# In the matter of Ganayaka Steels Pvt. Ltd. T.C.P No.14-(MAH)-2017

> NCLT judgment dated 2017-11-21. Citation: TCN-2017-NCLT-00165. The case pertains to T.C.P. No. 714/(MAH)/2017 before the National Company Law Tribunal, Mumbai…

- **Court:** NCLT
- **Order date:** 21 Nov 2017
- **Citation:** TCN-2017-NCLT-00165
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/ganayaka-steels-pvt-ltd-tcp-no14-mah-2017-97d81b3d

## Summary

### Background

The case pertains to T.C.P. No. 714/(MAH)/2017 before the National Company Law Tribunal, Mumbai Bench. The matter involves Bright Steel Processors V/s Ganayaka Steel Pvt. Ltd. The case was heard on 21.11.2017.

## Facts

The case involves Bright Steel Processors as the applicant and Ganayaka Steel Pvt. Ltd. The Tribunal heard the case on November 21, 2017. T.C.P. 714/2017 was abated in view of a notification dated June 29, 2017, which allows parties to file fresh applications under sections 7, 8, or 9 of the Insolvency and Bankruptcy Code (IBC) after July 15, 2017. Representatives from both sides were present during the hearing. The Tribunal granted liberty to file a fresh petition if deemed fit under the provisions of the Code. The case was disposed of and ordered to be consigned to records.

## Issues and analysis

### Issue 1: Whether T.C.P. 714/2017 should be abated in light of the notification dated 29th June, 2017, [F. …

**Ratio:** A notification dated 29th June, 2017, [F. No. 1/5/2016-CL-V] (GSR 732(E)) allows parties

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**Reasoning:** The Tribunal considered the notification and its implications for the existing

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**Interpretation:** The notification is interpreted as providing a window for parties to

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**Application:** Given the existence of the notification, T.C.P. 714/2017 was abated to allow

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## Parties

- **Judges:** M.K. Sh…; Bhaskara Pantula…
- **Appellants:** Bright Steel…
- **Respondents:** Ganayaka Steel…

## Timeline

- **2017-06-29 — Notificatio…**: Notification dated 29th June, 2017, [F. No.…
- **2017-07-15 — Eligibility for Fresh…**: Parties eligible to file fresh applications under sections 7, 8, or 9 of the Code after…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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