Authority: National Company Law Tribunal, Ahmedabad Bench (Court 2)
Order Date: 06/07/2026
Case Overview
The National Company Law Tribunal (NCLT) Ahmedabad heard proceedings under Section 7 of the Insolvency and Bankruptcy Code (IBC) in case number ITFM No.203 C.P.(IB)/22(AHM)2026. The matter involves Small Industries Development Bank of India (SIDBI) as the financial creditor applicant versus G & L Profile And Equipments Pvt Ltd as the corporate debtor respondent. The tribunal bench consisted of Mrs. Chitra Hankare (Member Judicial) and Dr. Velamur G Venkata Chalapathy (Member Technical). Both parties were represented by advocates - Mr. Vishal Raval for the applicant and Mr. K S Sunil Kumar for the respondent.
The respondent's counsel sought additional time to settle the outstanding debt with SIDBI, citing that senior officials of the financial creditor had not provided a meeting date to discuss settlement. The applicant's counsel objected to this request for additional time.
Final Outcome
The tribunal granted the respondent one final opportunity to settle the debt matter with SIDBI before the end of the week following the order date (by approximately July 13, 2026). The applicant's counsel was directed to ensure that a meeting is held to enable the respondent to repay the debt as assured before the tribunal. Both parties were instructed to file written submissions by affidavit, limited to two to three pages, within 7 days of the order. The matter was listed for further consideration on July 14, 2026.
Topics: Debt Settlement, Insolvency Proceedings, NCLT Order