Authority: National Company Law Tribunal, Division Bench, Court-1, Ahmedabad

Order Date: 29/06/2026

Case Overview

The National Company Law Tribunal (NCLT) Ahmedabad heard two interconnected applications (IA/931(AHM)2026 and IA/932(AHM)2026) arising from C.P.(IB)/475(AHM)2025, which is a proceeding under Section 7 of the Insolvency and Bankruptcy Code, 2016. The matter involves ICICI Bank Limited as the applicant and Shree Siddhanath Cotex Pvt. Ltd as the respondent.

In IA/931(AHM)2026, ICICI Bank filed an application under Sections 66(1), 66(2), 60(5), and 67 of the IBC, 2016. The bank seeks orders directing the respondents to jointly and/or severally pay Rs. 128,31,00,000/- (Rs. 128.31 Crore) to the bank account of the Corporate Debtor. The bank alleges these transactions constitute fraudulent transactions and wrongful trading under Sections 66 and 67 of the Code.

Final Outcome

For IA/931(AHM)2026, the NCLT bench (Mr. Shammi Khan, Member Judicial and Mr. Sanjeev Sharma, Member Technical) issued notice to the respondents returnable by the next hearing date of August 5, 2026. The applicant (ICICI Bank) was directed to collect the notice from the Registry and serve it upon the respondents through Registered Post/Speed-post, Dasti mode, and registered email within three days. Respondents were given two weeks to file a reply from the date of receipt of notice, with a rejoinder allowed within two weeks thereafter. Proof of service must be filed by affidavit before the next hearing.

For IA/932(AHM)2026, the service report confirmed notice was served upon the State Tax Department through registered post on June 19, 2026, and by hand and e-mode on June 16, 2026. Respondent No. 2 (ICICI Bank) appeared through counsel and filed a reply on June 25, 2026 (Inward Diary No. D-5215). The applicant filed a rejoinder via e-mode on June 27, 2026, both taken on record. Respondent No. 1 (State Tax Department) appeared through counsel but without authorization or Vakalatnama. The Department was granted two days to file Vakalatnama/Authorization and reply, with rejoinder allowed within three days thereafter. The matter was listed for arguments and disposal on July 10, 2026.

Topics: Insolvency Proceedings, Fraudulent Trading, Banking Dispute