Mumbai, November 3, 2026: The National Company Law Tribunal (NCLT), Mumbai, has admitted an insolvency petition against Dynamix Securities and Holdings Private Limited over a default of ₹518.89 crore, following its failure to repay a term loan originally sanctioned by Yes Bank in 2014.
The NCLT passed the order on October 30, 2026, admitting a petition filed by DB View Infracon Private Limited under Section 7 of the Insolvency and Bankruptcy Code (IBC).
The tribunal, in its order, observed, “The Financial Creditor has placed on record the relevant loan sanction documents, deed of guarantee, the Consent Decree dated 19.09.2017, and the default notice dated 19.06.2018. The debt of ₹518,89,00,000 and default thereof stand unequivocally established, well above the statutory threshold prescribed under Section 4 of the Code.”
Interim Resolution Professional Appointed
The tribunal appointed insolvency professional S. Gopalakrishnan as the Interim Resolution Professional (IRP) to take charge of the company's management and oversee the Corporate Insolvency Resolution Process (CIRP).
Loan Assigned To DB View Infracon
According to the petition, Dynamix Securities had availed of a term loan of ₹154 crore from Yes Bank through a facility sanctioned on March 20, 2014. Subsequently, on March 31, 2016, Yes Bank assigned the entire outstanding debt, then amounting to ₹163.49 crore, to DB View Infracon through a deed of assignment. The financial creditor paid the consideration to Yes Bank and consequently acquired the rights to recover the loan.
Following the company's failure to repay the outstanding dues, DB View Infracon had initially approached the NCLT in 2017 by filing an insolvency petition. However, the dispute was subsequently settled before the Bombay High Court through consent terms dated September 19, 2017, under which Dynamix Securities agreed to repay the outstanding loan.
As part of the settlement, the company was granted a nine-month period to repay the dues, during which the consent decree was not to be executed. The earlier insolvency petition was disposed of on October 5, 2017, with liberty to the financial creditor to revive the proceedings or file a fresh petition in case of default.
Settlement Failed, Recovery Proceedings Initiated
However, after Dynamix Securities failed to honour the settlement, DB View Infracon initiated execution proceedings before the Bombay High Court in 2018. The financial creditor also sought the transfer and sale of various properties and assets of the judgment debtors to recover its dues.
Several properties belonging to other judgment debtors were subsequently sold, and the proceeds were adjusted against the decretal amount. However, the outstanding loan remained unpaid.
The financial creditor claimed that the total outstanding amount, including further interest, stood at ₹518.89 crore as of March 31, 2024. It approached the NCLT again on April 9, 2024, seeking initiation of insolvency proceedings against Dynamix Securities.
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Company Did Not Contest Petition
The corporate debtor did not appear before the tribunal despite service of notice and was set ex parte on July 25, 2024. It neither filed a reply nor sought recall of the ex-parte order. Consequently, the tribunal proceeded to decide the petition based on the material available on record.
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