Authority: National Company Law Tribunal, Ahmedabad Bench (Court 2)
Order Date: 16/06/2026
Case Overview
The National Company Law Tribunal (NCLT) Ahmedabad heard proceedings under Section 7 of the Insolvency and Bankruptcy Code (IBC) in matter C.P.(IB)/22(AHM)2026. The application was filed by Small Industries Development Bank of India (SIDBI) as financial creditor against corporate debtor G & L Profile And Equipments Pvt Ltd.
During the hearing, the respondent's counsel appeared and submitted that they had filed a reply in compliance with the tribunal's earlier order. The respondent's counsel further submitted that they are prepared to settle the matter specifically in respect of the machinery for which valuation has been sought from the financial creditor. It was noted that SIDBI has also filed an Original Application (OA) before the Debt Recovery Tribunal (DRT) regarding the same matter after filing this NCLT application.
The tribunal granted a brief pass-over to allow parties to verify facts. However, the applicant's counsel subsequently submitted that his client had instructed him to proceed with the matter in NCLT.
Final Outcome
The tribunal heard both parties and directed that they may file written submissions (not exceeding 2-3 pages) within 7 days. The matter has been listed for further consideration on 06/07/2026. The bench comprised Mrs. Chitra Hankare (Member Judicial) and Dr. Velamur G Venkata Chalapathy (Member Technical).
Topics: Insolvency Proceedings, Debt Settlement, NCLT Hearing