Authority: National Company Law Tribunal, Ahmedabad Bench (Court-2)
Order Date: 10 July 2026
Case Overview
The National Company Law Tribunal (NCLT) Ahmedabad heard proceedings under Section 95 of the Insolvency and Bankruptcy Code (IBC) between Aditya Birla Capital Limited (Applicant/Financial Creditor) and Ramesh Keshavlal Brahmbhatt (Respondent/Personal Guarantor). The matter involved three applications: C.P.(IB)/294(AHM)2025, IA/990(AHM)2025, and IA/1031(AHM)2025.
During the hearing, the learned counsel for the personal guarantor submitted that the financial creditor had already recovered ₹21.75 crore from the corporate debtor through proceedings under the SARFAESI Act, with only a remaining amount of ₹97 lakh outstanding. The personal guarantor expressed readiness to settle this remaining amount with the financial creditor. The learned counsel for the financial creditor also indicated willingness to settle the matter if the actual due amount is paid.
Regarding IA/1031(AHM)2025, the tribunal heard the applicant's counsel on a prayer sought against the respondent personal guarantor. The Resolution Professional's report was noted to be pending adjudication, and the applicant had been directed to file a withdrawal purshish but had not complied. The tribunal observed that the prayer against the respondent under Rule 11 of IBC 2016 could not be granted while the RP's report was still pending.
Final Outcome
The tribunal granted one week for both parties to meet at the office of the financial creditor and settle the matter regarding the remaining ₹97 lakh debt. The matter was listed for further consideration on 04 August 2026. The tribunal dismissed IA/1031(AHM)2025 as not maintainable.
Topics: Debt Settlement, Insolvency Proceedings