NCLT Grants SBI Time in Personal Guarantor Case

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

Order Date: June 16, 2026

Case Overview

This is a proceeding under Section 121(1) of the Insolvency and Bankruptcy Code, 2016. The applicant is the State Bank of India (SBI), represented by its Stress Asset Management Branch. The respondent is Mrs. Hetalben Bhaveshbhai Kakadia, who is a personal guarantor. The matter was heard by a bench comprising Mr. Shammi Khan, Hon'ble Member (Judicial), and Mr. Sanjeev Sharma, Hon'ble Member (Technical). The applicant's counsel, Ms. Dharmishta Raval, requested more time to file a required affidavit.

Final Outcome

The NCLT granted the applicant, State Bank of India, a period of one week to file an affidavit in support of the declaration of assets owned by the personal guarantor, Mrs. Hetalben Bhaveshbhai Kakadia, either as on the current date or in the past. The case has been adjourned and is scheduled to be re-listed for further consideration on June 29, 2026.

Topics: Insolvency Proceeding, Personal Guarantor, Bank Debt