# In the matter of Gee Pee Infotech Private Limited C.P. (IB) No. 355-KB-2018

> NCLT judgment dated 2020-01-31. Citation: TCN-2020-NCLT-02108. The case pertains to an application filed under Section 7 of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 31 Jan 2020
- **Citation:** TCN-2020-NCLT-02108
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/gee-pee-infotech-private-limited-cp-ib-no-355-kb-2018-83c91c52

## Summary

### Background

The case pertains to an application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, against Gee Pee Infotech Private Limited. The State Bank of India initiated the Corporate Insolvency Resolution Process (CIRP) against the corporate debtor.

## Facts

The State Bank of India (SBI) initiated Corporate Insolvency Resolution Process (CIRP) against Gee Pee Infotech Private Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016. The petition was admitted, and a moratorium was ordered. Mr. Binay Kumar Singhania was appointed as the Interim Resolution Professional (IRP). Public announcements were made to invite claims from creditors. The IRP submitted progress reports, and the Committee of Creditors (COC) was formed. The suspended Board of Directors failed to provide necessary information, hindering the resolution process. Despite efforts to find a resolution applicant, none were forthcoming. The COC considered reissuing the EOI or proceeding with liquidation. Ultimately, the court ordered the liquidation of

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor should be liquidated due to the absence of a viable resolution plan …

**Ratio:** Section 33(2) of the Insolvency and Bankruptcy Code (IBC) allows the Adjudicating

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**Reasoning:** The court reasoned that the Corporate Insolvency Resolution Process (CIRP) period had

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**Interpretation:** Section 33(2) of the IBC provides the legal basis for ordering liquidation when

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**Application:** In this case, the court applied Section 33(2) of the IBC to order the

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## Parties

- **Judges:** Jinan…; Harish Chander…
- **Respondents:** M/S. GEE PEE…

## Timeline

- **2019-08-02 — Petition Ad…**: The petition was admitted, and the Corporate Insolvency Resolution Process (CIRP) was…
- **2019-08-02 — Moratorium…**: A moratorium was ordered as part of the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 19(2) — Personnel to extend co-operation to interim…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-19)

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