Authority: National Company Law Tribunal, Ahmedabad Bench (Court 2)
Order Date: 15 July 2026
Case Overview
The National Company Law Tribunal (NCLT) Ahmedabad heard two connected matters: C.P.(IB)/94(AHM)2025 and IA/1034(AHM)2025. The proceedings were initiated under Section 94 of the Insolvency and Bankruptcy Code (IBC). The applicant in the case is Mr. Amit Ratan Kumar Jain, who is described as the PG (likely referring to Personal Guarantor) of M/s. Sona Alloys Pvt Ltd. The primary respondent is Rare Asset Reconstruction Ltd, with additional parties also involved as "Others." The bench consisted of Hon'ble Member (Judicial) Mrs. Chitra Hankare and Hon'ble Member (Technical) Dr. Velamur G Venkata Chalapathy. Legal representation included Mr. Tirth Nayak for the applicant, Ms. Bhavi Shreyansh Shah as the Resolution Professional (RP), and Mr. Priyam Shah for respondent Rare Asset Reconstruction Ltd.
The core reason for the adjournment was presented by the learned counsel for the PG (Personal Guarantor), who informed the tribunal that a related matter involving these proceedings is currently pending before the National Company Law Appellate Tribunal (NCLAT). Due to this pending appeal at a higher judicial forum, the counsel stated that they had "not yet withdrawn the matter" from the NCLT.
Final Outcome
The NCLT bench ordered both matters (C.P.(IB)/94(AHM)2025 and IA/1034(AHM)2025) to be adjourned and listed for "further consideration" on 28 July 2026. No substantive decisions on the insolvency proceedings were made during this hearing. The practical consequence is a delay in the resolution process until the matter pending before the NCLAT is resolved or until the next hearing date.
Topics: Insolvency Proceedings, NCLT Adjournment