Authority: National Company Law Tribunal, Division Bench, Court - 1, Ahmedabad
Order Date: 12/10/2026
Case Overview
The National Company Law Tribunal (NCLT) Ahmedabad heard matters related to insolvency proceedings under Section 7 of the Insolvency and Bankruptcy Code (IBC) between ICICI Bank Limited (Applicant) and Shree Siddhanath Cotex Pvt. Ltd (Respondent). The bench comprised Mr. Shammi Khan (Hon'ble Member Judicial) and Mr. Sanjeev Sharma (Hon'ble Member Technical).
Two interconnected applications were being heard: IA/568(AHM)2026 and IA/1049(AHM)2026 in the main matter C.P.(IB)/475(AHM)2025. Representation included Mr. Dhrupad Vaghani and Mr. Anal Shah appearing as advocates for different parties across the applications, while Mr. Akhil Ahuja appeared as an Authorized Representative in person.
The tribunal noted that a rejoinder in IA/1049(AHM)2026 had been filed by the applicant on October 6, 2026, with Inward No. D 8636, which was taken on record. During proceedings, the counsel representing GETCO (appearing for the applicant in IA/1049(AHM)2026) joined through virtual mode but was not audible. The matter was passed over and taken up twice more, but the said counsel did not come forward to make submissions.
Final Outcome
The bench granted a final opportunity for the affected counsel to make submissions and adjourned the matter to October 13, 2026, for further consideration. The order was signed by both members of the bench.
Topics: Insolvency Proceedings, Banking Dispute, NCLT Hearing