# Gujarat Integrated Maritime Complex Private Limited vs. N/A

> NCLT judgment dated 2026-09-22. Citation: TCN-2026-NCLT-01067. Gujarat Integrated Maritime Complex Private Limited (GIMCO), a 'Red List' classified entity…

- **Court:** NCLT
- **Order date:** 22 Sept 2026
- **Citation:** TCN-2026-NCLT-01067
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-ahmedabad/gujarat-integrated-maritime-complex-private-limited-vs-gujarat-integrated-mariti-bh7t4

## Summary

### Background

Gujarat Integrated Maritime Complex Private Limited (GIMCO), a 'Red List' classified entity within the IL&FS Group, filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against itself. GIMCO is financially distressed, unable to meet its financial obligations, and lacks substantial ongoing business operations, having defaulted on a financial debt of INR 4165.71 Million involving three financial creditors and four operational creditors. The resolution framework for the IL&FS Group, including GIMCO, was approved by the NCLAT and supervised by Hon'ble Justice (Retd.) D.K. Jain. The decision to initiate CIRP for GIMCO was approved by its board, shareholders, the IL&FS

…

## Facts

Gujarat Integrated Maritime Complex Private Limited (GIMCO) filed an application under Section 10 of the IBC, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against itself.

GIMCO, as the Corporate Applicant, has committed default in paying a financial debt of INR 4165.71 Million.

The debt involves three financial creditors and four operational creditors.

In 2018, the Union of India, through the Ministry of Corporate Affairs, filed Company Petition No. 3638 of 2018 under Sections 241-242 of the Companies Act before the NCLT, Mumbai, concerning IL&FS.

On 01.10.2018, NCLT Mumbai superseded the erstwhile board of directors of IL&FS and appointed a 'New Board'.

…

## Issues and analysis

### Issue 1: Whether Gujarat Integrated Maritime Complex Private Limited (GIMCO) is eligible for initiation of …

**Ratio:** A corporate debtor can initiate CIRP against itself under Section 10 of the IBC if it has

…

**Reasoning:** GIMCO, a 'Red List' entity of the IL&FS Group, is financially distressed, unable to

…

**Interpretation:** Section 10 of the IBC provides a mechanism for a corporate applicant (corporate

…

**Application:** GIMCO's application under Section 10 is valid as it has demonstrated default

…

## Parties

- **Judges:** Chitra Ha…; Velamur G Venkata…
- **Appellants:** Gujarat Integrated…
- **Other parties:** SREI Infrastructur…; Bhavan Tr…; +2 more
- **Advocates:** Digant M.…; Nihar Th…; +7 more

## Timeline

- **1996-03-27 — Incorporation…**: Gujarat Integrated Maritime Complex Private Limited (GIMCO), formerly Shri Matai Ashapura…
- **2002-02-11 — Land Allo…**: The Additional Collector, Kutch, allotted…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 10 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-10)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-ahmedabad/gujarat-integrated-maritime-complex-private-limited-vs-gujarat-integrated-mariti-bh7t4