NCLT Mumbai admits Dynamix Securities and Holdings into insolvency over Rs 518.89 crore debt
The NCLT Mumbai Bench has admitted Dynamix Securities and Holdings into insolvency on a petition by DB View Infracon, which claimed a Rs 518.89 crore default on a loan taken over from Yes Bank.
Key points
- The NCLT Mumbai Bench-II admitted Dynamix Securities and Holdings into insolvency in an order pronounced on 30 October 2026.
- DB View Infracon claimed a default of Rs 518.89 crore on a Rs 154 crore Yes Bank term loan it took over in 2016, per the order.
- An interim resolution professional takes charge and will invite claims; the order may be appealed to the NCLAT.
The National Company Law Tribunal's Mumbai Bench-II has admitted Dynamix Securities and Holdings Private Limited into the corporate insolvency resolution process over a debt of Rs 518.89 crore. The order, pronounced on 30 October 2026, allowed a petition by DB View Infracon Private Limited, which says it took over the company's loan from Yes Bank.
What Happened
According to the order, Yes Bank sanctioned a term loan of Rs 154 crore to Dynamix Securities and Holdings in March 2014. By a deed of assignment dated 31 March 2016, the bank transferred the entire debt, then standing at Rs 163.49 crore, to DB View Infracon. The petition claimed a total default of Rs 518.89 crore including interest.
The order records that the company agreed to a consent decree before the Bombay High Court on 19 September 2017, which gave it nine months to repay. The tribunal held that the default arose on 19 June 2018, when that period ended, and that the decree was a written acknowledgement of the debt.
The company did not appear despite notice, and the tribunal heard the case ex parte, meaning in its absence. The main question was whether the petition, filed on 9 April 2024, was too late. The tribunal found a delay of 308 days. It had earlier condoned 303 days and, calling the gap a calculation error, condoned the remaining five days.
The tribunal found that the debt and default were established and admitted the petition under Section 7 of the Insolvency and Bankruptcy Code. It declared a moratorium, which halts suits, recovery actions and sale of the company's assets, and appointed an interim resolution professional to take over its management. Admission into insolvency is not a finding of fraud or mismanagement.
What It Means
Control of Dynamix Securities and Holdings now passes from its board to the interim resolution professional, who must issue a public announcement inviting claims. Anyone owed money by the company, including lenders, suppliers and employees, should watch for that announcement on the IBBI website and file claims by the deadline it sets. The order may be appealed to the National Company Law Appellate Tribunal (NCLAT).
Source: NCLT order
Sources & Citations
- NCLT order — National Company Law Tribunal