Authority: National Company Law Tribunal, Ahmedabad Bench (Court 2)
Order Date: 17 June 2026
Case Overview
The National Company Law Tribunal (NCLT), Ahmedabad Bench, heard proceedings in CP(IB) 322 of 2018, an application filed by State Bank of India under Section 7 of the Insolvency and Bankruptcy Code (IBC) against Galaxy Cotton & Textiles Pvt Ltd. The matter came before a bench comprising Judicial Member Mrs. Chitra Hankare and Technical Member Dr. Velamur G Venkata Chalapathy.
Representation included Mr. Monaal Davawala, Advocate for the applicant (State Bank of India) and Mr. Nitesh Shrivastava, Advocate for the respondent (Galaxy Cotton & Textiles Pvt Ltd), who confirmed filing his vakalatnama. The applicant had previously filed written submissions on the maintainability of the insolvency application. The respondent's counsel was granted the opportunity to file written submissions on maintainability as well.
Final Outcome
The tribunal adjourned the matter and listed it for further consideration on 08 July 2026. No decision on the maintainability or admission of the insolvency petition was rendered in this order.
Topics: Insolvency Proceeding, Banking Dispute, NCLT Hearing