NCLT Ahmedabad Admits Edelweiss ARC’s Section 7 Petition Against Takshashila Heights After Supreme Court Dismissal
Court / Authority
NCLT & NCLAT
Update / Judgement Date
20 Jun 2026
Source
WCP News Bulletin
Author
Manas Yadav — WCP Legal Desk
Reading Time
2 min read
View Count
Background
The Ahmedabad Bench (Court–2) of the National Company Law Tribunal has admitted a Section 7 application filed by Edelweiss Asset Reconstruction Company Limited against Takshashila Heights Private Limited, thereby initiating the Corporate Insolvency Resolution Process (CIRP) against the corporate debtor. Senior Counsel appearing for Edelweiss ARC submitted that the respondent corporate debtor had earlier challenged the insolvency proceedings before the Supreme Court of India by way of Civil Appeal No. 10012 of 2025. The Supreme Court, however, dismissed the appeal filed by the corporate debtor, thereby affirming the creditor’s entitlement to pursue insolvency proceedings. The said order of the Supreme Court was placed on record before the NCLT by way of a pursis. The Bench also heard the submissions made on behalf of the corporate debtor, represented by a Chartered Accountant, who appeared through virtual mode.
Findings and Order
Taking note of the dismissal of the appeal by the Supreme Court, the Tribunal held that there was no impediment to the admission of the Section 7 petition. The Bench observed that the financial debt and default stood established and that the statutory requirements under Section 7(5) of the Insolvency and Bankruptcy Code, 2016 were duly satisfied. Accordingly, the NCLT admitted the application and ordered initiation of CIRP against Takshashila Heights Private Limited with immediate effect. The Tribunal appointed Orion Resolution & Turnaround Private Limited, a registered Insolvency Professional Entity (IPE), as the Interim Resolution Professional (IRP).
The IRP was directed to take over the management of the corporate debtor forthwith and to issue a public announcement under Section 15 of the IBC inviting claims from creditors. Edelweiss ARC was also directed to deposit ₹2 lakh towards initial CIRP costs, subject to adjustment by the Committee of Creditors. A moratorium under Section 14 of the IBC was declared, staying all proceedings against the corporate debtor. The Registry was directed to communicate the order to all concerned stakeholders and forward a copy to the Insolvency and Bankruptcy Board of India for statutory compliance.
Full Judgement / Attachment
Full Judgement
Frequently asked questions about NCLT & NCLAT
- What are the NCLT and NCLAT?
- The National Company Law Tribunal (NCLT) and the National Company Law Appellate Tribunal (NCLAT) were constituted on 1 June 2016 under the Companies Act, 2013. The NCLT sits in benches across India, and the NCLAT hears appeals from it, with its principal bench in New Delhi and a bench in Chennai.
- What cases does the NCLT hear?
- The NCLT is the Adjudicating Authority for corporate insolvency under the IBC. It also hears company law matters, including oppression and mismanagement petitions, schemes of merger and demerger, reduction of capital, and class action suits.
- What is the time limit to appeal an NCLT order to the NCLAT?
- Under the Companies Act, the appeal is due within 45 days, extendable by up to 45 days. Under the IBC, it is due within 30 days, extendable by up to 15 days. These outer limits are strictly applied.
- How can I check NCLT case status or orders?
- Case status, cause lists and orders are available on the NCLT website (nclt.gov.in) and the NCLAT website (nclat.nic.in), searchable by case number, party name or bench.
- How can White Collar Professional help with a NCLT or NCLAT matter?
- Post your requirement on White Collar Professional to receive proposals from verified Company Secretaries, Insolvency Professionals and Advocates, compare them, and pay securely through the platform. This page also tracks the latest NCLT or NCLAT NCLT and NCLAT judgements as they are reported.
