New Delhi: Former Sanghi Industries promoter Alok Sanghi has withdrawn his appeal before the NCLAT against Ambuja Cements after reaching a settlement with the Adani Group-owned cement maker, bringing their dispute over an Rs 84-crore personal guarantee to an end.

The development follows Ambuja Cements' decision to withdraw its insolvency plea against Sanghi before the Ahmedabad bench of the National Company Law Tribunal (NCLT) on April 10, 2026.

Sanghi had challenged an NCLT order passed in November 2025 that admitted Ambuja Cements' insolvency application against him in connection with a personal guarantee of Rs 84 crore and appointed an interim resolution professional.

Earlier this year, NCLAT was informed that both parties had settled the matter, prompting Ambuja Cements to seek withdrawal of its application filed under Section 95 of the Insolvency and Bankruptcy Code (IBC). The appellate tribunal was also told that the resolution professional's report under Section 99 had not been filed due to a stay granted by NCLAT.

On May 26, Sanghi's counsel sought permission to withdraw the appeal, which was allowed by the tribunal. NCLAT recorded that the appeal stood dismissed as withdrawn.

The dispute stemmed from Ambuja's acquisition of Sanghi Industries in a Rs 5,185-crore deal completed in December 2023.

Ambuja had initiated insolvency proceedings against Sanghi as a personal guarantor after seeking recovery of Rs 84 crore linked to an unpaid electricity liability.