Authority: National Company Law Tribunal, Division Bench, Court - 1, Ahmedabad
Order Date: 10 July 2026
Case Overview
The National Company Law Tribunal (NCLT), Ahmedabad bench comprising Member (Judicial) Mr. Shammi Khan and Member (Technical) Mr. Sanjeev Sharma, heard proceedings under Section 95 of the Insolvency and Bankruptcy Code (IBC), 2016. The matter involves Company Petition No. C.P.(IB)/191(AHM)2026 filed by SVC Co-Operative Bank Ltd (formerly known as Shamrao Vithal Cooperative Bank Ltd) as the Applicant/Financial Creditor against Respondent Karansinh Maheshkumar Parmar, Personal Guarantor of M/s Sahar Industries LLP, the corporate debtor. The petition represents an initiation of insolvency resolution proceedings against the personal guarantor of a corporate debtor. The matter was presented before the bench with representation for the Applicant/Financial Creditor by Advocate Mr. Sumit Parikh and for the Resolution Professional by Advocate Mr. Arjun Padhiyar.
Final Outcome
The NCLT bench did not issue a final decision on the merits of the case. Instead, the tribunal adjourned the hearing and directed that the main company petition be listed along with an Interlocutory Application (IA) filed by the Resolution Professional under Section 99 of the IBC. The matter has been re-listed for further consideration on 24 July 2026. The order indicates that the proceedings are at a preliminary stage, and no determination regarding admission or dismissal of the insolvency application has been made at this time.
Topics: Insolvency Proceedings, Banking Sector, NCLT