# In the matter of GARVIT INNOVATIVE PROMOTERS LIMITED

> NCLT judgment dated 2025-10-15. Citation: TCN-2025-NCLT-01510. The application was filed under Section 33(2) read with Section 60(5) of the Insolvency and…

- **Court:** NCLT
- **Order date:** 15 Oct 2025
- **Citation:** TCN-2025-NCLT-01510
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-allahabad/garvit-innovative-promoters-limited-93197d39

## Summary

### Background

The application was filed under Section 33(2) read with Section 60(5) of the Insolvency and Bankruptcy Code, 2016, seeking liquidation of the Corporate Debtor, M/s Garvit Innovative Promoters Ltd.

## Facts

The CIRP was initiated against the Corporate Debtor on 16th February, 2023.

The CoC recommended liquidation of the Corporate Debtor in its 7th meeting held on 27.08.2025.

The ex-management did not cooperate with the IRP/RP.

The Corporate Debtor is facing prosecution from various agencies due to a scam and fraud of more than Rs. 3,000 Crore.

The maximum permissible CIRP period of 330 days expired on 29.08.2025.

The object and business model of Corporate Debtor is that of Ponzi Scheme in which more than 2 lakh investors have been cheated and defrauded.

## Issues and analysis

### Issue 1: Whether the application for liquidation under …

**Ratio:** Based on the CoC's recommendation and the circumstances of the case, the application was

…

**Reasoning:** The Corporate Debtor was not having any functional operational business, the

…

**Interpretation:** Section 33(2) allows for liquidation if the Adjudicating Authority has not

…

**Application:** The Adjudicating Authority applied Section 33(2) and allowed the liquidation of

…

## Parties

- **Judges:** Praveen…; Ashish…
- **Appellants:** Dinesh Kuma…
- **Respondents:** Garvit Innovative…
- **Other parties:** Nirmal Kumar…; Noble Co-operative…
- **Advocates:** Sh. Ash…

## Timeline

- **2023-02-16 — CIRP Init…**: CIRP was initiated…
- **2025-08-27 — 7th CoC M…**: The 7th CoC meeting was held,…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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