Authority: National Company Law Tribunal, Ahmedabad Bench (Count-2)
Order Date: June 9, 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 two connected applications: C.P.(IB)/66(AHM)2026 and IA/358(AHM)2026. These are proceedings under Section 121(1) of the Insolvency and Bankruptcy Code, 2016. The applicant is State Bank of India (Stress Asset Management Branch), and the respondents are Shri Babulal Sagarmal Sanghvi (Personal Guarantor to Corporate Debtor) and M/s. Sanghvi Forging & Engineering Limited (the Corporate Debtor). Mr. Mokshay Vyas, Advocate, appeared for the applicant bank. The tribunal noted that formal notices had not yet been issued to the respondents in either application.
Final Outcome
The NCLT directed the applicant (State Bank of India) to issue notices to all respondents, serving them with copies of the petition. The bank must file proof of service by affidavit within seven days. The matter has been listed for further consideration on June 29, 2026. This is a procedural order initiating the formal notice process in the insolvency proceedings.
Topics: Insolvency Proceedings, Banking NPA, Corporate Guarantee