Authority: National Company Law Tribunal, Division Bench, Court - 1, Ahmedabad
Order Date: 08/06/2026
Case Overview
This proceeding involves an interim application (IA/678(AHM)2026) filed within the main insolvency petition C.P.(IB)/269(AHM)2023. The petition was initiated under Section 7 of the Insolvency and Bankruptcy Code (IBC) by the State Bank of India (Financial Creditor/Applicant) against Honest Derivatives Pvt Ltd (Corporate Debtor/Respondent). The matter before the tribunal was a hearing for the aforementioned interim application. Replies were filed by the Liquidator and Respondent No. 2 (State Bank of India) on 04/06/2026, which were taken on record by the tribunal. The applicant, identified as the Auction Purchaser, stated that no rejoinder to these replies was required.
Final Outcome
The two-member bench, comprising Member (Judicial) Shammi Khan and Member (Technical) Sanjeev Sharma, reserved its order. The parties were directed to file written submissions, along with a chronology of events and any legal citations not already filed, within 7 days of serving copies to each other. No final ruling, penalties, or directions were issued in this order, as the matter was reserved for a future pronouncement.
Topics: Insolvency Proceeding, NCLT Hearing