# In the matter of Global Proserv Limited IA No. 1493 of 2020 in CP No. 1584-IBC-NCLT-MB-MAH-2017

> NCLT judgment dated 2021-04-29. Citation: TCN-2021-NCLT-02250. The case involves an application by the Liquidator of M/s. Global Proserv Limited, the…

- **Court:** NCLT
- **Order date:** 29 Apr 2021
- **Citation:** TCN-2021-NCLT-02250
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/global-proserv-limited-ia-no-1493-of-2020-in-cp-no-1584-ibc-nclt-mb-mah-2017-5cbe8025

## Summary

### Background

The case involves an application by the Liquidator of M/s. Global Proserv Limited, the Corporate Debtor, under Sections 54 and 60(5) of the Insolvency & Bankruptcy Code, 2016, read with Rule 11 of the National Company Law Tribunal Rules, 2016, seeking the dissolution of the Corporate Debtor. The Corporate Insolvency Resolution Process (CIRP) was initiated following a company petition under Section 9 of the Code, which was admitted on 23.02.2018. Mr. Sanjay Kumar Ruia was initially appointed as the Interim Resolution Professional (IRP). The IRP made public announcements and intimated creditors to submit claims. A Committee of Creditors (CoC) was formed, consisting only of Operational Creditors as no Financial Creditor filed a claim. The CoC decided that the

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## Facts

M/s. Global Proserv Limited (Corporate Debtor) underwent Corporate Insolvency Resolution Process (CIRP) after a petition under Section 9 of the Insolvency & Bankruptcy Code, 2016 was admitted on 23.02.2018. Sanjay Kumar Ruia was appointed as the Interim Resolution Professional (IRP). The IRP made public announcements for submission of claims. The Committee of Creditors (CoC) was formed, consisting only of Operational Creditors, as no Financial Creditor filed any claim. The CoC determined that the Corporate Debtor had no scope for revival, was non-operative for two years, and had no employees. The CoC decided to liquidate the Corporate Debtor as a non-going concern. The RP filed an application for liquidation, which was allowed on 29.08.2019. The Insolvency and

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## Issues and analysis

### Issue 1: Whether the affairs of the Corporate Debtor have been wound up and its assets have been completely …

**Ratio:** The legal principle applied here is the requirement under the Insolvency and Bankruptcy

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**Reasoning:** The Tribunal examined the submissions and documents presented by the Liquidator,

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**Interpretation:** This issue involves the interpretation of the IBC provisions related to the

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**Application:** In this case, the Tribunal found that the Liquidator had followed the

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## Parties

- **Judges:** Janab Mohammed…; RavikumarDu…
- **Appellants:** Dipti Atul…
- **Respondents:** M/s. Global…

## Timeline

- **2018-02-23 — CIRP Init…**: Company Petition under Section 9 of…
- **2018-02-23 — Appointment…**: Mr. Sanjay Kumar Ruia appointed as…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 54 — Dissolution of corporate debtor](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-54)

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