Authority: National Company Law Tribunal (NCLT), Ahmedabad Bench
Order Date: 15/06/2026
Case Overview
The National Company Law Tribunal (NCLT), Ahmedabad Bench, comprising Member (Judicial) Mrs. Chitra Hankare and Member (Technical) Dr. Velamur G Venkata Chalapathy, heard proceedings under Section 95 of the Insolvency and Bankruptcy Code, 2016 (IBC). The matter involves an application by HDFC Bank Limited against Mrs. Menka Sandipbhai Patel, who is the personal guarantor to the corporate debtor, M/s. Yours Ethnic Foods Private Limited. The case references are CP (IB)/216(AHM)2024, with interconnected Interlocutory Applications IA/910(AHM)2026 and IA/913(AHM)2026 in IA/682(AHM)2026.
The key development was the submission of a report dated 04.06.2026 by the Resolution Professional (the Applicant), prepared in accordance with Section 118(2) of the IBC, 2016. Counsel for the Respondent/Personal Guarantor (Mrs. Menka Sandipbhai Patel) objected to this report and had filed an application (IA) regarding it. The guarantor's primary contention was that the Resolution Professional had not opened an escrow account, which consequently prevented her from making repayments.
Final Outcome
The Tribunal issued procedural directions. The Respondent/Personal Guarantor was directed to file her reply to the report within seven days from the order date (i.e., by 22/06/2026). Concurrently, the Learned Counsel for the Applicant (Resolution Professional) was directed to place the reply before the Committee of Creditors (COC) and subsequently file an appropriate affidavit detailing the further decisions taken by the COC. The matter was listed for further consideration on 03/07/2026.
Topics: Insolvency Proceedings, Personal Guarantee, Banking Debt