Insolvency Resolution
NCLT Ahmedabad admits Vanshita Transport's IBC plea against Montecarlo
This story was originally published at 13:13 IST on 7 July 2026
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NEW DELHI – The Ahmedabad bench of the National Company Law Tribunal has admitted Vanshita Transport's plea to start insolvency proceedings against Montecarlo Ltd., a diversified infrastructure development company headquartered in the city. Montecarlo's operations span highways, railways and metro, buildings and factories, mining, energy infrastructure, and water and irrigation, with about 62 ongoing sites across India.
The tribunal appointed Sanjay Jitendralal Shah as the interim resolution professional of Montecarlo to carry out functions as per the Insolvency and Bankruptcy Code, 2016. The tribunal declared a moratorium against Montecarlo under Section 14 of the Code.
Vanshita Transport, a company that transports cement, had carried out work orders for Montecarlo. The company said Montecarlo had not paid its dues of INR 14.78 million related to work orders. Challenging Vanshita Transport's claim, Montecarlo said the insolvency petition is a gross abuse of the process of law submitted for alleged debt that is not only disputed but also tainted with fraud and criminality. Montecarlo said there is a conspiracy between Vanshita Transport and the debtor's former employee to defraud the company through inflated work order and a police complaint has also been filed regarding the same.
In March, Montecarlo acquired NES Dharashiv Transmission Ltd. from Power Finance Corp. Ltd. NES Dharashiv Transmission is a special purpose vehicle to evacuate renewable energy from Dharashiv and Beed districts of Maharashtra. Last year, Montecarlo executed a 17-metre vent road underbridge using a box pushing method of the largest reinforced cement concrete, without disruption to the live railway traffic in Kargondapalli, earning it a name in the Indian Book of Records and Asian Book of Records for its engineering design. End
Reported by Surya Tripathi
Edited by Shubhayann Bhattacharya
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