Authority: National Company Law Tribunal (NCLT), Division Bench, Court - 1, Ahmedabad
Order Date: 15 July 2026
Case Overview
The National Company Law Tribunal (NCLT), Ahmedabad, is hearing a petition filed by the Small Industries Development Bank Of India (SIDBI) against Rakshit Ashwinbhai Patel under Section 95 of the Insolvency and Bankruptcy Code (IBC). The proceedings involve multiple Interlocutory Applications (IAs) related to the ongoing Insolvency Resolution Process (IRP) of the individual, Mr. Patel. The Resolution Professional (RP) appointed in the case filed applications to submit periodic progress reports to the tribunal for its records.
Final Outcome
The tribunal passed orders on four separate applications (IAs).
- For IA/1078(AHM)2026, the tribunal noted that the physical copy of the petition was not available in the record. The Learned Counsel for the Applicant/RP was directed to ensure its availability before the next date of hearing. The matter was relisted for further consideration on 24 August 2026.
- The applications to place periodic reports on record were disposed of:
- IA/795(AHM)2026: The Third Periodic Report for the period 03 February 2026 to 02 March 2026 was taken on record.
- IA/796(AHM)2026: The Fifth Periodic Report for the period 03 April 2026 to 02 May 2026 was taken on record.
- IA/842(AHM)2026: The Fourth Periodic Report for the period 03 March 2026 to 02 April 2026 was taken on record.
All reports were placed with the main file for reference, and the respective IAs were disposed of.
The bench comprised Mr. Shammi Khan, Hon'ble Member (Judicial), and Mr. Sanjeev Sharma, Hon'ble Member (Technical).
Topics: Insolvency, NCLT, Debt Resolution