NCLT Ahmedabad Imposes ₹2 Lakh Cost on Dharmadev Infra Director, Admits ₹20.97 Crore Insolvency Plea

The National Company Law Tribunal (NCLT) Ahmedabad has imposed ₹2 lakh personal costs on a director of Dharmadev Infrastructure Limited while admitting a Section 7 insolvency petition over dues exceeding ₹20.97 crore.

A Bench comprising Judicial Member Shammi Khan and Technical Member Sanjeev Sharma termed the director’s application under Sections 60(5) and 65 of the Insolvency and Bankruptcy Code a “counterblast” and abuse of process.

The petition was filed by financial creditor UG Fincon Advisors LLP after repeated cheque dishonours, and an arbitral award reaffirmed the debt.

Holding that financial debt and default were established, the Tribunal declared a moratorium under Section 14 and appointed an Interim Resolution Professional.

[UG Fincon Advisors LLP v. Dharmadev Infrastructure Ltd.]