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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.
💼 Action for Investors
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
💼 Action for Investors
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
💼 Action for Investors
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
💼 Action for Investors
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.
💼 Action for Investors
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.
💼 Action for Investors
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.
💼 Action for Investors
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.
💼 Action for Investors
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.