Ahmedabad NCLT Admits IDBI Trusteeship's Insolvency Petition Against Guarantor Over ₹100 Crore Debt

The Ahmedabad Bench of the National Company Law Tribunal (NCLT) on Monday 16 March, admitted a personal insolvency application filed by IDBI Trusteeship Services against Kamlesh Gondalia, personal guarantor of Takshashila Heights India Pvt. Ltd.

A Bench comprising Judicial Member Chitra Hankare and Technical Member Dr VG Venkata Chalapathy, directed initiation of insolvency proceedings against the guarantor and imposed a moratorium of 180 days, staying legal proceedings and restricting transfer of assets. The Bench stated:

“It is immaterial whether the CD is or not under CIRP and the factual position is the CD has been admitted in to CIRP and various appeals before Honble Supreme Court havebeen turned down.”

The application was filed by IDBI Trusteeship Services in its capacity as Debenture Trustee for Axis RERA Opportunities Fund – I (AROF‑I), which sought recovery of Rs. 100.27 crore owed by the corporate debtor.

The debt arose from financial facilities provided through the issuance of 6,500 senior, secured, redeemable, unlisted non‑convertible debentures, totaling Rs. 65 crore, under a Debenture Trust Deed dated 1 September 2020. These facilities were secured by irrevocable and unconditional personal guarantees executed by Kamlesh Gondalia and Parthil Gondalia.

Takshashila Heights committed repeated defaults on repayment. Following an Event of Default notice in September 2024 and demand certificates in November 2024, statutory notices were issued to the guarantors in December 2024, seeking repayment of dues exceeding Rs. 93.43 crore. As of 4 April 2025, the outstanding debt stood at Rs. 100.27 crore.

The Resolution Professional Chetan Patel, appointed on 12 January 2026, had recommended either admission or rejection of the application. The personal guarantor admitted only Rs. 45.27 crore of the outstanding debt but furnished no proof of repayment.

The respondent challenged maintainability, citing Palogix Infrastructure Private Limited v. ICICI Bank Limited, and contended that the trustee had not acted on specific instructions of debenture holders as required under Clause 15.2 of the Debenture Trust Deed.

The Bench observed that the guarantor had acknowledged liability and that the principal debt was the same as in the ongoing corporate insolvency resolution process (CIRP) against Takshashila Heights, currently pending before the Ahmedabad Bench.

Accordingly, the NCLT admitted the personal insolvency petition and commenced proceedings against Kamlesh Gondalia.

For Applicants: Senior Advocate Dhaval Vyas with Advocates Digant Popat and Nihar Thakkar

For Respondents: Advocate Arjun Seth for Respondent

For the RP: Advocate Arjun Padhiyar