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

Order Date: 16/06/2026

Case Overview

The National Company Law Tribunal (NCLT), Ahmedabad, presided over by Member (Judicial) Mr. Shammi Khan and Member (Technical) Mr. Sanjeev Sharma, heard two Interlocutory Applications (IAs) in the main matter of C.P.(IB)/475(AHM)2025, an insolvency proceeding initiated under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC). The corporate debtor is Shree Siddhanath Cotex Pvt. Ltd., and the financial creditor is ICICI Bank Limited.

The primary application, IA/932(AHM)2026, was filed by the Resolution Professional (RP) of the corporate debtor. The application was filed under Sections 60(5), 14, 18, 20, 25, and 238 of the IBC. The RP sought relief against two respondents: Respondent No. 1, the State Tax Department, and Respondent No. 2, ICICI Bank Limited.

The principal allegation is that the respondents have imposed a lien, freeze, and attachment on the corporate debtor's Current Account No. 331105500696 held with ICICI Bank, which contains a balance of ₹17,82,272 (Rupees Seventeen Lakh Eighty-Two Thousand Two Hundred Seventy-Two). The RP contends that the continuation of such restrictions during the Corporate Insolvency Resolution Process (CIRP) period, which is protected by a moratorium under Section 14 of the IBC, is illegal and void ab initio. The application prays for directions to lift the freeze, restore operational control of the account to the RP, and transfer the funds to the designated CIRP account to enable the discharge of statutory duties.

Final Outcome

The Tribunal issued formal notices to both respondents—the State Tax Department and ICICI Bank Limited—making them returnable by the next date of hearing. The applicant/RP was directed to serve the notices along with a copy of the order via Registered Post/Speed-post, Dasti mode, and email forthwith.

The respondents were directed to file their replies to the application within three days of receiving the notice. The applicant may file a rejoinder within three days after that.

The matter was adjourned and listed specifically for arguments on June 29, 2026. The applicant was also directed to ensure the physical copy of the application is available on the court record by the next hearing date, which is June 19, 2026, for a related procedural matter (IA/931(AHM)2026).

The final ruling on the substantive prayers of the application is pending and will be considered after hearing arguments from all parties.

Topics: Insolvency Resolution, Bank Account Moratorium