Authority: National Company Law Tribunal, Division Bench, Court - 1, Ahmedabad
Order Date: 16/06/2026
Case Overview
The National Company Law Tribunal (NCLT) Ahmedabad heard proceedings under Section 121(1) of the Insolvency and Bankruptcy Code, 2016. The case involves State Bank of India (Stress Asset Management Branch) as the applicant financial creditor versus Nanjibhai Ranabhai Khamal as the respondent personal guarantor. The matter concerns the declaration of assets owned by the personal guarantor, either currently or in the past.
During the hearing, the learned counsel for the applicant financial creditor requested additional time to file an affidavit in support of the declaration of the personal guarantor's assets. The tribunal noted this request and granted an extension for submitting the required documentation.
Final Outcome
The NCLT bench comprising Member (Judicial) Mr. Shammi Khan and Member (Technical) Mr. Sanjeev Sharma ordered that the affidavit detailing the assets of the personal guarantor must be filed within one week from June 16, 2026. The case has been adjourned and will be re-listed for further consideration on June 29, 2026. The order maintains the proceeding's status while allowing the financial creditor additional time to comply with asset declaration requirements.
Topics: Personal Guarantor Insolvency, Banking Litigation