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Note: These are AI-generated, educational summaries of public NSE
filings — grounded in each document, but not investment advice and possibly incomplete.
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14 announcements match the current filters (relevance ≥ 5).
NCLT Rejects Dharan Infra-EPC CIRP Withdrawal Plea; Aggregated Claims Near Rs 600 Crore
NCLT Mumbai Bench has dismissed applications (IA 166/2026 and IA 129/2026) seeking withdrawal of the Corporate Insolvency Resolution Process (CIRP) against Dharan Infra-EPC Limited under Section 12A of the IBC. Although the suspended management settled with original petitioner Tata Capital Housing Finance for Rs 10 crore (against a claim of Rs 28.05 crore), multiple financial creditors opposed the withdrawal. The Interim Resolution Professional reported aggregated claims of approximately Rs 600 crore from creditors, including one single claim of roughly Rs 183 crore. Consequently, the company remains under active insolvency proceedings with the formation and actions of the Committee of Creditors to proceed.
Confidence: HIGH
What changedNCLT dismissed the application to withdraw insolvency proceedings; Dharan Infra-EPC remains under active CIRP despite settling with the original applicant.
Why it mattersManagement control remains displaced under the IRP, and the company faces potential resolution or liquidation given nearly Rs 600 crore in outstanding creditor claims.
Settlement amount with Tata Capital: Rs 10 CroreTata Capital default claim: Rs. 28,04,91,115/-Total aggregated claims received: approximately Rs. 600 CroreLargest single intervenor claim: approximately Rs. 183 Crore
📅 Short termThe company remains under the control of the IRP, with the CoC process proceeding amid heavy opposition from institutional and private financial creditors.
📈 Long termSevere structural distress; unless an overarching resolution plan resolves roughly Rs 600 crore in claims, the company faces liquidation risks, wiping out existing equity value.
⚠ Risk flags
- Severe insolvency risk and ongoing CIRP
- Massive debt load with ~Rs 600 crore in claims
- Dilution or total loss of equity value in insolvency resolution
Key Highlights
NCLT rejected the Section 12A CIRP withdrawal plea despite a Rs 10 crore settlement with Tata Capital Housing Finance against its default claim of Rs 28,04,91,115/-.
IRP disclosed that aggregate creditor claims of approximately Rs 600 crore have been received against Dharan Infra-EPC.
Six financial creditors, including one with an individual claim of ~Rs 183 crore and others like LIC Housing Finance, Canara Bank, and Capri Global, opposed the withdrawal.
NCLT ruled that CIRP is a collective proceeding in rem and cannot be withdrawn solely via single-creditor settlement without 90% CoC approval.
👀 What to Watch
Track the constitution of the Committee of Creditors (CoC) and subsequent invitations for resolution plans under the Insolvency and Bankruptcy Code.
NCLT Rejects CIRP Withdrawal Application; Insolvency Process to Continue for Dharan Infra-EPC
Dharan Infra-EPC Limited informed stock exchanges that the National Company Law Tribunal (NCLT), Mumbai Bench, passed an order on October 16, 2026, dismissing an application seeking the withdrawal of its Corporate Insolvency Resolution Process (CIRP). The withdrawal plea was filed following a settlement with a single creditor, Tata Capital. Consequently, the company remains under CIRP and will proceed under the Insolvency and Bankruptcy Code, 2016 (IBC) frameworks and timelines.
Confidence: HIGH
What changedNCLT dismissed the withdrawal plea regarding the ongoing insolvency process, reversing attempts to exit CIRP via a single-creditor settlement.
Why it mattersThe company remains in active insolvency proceedings, leaving equity shareholders at severe risk of dilution or total loss depending on the resolution plan or liquidation outcome.
Order Date: October 16, 2026Intimation Date: 19.10.2026IRP AFA Validity: 30.06.2027
📅 Short termNegative sentiment will persist as the company fails to exit insolvency, keeping operations under the control of the Interim Resolution Professional.
📈 Long termCompany faces substantial restructuring, potential change of ownership, or liquidation under the IBC, presenting extreme risks to existing equity value.
⚠ Risk flags
- Ongoing Corporate Insolvency Resolution Process (CIRP)
- Significant capital impairment and risk of total equity write-down under IBC
- Pre-existing NPA classification restricting operational and bidding capabilities
Key Highlights
NCLT Mumbai Bench dismissed the application to withdraw CIRP on October 16, 2026
Application for withdrawal was based on a settlement with one creditor, Tata Capital
Corporate Insolvency Resolution Process (CIRP) to continue under IBC provisions and statutory timelines
Process overseen by Interim Resolution Professional Palak Swapnil Desai (AFA valid till 30.06.2027)
👀 What to Watch
Track subsequent CIRP proceedings, including Committee of Creditors (CoC) updates, submission of resolution plans, or liquidation risks under the IBC process.
Dharan Infra-EPC Discloses Suspended Management and Auditor Non-Compliance with SEBI Summons
Dharan Infra-EPC Limited (currently under CIRP) announced an update regarding an ongoing investigation by SEBI. The Interim Resolution Professional (IRP) informed exchanges that despite repeated summons and reminders, the Suspended Directors, Key Managerial Personnel (KMP), and Statutory Auditor have failed to furnish required information within stipulated timelines. The company trades as a penny stock at Rs 0.2 under insolvency proceedings.
Confidence: HIGH
What changedThe IRP officially notified stock exchanges of regulatory non-cooperation by former directors, KMPs, and the statutory auditor regarding SEBI's ongoing probe.
Why it mattersHighlights severe corporate governance breakdowns, non-compliance risks, and potential regulatory penalties while the company is already under insolvency resolution.
Document Date: 22.08.2026Current Stock Price: Rs 0.2IRP AFA Validity: 30.06.2027
📅 Short termNegative sentiment persists due to heightened regulatory overhang and potential SEBI penal orders against the management or entity.
📈 Long termThe company's operational revival remains contingent on the outcome of the CIRP resolution process and resolving historical regulatory liabilities.
⚠ Risk flags
- Severe regulatory and legal non-compliance risks with SEBI
- Ongoing insolvency proceedings (under CIRP)
- Non-cooperation from suspended promoters, KMPs, and statutory auditor
Key Highlights
Suspended Directors, KMP, and Statutory Auditor failed to submit pending records to SEBI despite repeated summons
Company is currently undergoing Corporate Insolvency Resolution Process (CIRP) managed by IRP Palak Swapnil Desai
Filing dated August 22, 2026 released following ongoing regulatory scrutiny
Resolution Professional confirmed continuous exchange disclosures on material regulatory developments
👀 What to Watch
Track subsequent enforcement or penal actions by SEBI against the suspended management, as well as resolution progress under the Insolvency and Bankruptcy Code (IBC).
Dharan Infra Discloses Ongoing SEBI Investigation; Suspended Board Seeks 7-Day Extension
Dharan Infra-EPC Limited (under CIRP) disclosed that it is currently responding to information and data requested by SEBI in connection with an ongoing investigation. SEBI had previously issued summons to the company's Directors and KMPs in May and June 2026 regarding records prior to the CIRP commencement. Following multiple prior extensions and partial data submissions, the Suspended Board and KMPs have requested a further 7-day extension from SEBI to complete the remaining submission.
Confidence: HIGH
What changedThe suspended management requested an additional 7-day extension to comply with SEBI summons issued in May and June 2026.
Why it mattersActive regulatory scrutiny into pre-CIRP activities introduces legal uncertainty and potential regulatory action alongside the existing insolvency proceedings.
Extension requested: 7 daysSummons issuance period: May and June 2026Current share price: Rs 0.2
📅 Short termStock may face sentiment pressure due to regulatory scrutiny while market awaits completion of SEBI data submission.
📈 Long termInvestigation outcome may lead to regulatory penalties or directives concerning former management, though the primary long-term driver remains the outcome of the CIRP process.
⚠ Risk flags
- Ongoing SEBI investigation and summons into pre-CIRP transactions
- Company is currently under Corporate Insolvency Resolution Process (CIRP)
- Delays and repeated extension requests in furnishing requested regulatory data
Key Highlights
SEBI issued summons to Directors and KMPs in May and June 2026 regarding pre-CIRP records and data
Suspended Board of Directors and KMP requested a further extension of 7 days to complete submission
Company is currently undergoing Corporate Insolvency Resolution Process (CIRP) managed by the IRP
👀 What to Watch
Monitor whether SEBI grants the 7-day extension and watch for any subsequent regulatory findings or show-cause notices alongside the ongoing CIRP resolution updates.
Dharan Infra-EPC Reports Delayed Q2 Results Amid CIRP and $80M FEMA Non-Compliance
Dharan Infra-EPC Limited (formerly KBC Global) has released its significantly delayed Q2 and half-year results for FY26 while under the Corporate Insolvency Resolution Process (CIRP). The company faces severe regulatory scrutiny, including a qualified auditor's opinion regarding the diversion of $80.62 million in FCCB proceeds, which violated FEMA regulations. Financial distress is evident as most construction sites are non-operational, and the company has defaulted on statutory dues like GST and Income Tax for over a year. While a settlement of ₹10 crore has been reached with Tata Capital to potentially exit insolvency, the company's 'going concern' status remains under material uncertainty.
Key Highlights
Company is currently under CIRP with a Section 12A withdrawal application pending after a ₹10 crore settlement with Tata Capital.
Auditors flagged a qualified opinion regarding $80.62 million raised via FCCBs that were diverted to African subsidiaries in violation of FEMA norms.
GST returns have not been filed since December 2022, and statutory dues for Income Tax and TDS remain unpaid for over a year.
Most construction projects are non-operational, leading to significant losses and doubts about the company's ability to continue as a going concern.
Loan accounts have been classified as NPAs by lenders, with interest being recorded only on a provisional basis.
👀 What to Watch
Investors should remain extremely cautious as the company is in deep financial and legal distress with significant regulatory non-compliance. The potential for heavy FEMA penalties and the non-operational status of projects make this a high-risk security.
Dharan Infra-EPC Settles Dues with Tata Capital; Moves to Withdraw Insolvency Process
Dharan Infra-EPC Limited (formerly KBC Global) has successfully cleared its entire outstanding debt with Tata Capital Housing Finance Limited as of December 31, 2025. Following this one-time settlement, the Hon'ble NCLAT has directed the Interim Resolution Professional to file an application under Section 12A for the withdrawal of the insolvency process. The tribunal has stayed all further insolvency actions, providing a significant reprieve for the company and its shareholders. This move effectively signals the company's exit from the Corporate Insolvency Resolution Process (CIRP) pending formal NCLT approval.
Key Highlights
Full settlement of outstanding dues with Tata Capital Housing Finance Limited completed on December 31, 2025
NCLAT order dated January 6, 2026, directs the filing of a Section 12A application to withdraw insolvency proceedings
Interim Resolution Professional (IRP) has received Form FA from the creditor, confirming the settlement
NCLAT has stayed all further CIRP steps except for the collation of existing claims
The company was previously known as KBC Global Limited and Karda Construction Limited
👀 What to Watch
Investors should monitor the formal approval of the Section 12A application by the NCLT Mumbai Bench, which will officially end the insolvency threat. While the settlement is a major positive, investors should remain cautious and evaluate the company's remaining debt obligations and operational stability.
Dharan Infra-EPC Completes One-Time Settlement with Tata Capital Housing Finance
Dharan Infra-EPC Limited, formerly known as KBC Global Limited, has successfully cleared its entire outstanding debt with Tata Capital Housing Finance Limited through a One-Time Settlement (OTS). This settlement, concluded on December 31, 2024, is part of the company's strategic effort to restructure its financial position and improve its balance sheet. While the company admits to other loans remaining in default, it emphasizes that these are secured by collateral valued at approximately twice the principal amount. Management is actively negotiating with other lenders to resolve all remaining financial obligations.
Key Highlights
Successfully cleared entire outstanding debt with Tata Capital Housing Finance via OTS
Settlement finalized on December 31, 2024, to strengthen financial discipline and credibility
Remaining defaulted loans are backed by collateral worth approximately 2x the principal sum
Company is in active dialogue with other lending institutions for structured debt solutions
👀 What to Watch
Investors should monitor the company's progress in settling its remaining defaulted loans using its high-value collateral. While this OTS is a positive step, a cautious approach is advised until the full debt restructuring process is complete.
Dharan Infra-EPC Receives NCLAT Stay on CIRP After Settling Dues with Tata Capital
Dharan Infra-EPC Limited (formerly KBC Global) has successfully reached a one-time settlement with its financial creditor, Tata Capital Housing Finance Limited. The company cleared its entire outstanding dues on December 31, 2025, leading the NCLAT to stay the Corporate Insolvency Resolution Process (CIRP) on January 6, 2026. The Interim Resolution Professional is now filing a Section 12A application to formally withdraw the insolvency petition. This move effectively halts the insolvency proceedings and signals a potential return to normal operations.
Key Highlights
Cleared entire outstanding dues with Tata Capital Housing Finance Limited on December 31, 2025
Received stay order from Hon'ble NCLAT on January 6, 2026, halting further CIRP actions
IRP directed to file Section 12A application for formal withdrawal of the insolvency case
Management successfully appealed the initiation of CIRP following the one-time settlement
👀 What to Watch
Investors should view this as a major positive development that removes the immediate threat of insolvency. Monitor the NCLT Mumbai Bench for the final approval of the Section 12A withdrawal application.
Dharan Infra-EPC Holds 18th AGM Under Corporate Insolvency Resolution Process (CIRP)
Dharan Infra-EPC Limited conducted its 18th Annual General Meeting on December 29, 2025, under the supervision of an Interim Resolution Professional. This follows the commencement of the Corporate Insolvency Resolution Process (CIRP) by the NCLT Mumbai Bench effective December 12, 2025. During the meeting, the powers of the Board of Directors remained suspended as per Section 17 of the Insolvency and Bankruptcy Code. The primary agenda was the adoption of audited financial statements for the fiscal year ended March 31, 2025.
Key Highlights
Corporate Insolvency Resolution Process (CIRP) commenced on December 12, 2025, via NCLT Mumbai order.
The 18th AGM was conducted by Interim Resolution Professional (IRP) Palak Desai as Board powers are suspended.
Shareholders considered the adoption of audited standalone and consolidated financial statements for FY 2024-25.
Audit reports for FY25 were presented by M/s Sharp Arth & Co and M/S BYG & Associates with observations noted.
The meeting was held via Video Conferencing in compliance with SEBI and MCA circulars.
👀 What to Watch
Investors should exercise extreme caution as the company is in insolvency proceedings, which poses a high risk to equity value. Monitor NCLT updates and the IRP's progress regarding the resolution plan.
NCLT Admits Dharan Infra-EPC into Insolvency Process Over ₹28.05 Crore Default
The National Company Law Tribunal (NCLT) Mumbai Bench has initiated the Corporate Insolvency Resolution Process (CIRP) against Dharan Infra-EPC Limited (formerly Karda Constructions/KBC Global). The petition was filed by Tata Capital Housing Finance Limited following a default of ₹28.05 crore as of May 2025. The debt originated from construction finance facilities totaling ₹80 crore sanctioned between 2018 and 2019. Mrs. Palak Swapnil Desai has been appointed as the Interim Resolution Professional (IRP) to oversee the company's operations and resolution.
Key Highlights
NCLT Mumbai Bench admitted the Section 7 IBC petition filed by Tata Capital Housing Finance Limited on December 12, 2025.
The total amount claimed to be in default is ₹28,04,91,115 with a default date of February 7, 2023.
The company had availed two major loan facilities of ₹35 crore (2018) and ₹45 crore (2019) for project construction.
The Corporate Debtor's management is suspended, and control is transferred to the Interim Resolution Professional, Mrs. Palak Swapnil Desai.
A moratorium has been declared under Section 14 of the IBC, prohibiting any suits or transfer of assets by the company.
👀 What to Watch
Investors should be extremely cautious as insolvency proceedings typically result in significant loss of value for equity shareholders. It is advisable to monitor the resolution process closely for any potential haircuts or restructuring plans that may impact the company's listing status.
NCLT Admits Insolvency Petition Against Dharan Infra-EPC Over ₹28.05 Crore Default
The NCLT Mumbai Bench has initiated the Corporate Insolvency Resolution Process (CIRP) against Dharan Infra-EPC Limited (formerly KBC Global/Karda Constructions). The petition was filed by Tata Capital Housing Finance Limited for a default amounting to ₹28.05 crore as of May 2025. The debt originates from construction finance facilities totaling ₹80 crore sanctioned between 2018 and 2019. The company's accounts were classified as NPA in February 2023, and an Interim Resolution Professional (IRP) has been proposed to take over management.
Key Highlights
NCLT Mumbai Bench admitted the Section 7 IBC application filed by Tata Capital Housing Finance Limited.
Total default amount claimed by the financial creditor is ₹28,04,91,115 as of May 20, 2025.
The company's loan accounts were officially classified as Non-Performing Assets (NPA) on February 7, 2023.
Dharan Infra-EPC was previously known as Karda Constructions Limited and KBC Global Limited.
Mrs. Palak Swapnil Desai has been appointed as the Interim Resolution Professional (IRP) to manage the CIRP.
👀 What to Watch
Investors should be extremely cautious as the initiation of CIRP usually leads to a suspension of trading and potential total loss of equity value. Shareholders should monitor official IRP announcements regarding the resolution plan and claims process.
DHARAN Infra-EPC Board Meeting Outcome: Unaudited Results for Quarter Ended June 30, 2025
DHARAN Infra-EPC Limited's board approved the unaudited standalone and consolidated financial results for the quarter ended June 30, 2025. The company reported a total income of ₹91.26 Lakhs and a net loss after tax of ₹753.21 Lakhs. The auditor has expressed a qualified opinion due to deviations in the deployment of funds raised through FCCBs, with funds transferred to subsidiaries in Ghana, Liberia, and Kenya, contrary to FEMA regulations. There are also concerns about delays in repayment of borrowings and outstanding statutory dues.
Key Highlights
Total Income for the quarter ended June 30, 2025: ₹91.26 Lakhs
Net Loss after Tax for the quarter ended June 30, 2025: ₹753.21 Lakhs
950 Foreign Currency Convertible Bonds (FCCBs) of USD 100,000 each were issued.
Outstanding dues for Income Tax, GST, and TDS have remained unpaid for a period exceeding one year.
The company holds only 15% stake in Shree Sainath Land & Development (India) Private Limited.
👀 What to Watch
Investors should closely monitor the company's efforts to resolve the FEMA violations and address the auditor's qualified opinion. Be cautious due to the company's losses and uncertainty regarding its ability to continue as a going concern.
Dharan Infra-EPC Reports Q1 Net Loss of ₹7.53 Cr; Auditor Issues Going Concern Warning
Dharan Infra-EPC Limited (formerly KBC Global) reported a catastrophic decline in performance for the quarter ended June 30, 2025, with revenue from operations falling to just ₹5.84 lakhs compared to ₹9.33 crore in the same quarter last year. The company posted a net loss of ₹7.53 crore and is facing severe liquidity issues, with auditors highlighting that most construction sites are non-operational. Significant regulatory risks have emerged, including FEMA violations regarding a $95 million FCCB issue and defaults on statutory dues like GST and Income Tax for over a year.
Key Highlights
Revenue from operations plummeted by over 99% YoY to a mere ₹5.84 lakhs in Q1 FY26.
Auditors issued a qualified opinion citing FEMA violations and improper end-use of $95 million raised through FCCBs.
Material uncertainty exists regarding the company's ability to continue as a 'going concern' due to persistent losses and stalled projects.
Company has defaulted on statutory dues including GST, TDS, and Income Tax for over a year and failed to file tax returns for two years.
Borrowings have been classified as Non-Performing Assets (NPAs) by banks, and corporate guarantees for third parties under insolvency may be invoked.
👀 What to Watch
Investors should exercise extreme caution as the company exhibits multiple high-risk indicators including operational standstill, severe regulatory non-compliance, and auditor-flagged insolvency risks. The significant delay in reporting results and the 'going concern' warning suggest a high probability of capital erosion.
Dharan Infra-EPC Reports FY25 Revenue Decline of 52% and Widening Net Loss of ₹38.28 Cr
Dharan Infra-EPC (formerly KBC Global) reported a sharp decline in consolidated revenue to ₹22.99 crore for FY25, down from ₹48.16 crore in FY24. The company's consolidated net loss widened to ₹38.28 crore, reflecting significant operational challenges and high expenses relative to income. Despite the losses, the company completed a 1:1 bonus issue and converted 420 FCCBs into equity, leading to massive share capital expansion. A key positive is a $20 million international sub-contract secured by its subsidiary in Africa.
Key Highlights
Consolidated revenue plummeted 52.2% year-on-year to ₹22.99 crore in FY25.
Consolidated net loss widened to ₹38.28 crore from ₹36.57 crore in the previous year.
Issued 261.43 crore bonus shares in a 1:1 ratio and allotted 151.73 crore shares via FCCB conversion.
Wholly owned subsidiary Karda International Infrastructure received a $20 million sub-contract in Africa.
Completed three major projects (Hari Kunj Mayflower, Hari Krishna Phase IV, and Hari Aakruti Phase II) during the year.
👀 What to Watch
Investors should be wary of the significant revenue drop and persistent losses, which indicate fundamental business stress. The massive equity dilution from bonus issues and FCCB conversions may weigh heavily on future EPS, making the stock a high-risk 'Watch' until profitability improves.
