Authority: National Company Law Tribunal, Ahmedabad Bench - Court 2

Order Date: June 16, 2026

Case Overview

The National Company Law Tribunal (NCLT) Ahmedabad heard three interconnected applications (IA/606(AHM)2023, IA/609(AHM)2023, and IA/982(AHM)2024) within the main insolvency petition CP(IB)/236(AHM)2021. The proceedings were initiated under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) by The Saraswat Co. Operative Bank Limited (Financial Creditor) against Nami Steel Private Limited (Corporate Debtor). The matter was heard by a bench comprising Member (Judicial) Mrs. Chitra Hankare and Member (Technical) Dr. Velamur G Venkata Chalapathy.

The key development was that the Corporate Debtor (Nami Steel Private Limited) had been sold as a going concern, concluding the corporate insolvency resolution process. Consequently, the erstwhile Resolution Professional (RP), Mr. Udayraj Patwardhan, sought to be relieved from his appearance in the matter, filing a compliance affidavit as directed by the tribunal. The Financial Creditor, having been substituted as the applicant, did not raise objections to this request.

In a separate application (IA/982(AHM)2024), the counsel for the applicant confirmed that notices had been collected from the registry and served upon all respondents, including UGVCL, in compliance with a previous tribunal order. An affidavit of service was filed to this effect.

Final Outcome

The tribunal granted the request and relieved the erstwhile Resolution Professional, Mr. Udayraj Patwardhan, from his appearance in the matter for the remainder of the hearings. It was noted that he may be required to appear on a future date if the tribunal deems it necessary upon deciding the matter on its merits.

For application IA/982(AHM)2024, the tribunal directed the respondents to appear within three weeks as a "last opportunity" and to file their written submissions by affidavit.

All matters were adjourned and listed for further consideration on July 21, 2026.

Topics: Insolvency Proceedings, NCLT Order