Ambuja Cements withdraws IBC plea against former promoter of Sanghi Ind
This story was originally published at 18:37 IST on 10 April 2026
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NEW DELHI – Ambuja Cements Ltd. Friday withdrew its insolvency plea from the Ahmedabad bench of the National Company Law Tribunal against Sanghi Industries Ltd.'s former promoter Alok Sanghi as both parties reached a settlement. Permitting the withdrawal of insolvency plea against Sanghi, the tribunal said that having amicably resolved their disputes, continuation of proceedings would serve no useful purpose.
The tribunal noted that both the parties had jointly affirmed their intent to settle the matter and had sought withdrawal of the insolvency proceedings. There is nothing on record to indicate that any third-party rights or interests would be adversely affected by permitting such withdrawal, said the tribunal.
Adani Group company Ambuja Cements had earlier filed a plea to start insolvency proceedings against Sanghi in his capacity as personal guarantor to Sanghi Industries for a debt of INR 1.61 billion. Sanghi had failed to pay the dues towards indemnity in the form of personal guarantees given by him under the share purchase agreement for purchase of shares of Sanghi Industries by Ambuja Cements.
Initially, Sanghi had opposed the maintainability of Ambuja Cements' insolvency petition, arguing that the share purchase agreement did not constitute a valid contract of guarantee under the Indian Contract Act, 1872. Sanghi had moved the National Company Law Appellate Tribunal against the appointment of an interim resolution professional for him by the Ahmedabad tribunal. The appellate tribunal had put a stay on further proceedings pursuant to the appointment of the interim resolution professional for Sanghi.
Friday, the shares of Ambuja Cements closed 2.6% higher at INR 445.20 on the National Stock Exchange. End
Reported by Surya Tripathi
Edited by Deepshikha Bhardwaj
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