Authority: National Company Law Tribunal, Division Bench, Court - 1, Ahmedabad
Order Date: 10/07/2026
Case Overview
The State Bank of India (Stress Asset Management Branch) has filed an application under Section 121(1) read with Section 123 of the Insolvency and Bankruptcy Code, 2016, against respondent Yogeshkumar Chimanlal Patel. The application is filed under the Insolvency and Bankruptcy (Application to Adjudication Authority for Bankruptcy Process for Guarantors to Corporate Debtor) Rules, 2019, specifically Rule 7(1). The matter concerns bankruptcy proceedings against a personal guarantor to a corporate debtor. The applicant has complied with an extended order dated 29.06.2026 by filing an affidavit of compliance on 07.07.2026 (Inward No. D 5676), which has been taken on record by the tribunal.
Final Outcome
The NCLT bench comprising Member (Technical) Sanjeev Sharma and Member (Judicial) Shammi Khan has directed the registry to issue notice to the personal guarantor(s), returnable by the next hearing date on 29.07.2026. The applicant (SBI) is directed to collect the notice from the registry within three days and serve it upon the personal guarantor(s) along with a copy of the order through Registered Post/Speed-post, Dasti mode, and on the registered email ID within seven days. The respondent is directed to file a reply within seven days from the date of receipt of notice, and any rejoinder must be filed within seven days thereafter. The applicant must file proof of service by way of affidavit before the next hearing date.
Topics: Insolvency Proceedings, Personal Guarantor, Banking Debt Recovery