 2024 under Section 7 of the Insolvency and Bankruptcy Code, 2016, filed by Visagar Financial Services Limited.

Mr. Vikas Khiyani was appointed as the Interim Resolution Professional (IRP) of the Corporate Debtor.

The IRP made a Public Announcement in Form A on 28.09.2024, which was published on 29.09.2024, inviting claims from creditors.

The Committee of Creditors (CoC) was constituted, comprising Visagar Financial Services Limited with 100% voting share.

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor, Dharmkalp Constructions and Consultancy Private Limited, should be …

**Ratio:** A Corporate Debtor must be liquidated if the Committee of Creditors resolves to liquidate

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**Reasoning:** The Committee of Creditors (CoC), in its 2nd meeting held on 20.11.2024, unanimously

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**Interpretation:** Section 33(2) of the Insolvency and Bankruptcy Code, 2016, mandates that where

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**Application:** Given the CoC's 100% approval for liquidation, the absence of tangible assets,

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## Parties

- **Judges:** Vinay…; Charanjeet Singh…
- **Appellants:** Visagar Financial…; Vikas Kh…
- **Respondents:** Dharmkalp…
- **Other parties:** Kamal Kumar…
- **Advocates:** Devashish G…; Aman P…; +1 more

## Timeline

- **2024-09-26 — CIRP Init…**: Corporate Insolvency Resolution Process (CIRP) of Dharmkalp Constructions and Consultancy…
- **2024-09-28 — Public Announcement by…**: Mr. Vikas Khiyani, as Interim Resolution Professional (IRP), made a Public Announcement…

## 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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