Authority: National Company Law Tribunal (NCLT), Division Bench, Court - 1, Ahmedabad
Order Date: 10/06/2026
Case Overview
This proceeding, registered as C.P.(IB)/183(AHM)2026, involves an application filed by State Bank of India (Applicant/Financial Creditor) under Section 121(1) of the Insolvency and Bankruptcy Code, 2016 against Dr. Nilay Rameshchandra Shah (Respondent/Personal Guarantor). The matter was heard in hybrid mode by a bench comprising Member (Technical) Mr. Sanjeev Sharma and Member (Judicial) Mr. Shammi Khan. Representation was present for both parties, with Ms. Aishwarya Reddy and Ms. Mili Upadhayay appearing for the applicant financial creditor and Mr. Sahil Jayesh Rao appearing for the respondent personal guarantor.
The counsel for the personal guarantor submitted that the order previously passed by this NCLT bench has been challenged by way of an appeal before the National Company Law Appellate Tribunal (NCLAT). This appeal is registered as Company Appeal (AT)(Ins.) No. 703 of 2026 and is scheduled for hearing on 09th July 2026.
Final Outcome
The NCLT bench adjourned the matter in light of the pending appeal before the NCLAT. The proceeding has been rescheduled for further consideration on 21st July 2026.
Topics: Insolvency Proceeding, Personal Guarantor, Adjournment