# 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-02119. 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-02119
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/gee-pee-infotech-private-limited-cp-ib-no-355-kb-2018-c0e5e44f

## 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 Corporate Insolvency Resolution Process (CIRP) was initiated, and a moratorium was ordered. An Interim Resolution Professional (IRP) was appointed. The IRP made public announcements inviting claims from creditors. The Committee of Creditors (COC) was formed, and the IRP's appointment was confirmed as Resolution Professional (RP).

## Facts

State Bank of India (SBI) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Gee Pee Infotech Private Limited. The application was admitted, and the Corporate Insolvency Resolution Process (CIRP) was initiated. A moratorium was declared, and Mr. Binay Kumar Singhania was appointed as the Interim Resolution Professional (IRP). The IRP made public announcements inviting claims from creditors. The Committee of Creditors (COC) confirmed the appointment of the IRP as the Resolution Professional (RP). The RP requested information from the Corporate Debtor, but the suspended Board of Directors failed to provide the necessary information. The COC decided to publish an Expression of Interest (EOI) to invite resolution plans, but no viable

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor should be liquidated …

**Ratio:** Section 33(2) of the Insolvency and Bankruptcy Code, 2016, allows the Adjudicating

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**Reasoning:** The court reasoned that since the CIRP period had expired and no resolution plan was

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**Interpretation:** Section 33(2) provides the legal basis for initiating liquidation when the CIRP

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**Application:** The court applied Section 33(2) to the facts of the case, noting that no

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## Parties

- **Judges:** Jinan…; Harish Chander…
- **Appellants:** SBI…
- **Respondents:** Gee Pee Infotech…

## Timeline

- **2019-08-02 — Petition Ad…**: Petition admitted, and Corporate…
- **2019-08-06 — Public Annou…**: Public announcement made in…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 14 — Moratorium](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-14)

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