Authority: National Company Law Tribunal, Division Bench, Court - 1, Ahmedabad
Order Date: 08/06/2026
Case Overview
The National Company Law Tribunal (NCLT) Ahmedabad heard interim application IA/568(AHM)2026 in the main company petition C.P.(IB)/475(AHM)2025, which is an insolvency proceeding under Section 7 of the Insolvency and Bankruptcy Code (IBC) initiated by ICICI Bank Limited against Shree Siddhanath Cotex Pvt. Ltd. The matter was heard by a bench comprising Mr. Shammi Khan (Member Judicial) and Mr. Sanjeev Sharma (Member Technical).
Despite multiple service attempts, the respondent (Shree Siddhanath Cotex Pvt. Ltd.) had not filed any reply to the application. The applicant (ICICI Bank) filed an affidavit of service on 08/06/2026 (Inward No. D-4045) confirming that the order dated 28/04/2026 was served upon the respondent through electronic mode on 30/04/2026 and by hand against acknowledgment on 04/05/2026. Additionally, the Registry had served notice upon the respondent through Registered Post, which was delivered on 11/05/2026.
Two proxy counsels (Mr. Kunal Modi and Ms. Vija) appeared virtually and indicated that the matter pertained to Advocate Ms. Anal S. Shah, but no Vakalatnama, Memo of Appearance, or authorization in favor of these advocates was on record. They sought a further three days to file a reply.
Final Outcome
The Tribunal granted a final adjournment of three days subject to payment of costs of ₹50,000 to the Prime Minister's National Relief Fund within three days. Upon filing proof of payment and serving a copy to ICICI Bank's counsel, the applicant is granted liberty to file a rejoinder within seven days thereafter. The matter is listed for arguments on 24/06/2026.
Topics: Insolvency Proceedings, Banking Litigation, NCLT Adjournment