# 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-02115. 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-02115
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/gee-pee-infotech-private-limited-cp-ib-no-355-kb-2018-ff656d21

## 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 M/S. 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) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against M/S. Gee Pee Infotech Private Limited. The petition was admitted on August 2, 2019, 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, with a deadline of August 20, 2019. The IRP submitted progress reports, and the appointment of IRP as RP was confirmed by the Committee of Creditors (COC) on September 3, 2019. The RP appointed two registered valuers for the valuation of financial assets. The COC decided to defer the publication of Form G due to the low likelihood

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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, 2016, allows the Adjudicating

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**Reasoning:** The court reasoned that the CIRP period of 180 days had expired, and no viable resolution

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

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**Application:** In this case, the Corporate Debtor failed to attract any resolution applicants

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## Parties

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

## Timeline

- **2019-08-02 — Admission of…**: The petition was admitted, and the Corporate Insolvency Resolution Process (CIRP) was…
- **2019-08-02 — Moratorium…**: A moratorium was ordered as per the provisions of the Insolvency and Bankruptcy Code,…

## 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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