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

Order Date: 16/06/2026

Case Overview

The National Company Law Tribunal (NCLT) Ahmedabad heard two interconnected applications (IA/924(AHM)2024 and IA/460(AHM)2025 in IA/924(AHM)2024) arising from proceedings under Section 9 of the Insolvency and Bankruptcy Code (IBC) in the matter of Dhirendra Sheth vs. Atrium Infocomm Pvt Ltd (CP(IB) 181 of 2019). The tribunal addressed conflicting claims between State Bank of India (SBI) as a secured creditor and the Enforcement Directorate (ED) regarding charges over the corporate debtor's property under liquidation.

SBI had initiated proceedings before the Gujarat High Court challenging ED's PMLA order concerning the charge on the property. During the hearing, SBI's Deputy General Manager, Mr. Prakash Singh Bist, present in person, acknowledged that the bank had already ceded its rights as a secured creditor to the liquidator. The tribunal noted that the liquidator should legally appear as an appellant rather than as a party in the High Court matter.

The Enforcement Directorate, through its counsel Mr. Ankit Shah, indicated willingness to resolve the charge issue amicably, pending the PMLA decision in which the liquidator is already a party. The liquidator, Mr. Parag Sheth, had filed a necessary affidavit per recent IBBI guidelines before the ED.

Final Outcome

The tribunal issued specific directions to resolve the impasse:

  • SBI agreed to make necessary pleadings before the Gujarat High Court at the next hearing date on 25 June 2026
  • The liquidator was directed to convene a meeting of the Stakeholders Consultation Committee (SCC) within 7 days to obtain necessary advice and confirmation in minutes
  • The liquidator must file the necessary application as appellant in the matter before the Gujarat High Court
  • The liquidator and ED were directed to resolve the matter appropriately regarding possession of the property before the next hearing date
  • ED's counsel was directed to file written submissions (purshish) of 2-3 pages within one week
  • The liquidator was directed to file compliance report on developments by 3 July 2026 with copy to other parties

The matter was listed for further consideration on 6 July 2026.

Topics: Insolvency Resolution, Secured Creditor Rights