Authority: National Company Law Tribunal, Ahmedabad Bench (Court-2)
Order Date: 15 July 2026
Case Overview
This proceeding involves an insolvency application filed by Canara Bank (Financial Creditor/Applicant) against Ashapura Garments Ltd (Corporate Debtor/Respondent) under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC). The case is registered as CP(IB) 732 of 2019. The tribunal was hearing two Interlocutory Applications: IA/777(AHM)2026 and IA/971(AHM)2026. The matter concerns the liquidation process of Ashapura Garments Ltd, including an auction of the company's property conducted pursuant to previous tribunal orders.
Final Outcome
The tribunal adjourned the matter for further consideration on 18 August 2026. It directed the applicant (Canara Bank) to file a reply to the affidavit submitted by the Liquidator on 14 July 2026 within one week, including any offer price for the auctioned property. The Liquidator, Mr. Mohit Adatiya, provided assurance that he would not proceed further with the matter until the tribunal issues its final orders. The applicant was represented by Mr. Shadab, while the respondent was represented by Mr. Nipun Singhvi along with Ms. Pragati Tiwari.
Topics: Insolvency Proceedings, Liquidation Auction