Ahmedabad: Gujarat High Court has declined to intervene in the ongoing insolvency proceedings instituted by Sheth Fincap Services Pvt Ltd against Takshashila Developers Pvt Ltd and others before the National Company Law Tribunal.
The dispute stems from a loan agreement dated March 15, 2024, under which Sheth Fincap disbursed Rs 11 crore to Takshashila, secured by a registered mortgage over 38 units. A supplementary agreement dated March 21, 2025, renewed Rs 5.23 crore and provided additional security over 30 units. The record also referred to related personal insolvency proceedings and a criminal case arising from the 2025 supplementary agreement, including an FIR registered on Sept 18, 2025, at Azad Maidan Police Station in Mumbai, and anticipatory bail proceedings in which payment undertakings were recorded.
After the hearing, HC said, “This court is not inclined to exercise its writ jurisdiction having noted the fact that the petitioner has already approached in appeal before NCLAT… The present petition is dismissed solely on the grounds of issue of maintainability.”