Authority: National Company Law Tribunal, Ahmedabad Bench - Court 2 (Members Chitra Hankare - Judicial Member and Dr. Velamur G Venkata Chalapathy - Technical Member)
Order Date: June 9, 2026
Case Overview
The National Company Law Tribunal (NCLT) Ahmedabad heard proceedings under Section 121(1) of the Insolvency and Bankruptcy Code, 2016. The case involves State Bank of India (Stress Asset Management Branch) as the applicant versus Naresh Babulal Sanghvi as the personal guarantor of Sanghvi Forging & Engineering Limited as the respondent. The matter comprises two applications: C.P.(IB)/64(AHM)2026 and IA/359(AHM)2026. Mr. Mokshay Vyas represented the applicant bank. The tribunal noted that notices had not yet been issued in both applications.
Final Outcome
The NCLT directed the applicant (State Bank of India) to issue notices upon all respondents along with copies of the petition. The bank must file proof of service by affidavit within 7 days. The matter has been listed for further consideration on June 29, 2026.
Topics: Insolvency Proceedings, Personal Guarantor, Banking Stress