Intimation under Regulation 30 of SEBI (LODR) Regulations 2015- Initiation of Corporate Insolvency Resolution Process (CIRP) and Appointment of Interim Resolution Professional (IRP)
Awaiting price reaction for this filing.
The National Company Law Tribunal (NCLT), Chennai has admitted a petition filed by a financial creditor, Tatad Nayan Gautambhai, under Section 7 of the Insolvency and Bankruptcy Code against Pradhin Limited, initiating the Corporate Insolvency Resolution Process (CIRP). The default relates to an unsecured loan of Rs. 11 crore taken in September 2024 at 18% interest, with total outstanding of Rs. 12.98 crore as of the default date of 30 September 2025. Mr. Rajesh Jasti has been appointed as the Interim Resolution Professional (IRP), and the powers of the Board of Directors of the company have been suspended and now vest with the IRP. A moratorium has come into effect, restricting recovery actions and asset transfers by the company.
This is a highly negative development for shareholders. The company has effectively lost control of its operations to the IRP, and shareholders face significant uncertainty regarding the value of their holdings, as a resolution plan or potential liquidation could follow. The stock may see heightened volatility and is likely to trade with a caveat.