# In the matter of G. B. Engineering Enterprises Pvt. Ltd. IA-99-CHE-2021 in CP-64-IB-2018

> NCLT judgment dated 2021-07-15. Citation: TCN-2021-NCLT-01735. The case pertains to an application filed by the Liquidator of M/s. G.B. Engineering…

- **Court:** NCLT
- **Order date:** 15 Jul 2021
- **Citation:** TCN-2021-NCLT-01735
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/g-b-engineering-enterprises-pvt-ltd-ia-99-che-2021-in-cp-64-ib-2018-a0bc8b88

## Summary

### Background

The case pertains to an application filed by the Liquidator of M/s. G.B. Engineering Enterprises Pvt. Ltd. under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, seeking relief related to the liquidation process. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor on 25.01.2018. Subsequently, the applicant was appointed as the Resolution Professional and later as the Liquidator. The liquidation order was passed on 06.08.2018.

## Facts

M/s. G.B. Engineering Enterprises Pvt. Ltd. faced Corporate Insolvency Resolution Process (CIRP) initiated on 25.01.2018. Satyadevi Alamuri was appointed as the Liquidator. The liquidation order was passed on 06.08.2018. The Liquidator could not complete the liquidation within the prescribed two-year period due to the Covid-19 pandemic and associated lockdowns. The Liquidator filed MA/621/2019 for the return of materials given for job work. More than 10 e-auctions were held for a parcel of land and building belonging to the Corporate Debtor, but they yielded no successful buyer. The Liquidator sought exclusion of the lockdown period and an extension of the liquidation period by one year, relying on Regulation 44 and 47A of the IBBI (Liquidation Process) Regulations,

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## Issues and analysis

### Issue 1: Whether the Liquidator is entitled to an extension of the liquidation period due to the Covid-19 …

**Ratio:** Regulation 44(2) of the IBBI (Liquidation Process) Regulations, 2016, allows the

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**Reasoning:** The court considered the submissions of the Learned Counsel for the Applicant, the

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**Interpretation:** Regulation 44(2) provides a mechanism for extending the liquidation period in

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**Application:** In this case, the court found that the Covid-19 pandemic and associated

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## Parties

- **Judges:** R. Sucha…; Anil Ku…
- **Appellants:** SATYADEVI A…
- **Respondents:** M/s. G.B.…
- **Advocates:** S. Sa…

## Timeline

- **2018-01-25 — Initiation…**: Corporate Insolvency Resolution Process (CIRP) initiated against M/s. G.B. Engineering…
- **2018-03-27 — Appointment of…**: Applicant appointed as the Resolution…

## 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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