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

Order Date: July 10, 2026

Case Overview

The National Company Law Tribunal (NCLT) Ahmedabad heard two interconnected applications (IA/984(AHM)2026 and IA/1050(AHM)2026) in the main matter CP(IB)/57(AHM)2025. The proceedings were conducted under Sections 121 and 123 of the Insolvency and Bankruptcy Code, 2016, with State Bank of India (Stressed Assets Management Branch) as the applicant and Mr. Rishi Agarwal as the respondent. The matter was heard by a bench comprising Mrs. Chitra Hankare (Member Judicial) and Dr. Velamur G Venkata Chalapathy (Member Technical).

For application IA/984(AHM)2026, the applicant's counsel Mr. Dheeraj Garg appeared and submitted that they had complied with the tribunal's earlier order. The tribunal directed the applicant to add the liquidator as a formal party to the matter. The respondent's counsel Mr. Aditya Mehta appeared and noted that vakalatnama and reply could not be uploaded as there was "no respondent in the matter," prompting the tribunal to direct the registry to accept these documents. While the respondent counsel stated there was no objection to the application, he agreed to file a formal reply. The tribunal directed the applicant (Personal Guarantor) to file written submissions on the assets submitted by the bankrupt through an affidavit of not more than two to three pages within one week. The matter was listed for further consideration on July 31, 2026.

For application IA/1050(AHM)2026 (which was filed in IA/984(AHM)2026), the applicant's counsel appeared and submitted that there was a typographical error in the application regarding the date from which extension was sought - it mentioned 2025 instead of 2026. The tribunal allowed the necessary correction and directed the applicant to carry out the amendment immediately. This application was disposed of following the correction.

Final Outcome

The tribunal allowed the amendment application (IA/1050) and disposed of it. For the main application (IA/984), the tribunal issued directions for adding the liquidator as a party, accepting respondent's documents, and requiring written submissions from the applicant within one week. The bankruptcy proceedings against Mr. Rishi Agarwal will continue with the next hearing scheduled for July 31, 2026.

Topics: Bankruptcy Proceedings, NCLT Order, Personal Guarantor