Authority: National Company Law Tribunal, Ahmedabad Court-2
Order Date: 15/07/2026
Case Overview
The matter involves an application (IA/1183(AHM)2025) filed by Alcock Ashdown (Gujarat) Ltd in the main insolvency proceeding CP(IB) 844 of 2019, which is being heard under Section 10 of the Insolvency and Bankruptcy Code (IBC). The application concerns the release of a bank guarantee held by the Nahva Sheva Custom Department (Respondent No. 2). The State Bank of India is also involved as a respondent. During previous proceedings, counsel for the Customs Department had assured the tribunal that the bank guarantee would be released. However, the department failed to comply with the tribunal's previous order dated 21.06.2026 and did not file a reply to the application.
Final Outcome
The tribunal noted the non-compliance by the Customs Department. It granted one final opportunity of one week for the department to file its reply and for its counsel to appear in person. Failure to do so will result in necessary orders being passed. The proxy counsel for State Bank of India, who appeared for the main counsel Ms. Dharmistha N Raval, submitted that the bank had filed its reply and had no objection if the Customs Department lifts the attachment on the bank guarantee. The SBI counsel was directed to send a formal letter to the Customs Department regarding the status of the bank guarantee, specifically inquiring if it has expired and whether any notice was issued to the department. The matter has been listed for further consideration on 10 August 2026.
Topics: Insolvency Proceeding, Bank Guarantee Dispute, Regulatory Compliance