Authority: National Company Law Tribunal, Ahmedabad Bench (Count-2)
Order Date: 15/06/2026
Case Overview
The National Company Law Tribunal (NCLT), Ahmedabad Bench comprising Mrs. Chitra Hankare (Member Judicial) and Dr. Velamur G Venkata Chalapathy (Member Technical) heard two interconnected applications: IA/909(AHM)2026 and IA/914(AHM)2026 in IA/680(AHM)2026. These applications arise from CP (IB)/217(AHM)2024, which involves proceedings under Section 95 of the Insolvency and Bankruptcy Code, 2016 (IBC).
The matter involves HDFC Bank Limited as the applicant and Mr. Sandip Narendrakumar Patel as the respondent, who is the personal guarantor to M/s. Yours Ethnic Foods Private Limited. The Resolution Professional (applicant) submitted a report dated 04.06.2026 prepared in accordance with Section 118(2) of the IBC, 2016. The personal guarantor objected to this report and filed an application (IA) regarding the matter. The respondent's counsel argued that the Resolution Professional had not opened an escrow account, which prevented the respondent from making repayments.
Final Outcome
The Tribunal directed the respondent/personal guarantor to file a reply to the Resolution Professional's report within seven days. The Resolution Professional was directed to place the reply before the Committee of Creditors (COC) and file an appropriate affidavit regarding further decisions taken by the COC. The matter has been adjourned for further consideration on 03.07.2026.
Topics: Insolvency Proceedings, Personal Guarantor