Intelligence note
Admitted to insolvency on 25 Sep 2026 by the Ahmedabad bench, on a petition by Sheth Fincap Services Private Limited (a financial creditor). The process is 3 days old as of 28 Sep 2026; cases that ended in a resolution plan took a median of 624 days. Chetan Patel is the resolution professional.
Sheth Fincap Services, an RBI-registered NBFC, filed under Section 7 against Takshashila Developers, one of three co-borrowers (with Takshashila Corporation LLP and Takshashila Resicom) jointly and severally liable under a loan agreement dated 15-Mar-2024 for a Rs.11 crore facility, claiming Rs.7,40,33,665/- - one joint default amount for all three - with default stated as 15-May-2025. The debtors objected to penal interest and NPA classification but filed no reply; the tribunal noted the interest rate seemed exorbitant and asked the IRP to check it against RBI norms. It directed that the RP in the personal guarantors' cases act in all three CIRPs and appointed Mr. Chetan B Patel. The Ahmedabad bench admitted the petition on 25-Sep-2026.
Sheth Fincap Services, an RBI-registered NBFC, filed under Section 7 against Takshashila Developers, one of three co-borrowers (with Takshashila Corporation LLP and Takshashila Resicom) jointly and severally liable under a loan agreement dated 15-Mar-2024 for a Rs.11 crore facility, claiming Rs.7,40,33,665/- - one joint default amount for all three - with default stated as 15-May-2025. The debtors objected to penal interest and NPA classification but filed no reply; the tribunal noted the interest rate seemed exorbitant and asked the IRP to check it against RBI norms. It directed that the RP in the personal guarantors' cases act in all three CIRPs and appointed Mr. Chetan B Patel. The Ahmedabad bench admitted the petition on 25-Sep-2026.
Case details
CIN
U45200GJ2015PTC085167
Incorporated
2015
Registered State
Gujarat
NCLT Bench
Ahmedabad
Petition
C.P.(IB)/190(AHM)2026
Initiated by
FC — Sheth Fincap Services Private Limited
Commencement
25 Sep 2026
NCLT Ahmedabad: median 465 days admission → verdict · 32% of concluded matters ended in plan approval (n=447, full record) · all benches →
Recent movement
25 Sep 2026
CIRP commenced
Insolvency proceedings began · NCLT Ahmedabad
During process
Resolution Professional
Chetan Patel
Ongoing
Under CIRP — outcome awaited
No resolution plan approval or liquidation order yet in our sources
Financial summary
Claimed in default
Rs 7.40 Cr claimed — not yet crystallised
Case timeline
25 Sep 2026
CIRP commenced
Insolvency proceedings began · NCLT Ahmedabad
During process
Resolution Professional
Chetan Patel
Ongoing
Under CIRP — outcome awaited
No resolution plan approval or liquidation order yet in our sources
Business, promoters & security
Business: not stated in the order; address C/O 560, Silver ARC-B, Open Plot, Nr. Ashima House, Town Hall, Madalpur, Ellisbridge, Ahmedabad, Gujarat 380006.
Petition
C.P.(IB)/190(AHM)2026 · Section 7
Sources, basis and disclaimers → ·
report an error
Key parties
Resolution Professional
5 IBBI mandates · 11400% of liquidation value realised across concluded work
IRP at commencement
Chetan Patel → · Sep 2026
CIRP initiated by
Sheth Fincap Services Private Limited FC
Get full access
Weekly intelligence digest, RP tracker, live case movement and sector analysis for ARCs, PE funds and resolution professionals.
Apply for access →That was the whole dossier — nothing held back, because this company is showcased.
Or buy any single company outright for Rs 1,799 — yours permanently, and credited in full against your first month if you subscribe within 30 days.