Authority: National Company Law Tribunal (NCLT), Division Bench, Court - 1, Ahmedabad
Order Date: July 6, 2026
Case Overview
The National Company Law Tribunal (NCLT) Ahmedabad is hearing proceedings under Section 95 of the Insolvency and Bankruptcy Code (IBC). The case, numbered C.P.(IB)/199(AHM)2026, involves Canara Bank (the Applicant/Financial Creditor) represented through its Manager and Authorised Signatory from the Stressed Asset Management Branch, versus Respondent Keshav Ashok Punj, who is the personal guarantor for corporate debtor Ms PSL Limited. The matter was heard in hybrid mode by a bench comprising Hon'ble Member (Judicial) Mr. Shammi Khan and Hon'ble Member (Technical) Mr. Sanjeev Sharma. Canara Bank was represented by advocates Mr. Vishwas K. Shah and Mr. Dhruvin Dosani. The central issue before the tribunal concerns the maintainability of the petition in its current form regarding the default attributed to the personal guarantor.
Final Outcome
The NCLT issued two specific directives: first, it ordered the applicant (Canara Bank) to file written submissions along with legal citations on the issue of the petition's maintainability concerning the default by the personal guarantor. Second, it directed the Legal Head of the concerned branch of Canara Bank to remain physically present at the next hearing to assist the tribunal on this legal issue. The matter has been adjourned and is scheduled for further consideration on July 21, 2026. No final ruling on the petition's merits or the underlying default was made in this order.
Topics: Insolvency Proceedings, Banking Litigation