# In the matter of Global Powersource (India) Limited C.P. (IB) No. 3735-NCLT-MB-2018

> NCLT judgment dated 2020-10-05. Citation: TCN-2020-NCLT-00472. The case involves a Company Petition (C.P. (IB) No. 3735/NCLT/MB/2018) filed under Section 9 of…

- **Court:** NCLT
- **Order date:** 5 Oct 2020
- **Citation:** TCN-2020-NCLT-00472
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/global-powersource-india-limited-cp-ib-no-3735-nclt-mb-2018-a1048809

## Summary

### Background

The case involves a Company Petition (C.P. (IB) No. 3735/NCLT/MB/2018) filed under Section 9 of the I&B Code, 2016, by Forever Glory Trading Limited (Operational Creditor) against Global Powersource (India) Limited (Corporate Debtor). The Insolvency & Bankruptcy Petition was admitted on 03.06.2020, and Mr. Anand Gopikishan Mundada was appointed as the IRP. The Director of the Corporate Debtor challenged this order before the NCLAT. The NCLAT disposed of the appeal, directing the parties to approach the Adjudicating Authority. Both parties submitted that they have entered into consent terms.

## Facts

Forever Glory Trading Limited, an operational creditor, initiated insolvency proceedings against Global Powersource (India) Limited, the corporate debtor, under Section 9 of the I&B Code. The NCLT admitted the petition on 03.06.2020 and appointed Mr. Anand Gopikishan Mundada as the IRP. However, the Director of the Corporate Debtor, Mr. Ashwin Kisandas Parekh, challenged the admission order before the NCLAT. The NCLAT directed the parties to approach the Adjudicating Authority after noting that the IRP was unable to take charge of the Corporate Debtor's assets. Subsequently, both parties submitted that they had entered into consent terms. The IRP had neither taken charge of the Corporate Debtor nor issued any public advertisement inviting claims. The relevance of

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## Issues and analysis

### Issue 1: Whether the Company Petition should be dismissed as withdrawn in light of the consent terms filed …

**Ratio:** When parties enter into consent terms and submit them to the court, the court may dismiss

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**Reasoning:** The court reasoned that since both parties had entered into consent terms, it was

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**Interpretation:** This interpretation suggests that the court prioritizes the resolution of

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**Application:** In this specific case, the court applied the ratio by dismissing the Company

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## Parties

- **Judges:** Janab Mohammed…; V. Nallasen…
- **Respondents:** Global Powersource…

## Timeline

- **2020-06-03 — Admission of Insolvency…**: The NCLT admitted the…
- **2020-09-07 — NCLAT Or…**: The NCLAT disposed of the appeal, directing parties to approach the Adjudicating…

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