NCLT Defers ICICI Bank vs Siddhanath Cotex Hearing

NCLT Defers Hearing in ICICI Bank Insolvency Case Against Siddhanath Cotex

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

Order Date: 10/07/2026

Case Overview

The National Company Law Tribunal (NCLT) Ahmedabad heard multiple interconnected applications in the matter of CP(IB)/475(AHM)2025, an insolvency petition filed by ICICI Bank Limited under Section 7 of the Insolvency and Bankruptcy Code (IBC) against corporate debtor Shree Siddhanath Cotex Pvt. Ltd.

The bench comprising Hon'ble Member (Judicial) Mr. Shammi Khan and Hon'ble Member (Technical) Mr. Sanjeev Sharma addressed three interim applications: IA/1049(AHM)2026, IA/568(AHM)2026, and IA/932(AHM)2026.

In IA/568(AHM)2026, the respondent (Shree Siddhanath Cotex) had previously submitted through counsel on 24.06.2026 that no reply would be filed and requested the matter be decided based on existing pleadings and material on record. The respondent had also been directed to file Vakalatnama, which was subsequently complied with.

Despite sufficient opportunities granted by the tribunal, including opportunities subject to costs, the respondent had neither filed a reply nor complied with the cost order. However, just before the scheduled disposal hearing, the respondent filed a new application IA/1049(AHM)2026 against the Resolution Professional to place the respondent's stand on record.

For IA/932(AHM)2026, the State Tax Department (Respondent No.1) filed its reply on 01.07.2026 vide Inward Diary No. D-5401, which was taken on record. The applicant filed rejoinders to the replies of both Respondent No.1 (State Tax Department) on 08.07.2026 vide Inward Diary No. D-5556 and Respondent No.2 on 30.06.2026 vide Inward Diary No. D-5274, which were also taken on record.

Final Outcome

The tribunal issued notice in the newly filed application IA/1049(AHM)2026. The learned counsel for the Resolution Professional waived service of notice and was granted 03 weeks to file a reply, with provision for rejoinder within 02 weeks thereafter.

Due to the filing of IA/1049(AHM)2026, the hearing of IA/568(AHM)2026 was deferred. Both applications (IA/1049 and IA/568) were listed for further consideration on 02.09.2026.

For IA/932(AHM)2026, after hearing learned counsel for the applicant as well as learned counsel for Respondent Nos. 1 & 2, and perusing the record, the tribunal reserved its order.

Topics: Corporate Insolvency, NCLT Proceedings