# In the matter of GSEC Ltd. Vs. Fenil Bharatbhai Shah & Ors. CA(AT)(Insolvency)No. 1063 of 2019

> NCLAT judgment dated 2019-11-21. Citation: TCN-2019-NCLAT-00091. The case involves two appeals, Company Appeal (AT) (Insolvency) No. 1063 of 2019 and Company…

- **Court:** NCLAT
- **Order date:** 21 Nov 2019
- **Citation:** TCN-2019-NCLAT-00091
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/gsec-ltd-vs-fenil-bharatbhai-shah-ors-ca-727c4909

## Summary

### Background

The case involves two appeals, Company Appeal (AT) (Insolvency) No. 1063 of 2019 and Company Appeal (AT) (Insolvency) No. 1215 of 2019, which arise out of a common impugned order dated August 26, 2019, passed by the Adjudicating Authority (National Company Law Tribunal) Ahmedabad Bench, Ahmedabad in ‘CP(IB) No. 33 of 2017’. The appeals were clubbed together for hearing and disposal. The Appellants in both appeals are the ‘Resolution Applicants’ aggrieved by the order to liquidate the Corporate Debtor company 'Ardor Global Private Limited'. The appellants sought to annul the liquidation order and obtain further time for consideration of their resolution plans.

## Facts

The Adjudicating Authority (National Company Law Tribunal) Ahmedabad Bench, Ahmedabad passed an order on August 26, 2019, in ‘CP(IB) No. 33 of 2017’, which led to the liquidation of 'Ardor Global Private Limited'. The Resolution Applicants, aggrieved by this order, filed two appeals: Company Appeal (AT) (Insolvency) No. 1063 of 2019 and Company Appeal (AT) (Insolvency) No. 1215 of 2019. The corporate insolvency resolution process period had expired, even after an extension of 90 days beyond the initial 180 days. The Resolution Applicants did not seek exclusion of any period while requesting an extension. The Corporate Insolvency Resolution Process was initiated against M/s Sai Infosystems (India) Ltd. (‘Corporate Debtor') on 30th November, 2017.

## Issues and analysis

### Issue 1: Whether the liquidation order of the Corporate Debtor 'Ardor Global Private Limited' should be …

**Ratio:** The corporate insolvency resolution process period had expired, and no exclusion of any

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**Reasoning:** The court reasoned that the corporate insolvency resolution process period had expired,

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**Interpretation:** The interpretation is that once the corporate insolvency resolution process

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**Application:** The ratio and reasoning apply to the specific facts because the appellants

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## Parties

- **Judges:** Bansi Lal…; Venugop…
- **Appellants:** GSEC…
- **Respondents:** Ardor Global…; Fenil Bharatbhai…

## Timeline

- **2019-11-21 — Appeals…**: Both appeals arise out of…
- **2019-08-26 — Impugned…**: Order passed by the Adjudicating Authority (National Company Law Tribunal) Ahmedabad…

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