Authority: National Company Law Tribunal, Division Bench, Court - 1, Ahmedabad
Order Date: 22/06/2026
Case Overview
The National Company Law Tribunal (NCLT) Ahmedabad heard proceedings under Section 95 of the Insolvency and Bankruptcy Code, 2016 in case IA/1697(AHM)2024 in C.P.(IB)/295(AHM)2024. The matter involves State Bank of India as the applicant versus Mr. Suresh N. Bhatnagar as the respondent, who is a personal guarantor. The bench comprised Mr. Shamim Khan (Hon'ble Member Judicial) and Mr. Sanjeev Sharma (Hon'ble Member Technical). Representation included Ms. Gunjan Aggarwal as proxy advocate for the applicant (IRP) and Mr. Kunal Vaishnav as advocate for the respondent personal guarantor.
During the hearing, counsel for both parties reported that an appeal filed before the National Company Law Appellate Tribunal (NCLAT) in a related matter has been dismissed. However, counsel for the personal guarantor stated that this NCLAT order has been challenged by filing a Special Leave Petition (SLP) before the Supreme Court of India, which is likely to be listed for hearing upon the court's reopening.
Final Outcome
The NCLT adjourned the matter for further consideration on August 3, 2026. The tribunal indicated that if no stay order is obtained by the personal guarantor from the Supreme Court in his favor, the matter will proceed and be heard based on the existing pleadings. The order was signed by both members of the bench.
Topics: Insolvency Proceedings, Personal Guarantor Liability