Authority: National Company Law Tribunal, Division Bench, Court - 1, Ahmedabad
Order Date: 06/07/2026
Case Overview
The proceedings involve an application filed by State Bank of India under Section 7 of the Insolvency and Bankruptcy Code (IBC) against Honest Derivatives Pvt Ltd (CP(IB)/269(AHM)/2023). The matter concerns IA/420(AHM)/2026. The tribunal had previously granted two weeks to the applicant (State Bank of India) for filing a rejoinder, but this was not filed within the stipulated period. The rejoinder was filed only on the order date (6th July 2026) through e-filing mode, while the physical copy along with written submissions remained unfiled. The learned proxy counsel for respondent nos. 1 and 2 (Honest Derivatives Pvt Ltd) received the rejoinder copy only on 5th July 2026.
Final Outcome
The tribunal granted one week's time to the respondent to file written submissions along with a chronology of events. The case has been relisted for arguments and disposal of the IA on 5th August 2026. The order was signed by both members of the bench: Mr. Sanjeev Sharma (Member Technical) and Mr. Shammi Khan (Member Judicial).
Topics: Insolvency Proceedings, NCLT Adjournment