Authority: National Company Law Tribunal, Division Bench, Court - 1, Ahmedabad
Order Date: 29 June 2026
Case Overview
The National Company Law Tribunal (NCLT) Ahmedabad is hearing proceedings under Section 121(1) of the Insolvency and Bankruptcy Code, 2016 (IBC). The case involves State Bank of India (SBI) Stress Asset Management Branch as the Applicant/Financial Creditor and Yogeshkumar Chimanlal Patel as the Respondent. The tribunal noted that SBI had filed a compliance affidavit (Inward Diary No. D-5117 dated 23.06.2026) pursuant to its previous order dated 16.06.2026.
Upon examining the Demand Notice dated 13.04.2021 issued under Section 13(2) of the SARFAESI Act, 2002, the tribunal observed that eight individuals had mortgaged their immovable properties to secure credit facilities extended to the Corporate Debtor. However, SBI initiated insolvency proceedings under Section 95 of the IBC against only four of these personal guarantors: Hetalben Bhaveshbhai Kakadiya, Yogeskumar Chimanlal Patel, Tikhabhai Ranabhai Khamal, and Nanjibhai Ranabhai Khamal. The tribunal specifically noted that no proceedings were initiated against the other four mortgagors: Bhavesh Jivrajbhai Kakadiya, Babubhai Kakadiya, Ramaben Khamal, and Vipulbhai Vora.
Final Outcome
The NCLT directed SBI to provide an explanation for why insolvency proceedings were initiated selectively against only four of the eight personal guarantors who had mortgaged properties. The matter has been adjourned and is scheduled for further consideration on 10 July 2026.
Topics: Personal Guarantors, SARFAESI Act, IBC Proceedings