Dharan Infra-EPC Limited has informed about the exchange about Corporate Insolvency Resolution Process
DHARAN · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Awaiting price reaction for this filing.
The National Company Law Tribunal (Mumbai) has admitted a Section 7 insolvency petition filed by Tata Capital Housing Finance Limited against Dharan Infra-EPC Limited (formerly Karda Constructions / KBC Global), a real estate and construction company. The default amount claimed is Rs. 28.04 crore against two construction finance facilities totaling Rs. 80 crore sanctioned in 2018-2019, with the date of default recorded as 7 February 2023 when the loan was classified as NPA. The company had acknowledged its liability multiple times through settlement proposals and replies to demand notices. NCLT appointed Mrs. Palak Swapnil Desai as Interim Resolution Professional, imposed a moratorium under Section 14 of the IBC, and directed a public announcement of the Corporate Insolvency Resolution Process (CIRP).
This is a major negative event for shareholders. With CIRP admitted and a moratorium in place, the management of Dharan Infra-EPC now vests with the IRP, recovery actions and asset transfers are frozen, and shareholders are likely to face significant dilution or loss depending on the resolution plan. Existing equity will typically be substantially written down in any resolution outcome.