# Ashwinkumar Kantilal Kamdar vs. Malco Gems & Anr.

> NCLAT judgment dated 15 Apr 2026. Citation: TCN-2026-NCLAT-00141. This case involves a challenge to the National Company Law Tribunal (NCLT) order dated…

- **Court:** NCLAT
- **Order date:** 15 Apr 2026
- **Citation:** TCN-2026-NCLAT-00141
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/ashwinkumar-kantilal-kamdar-vs-malco-gems-anr-40diy

## Summary

### Background

This case involves a challenge to the National Company Law Tribunal (NCLT) order dated 26.03.2026, which admitted an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) against Prince Foundation Ltd. The Appellant, Ashwinkumar Kantilal Kamdar, a suspended director of Prince Foundation Ltd., contests the admission. The Respondent, Malco Gems & Anr., had previously filed a similar Section 7 application but withdrew it on 03.03.2023 after failing to provide requested documents by an NCLT order dated 17.02.2023. A fresh Section 7 application was initiated by the Respondent.

## Facts

An application under Section 7 of the I & B Code, 2016, was admitted against Prince Foundation Ltd. by the Ld. NCLT on 26.03.2026.

Ashwinkumar Kantilal Kamdar, suspended director of Prince Foundation Ltd., challenged the NCLT's order.

In earlier proceedings, the Ld. Tribunal on 17.02.2023 directed the Respondent to provide certain documents for a Section 7 application.

The Respondent did not supply the requested documents and subsequently withdrew those proceedings on 03.03.2023.

A fresh Section 7 application was initiated by the Respondent based on similar facts, with the Appellant disputing the claim's justification as financial assistance.

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## Issues and analysis

### Issue 1: Whether the NCLT was justified in admitting the Section 7 application under the I&B Code, 2016, …

**Ratio:** For admission of a Section 7 application under the IBC, the Financial Creditor must

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**Reasoning:** The NCLAT noted that the NCLT, in an order dated 22.08.2025, specifically directed the

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**Interpretation:** The NCLAT's decision implies that mere submission of a certified balance sheet,

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**Application:** Given the Respondent's failure to comply fully with the NCLT's order for

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## Parties

- **Judges:** Sharad Kumar…; Jatindranat…
- **Appellants:** Ashwinkumar…
- **Respondents:** Prince Foundation…; Malco Gems…
- **Other parties:** Insolvency and…; Section 7…; +6 more
- **Advocates:** P.H. Arvindh…; K.K. Vijay…; +1 more

## Timeline

- **2023-02-17 — NCLT Order for Document…**: The Ld. Tribunal ordered the Respondent to place certain documents on record in an…
- **2023-03-03 — Withdrawal of Prior…**: The Respondent/Applicant chose to withdraw the previous Section 7 application proceedings…

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