The National Company Law Tribunal (NCLT) in Ahmedabad has permitted Zankarsinh Kishorsinh Solanki, personal guarantor of Torque Automotive Private Limited, to travel to the United States despite serious objections raised by creditors regarding his alleged non-cooperation and asset non-disclosure in ongoing bankruptcy proceedings.
The Bench of Judicial Member Shammi Khan and Technical Member Sanjeev Sharma said that it was inclined to take a lenient approach only because the immigration status and future prospects of Solanki’s two minor children depend on his continued possession of a US Green Card. Solanki sought permission to travel between October 18 and December 27, 2025, arguing that Green Card rules require holders to visit once every 180 days to retain the status, failing which his children’s education plans could be affected.
Solanki initiated insolvency proceedings in March 2024, listing debt of ₹108.82 crore. His repayment proposal of ₹50 lakh was rejected by creditors in November 2024, and bankruptcy was admitted on October 10, 2025 under Sections 121 and 122 of the Insolvency and Bankruptcy Code.
Creditors led by Bank of Baroda opposed the request, highlighting alleged nondisclosure of two immovable properties, two bank accounts, and an unexplained investment of ₹1.63 crore disclosed as having “nil value” in his plan. They also pointed to a pending FIR under Sections 120B, 420, 467 and 471 of the IPC and argued that permitting overseas travel to a Green Card holder posed flight risk. The Tribunal noted that while Solanki claimed to have invested ₹1.63 crore in a US-based company, he also stated that the entity was now untraceable, and his Income Tax Return showed no foreign assets.
The Bench observed that these concerns had substance but allowed travel based purely on the dependency of his minor children. Against the requested 70 days, travel has been restricted to December 10, 2025 to January 31, 2026 and is subject to stringent safeguards.
Solanki must deposit ₹40 crore as security in a special bankruptcy account within seven days. The amount will be returned only upon compliance and will be forfeited if he fails to return. He must also furnish two sureties of ₹50 crore each backed by immovable property or fixed deposits, each giving oath-bound assurances of his return.
His father must attend all hearings as authorised representative, and the Bankruptcy Trustee must file compliance reports every 15 days, confirming Solanki’s virtual participation.
The application was allowed with conditions aimed at preventing any attempt to escape jurisdiction.
Cause Title: Zankarsinh Kishorsinh Solanki v. Kanhaiyalal Salawat & Ors.
Case No: IA/1214(AHM)2025 in CP(IB)/395(AHM)2025
Coram: Judicial Member Shammi Khan, Technical Member Sanjeev Sharma
Appearance: Natasha Shah for Applicant; Nalini Lodha for Bank of Baroda; Sunil Kumar for ASREC India Ltd.
