Authority: National Company Law Tribunal, Ahmedabad Bench - Court 2
Order Date: 16/06/2026
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 an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC). The petition was filed by Sheth Fincap Services Private Limited (Applicant) against Takshashila Developers Private Limited (Respondent). The applicant was represented by advocates Mr. Nipun Singhvi and Ms. Pragati Tiwari, while the Resolution Practitioner (RP) was represented by Mr. Chetan Patel. No representation was noted for the respondent.
During proceedings, it was submitted that the personal guarantors of the respondent corporate debtor are already under personal insolvency proceedings, and the Resolution Practitioner has been made a party to the current corporate insolvency proceedings.
Final Outcome
The tribunal directed the applicant to issue notice to all respondents along with a copy of the petition. The respondent company was directed to file its reply within seven days from receipt of notice and serve it upon the applicant. The applicant's counsel was permitted to file a rejoinder, if any, within one week thereafter. The matter has been listed for further consideration on July 10, 2026.
Topics: Corporate Insolvency, Real Estate Finance, NCLT Proceedings