# In the matter of GNB Technologies (India) Private Limited C.P. (IB)No.167-BB-2019

> NCLT judgment dated 2019-11-08. Citation: TCN-2019-NCLT-00650. M/s. GNB Technologies (India) Private Limited filed C.P.(IB)No.167/BB/2019 under Section 10 of…

- **Court:** NCLT
- **Order date:** 8 Nov 2019
- **Citation:** TCN-2019-NCLT-00650
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/gnb-technologies-india-private-limited-cp-ibno167-bb-2019-e001d951

## Summary

### Background

M/s. GNB Technologies (India) Private Limited filed C.P.(IB)No.167/BB/2019 under Section 10 of the IBC, 2016, seeking to initiate CIRP/Liquidation. The company claimed insolvency with a debt of Rs.49,97,96,558/- and limited current assets of INR 65,000/-. Incorporated in 1997, GNB Technologies manufactured sealed maintenance-free batteries. The company faced financial difficulties since 2011 due to increased competition and high costs, leading to the closure of its manufacturing facility. The company had settled claims of financial creditors but owed a significant amount to operational creditors. Exide Holding Asia Pte. Ltd., holding 99% shares, requested the initiation of CIRP. The Board of Directors resolved to propose Mr. Malav Jitendra Ajmera as the Interim

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## Facts

M/s. GNB Technologies (India) Private Limited, incorporated on June 13, 1997, engaged in manufacturing sealed maintenance-free batteries, filed for insolvency under Section 10 of the IBC, 2016. The company's authorized share capital was INR 10,00,00,000, and paid-up share capital was INR 8,01,84,180. Exide Holding Asia Pte Ltd., Singapore, held 80,18,397 shares. The manufacturing facility was located in Hosur, Tamil Nadu. The company faced financial difficulties since 2011 due to increased competition and high costs, leading to the closure of its manufacturing facility. The company had settled claims of financial creditors but owed INR 49,97,96,558/- to operational creditors. Exide Holding Asia Pte. Ltd., holding 99% shares, requested the initiation of CIRP. The Board

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## Issues and analysis

### Issue 1: Whether the company petition bearing C.P(IB)No.167/BB/2019 should be admitted for liquidation under …

**Ratio:** Section 10 read with Section 33 of the IBC, 2016, and Rule 11 of NCLT Rules, 2016, allows

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**Reasoning:** The Adjudicating Authority considered the facts and circumstances of the case, including

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**Interpretation:** Section 10 of the IBC allows a corporate debtor to initiate CIRP. Section 33

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**Application:** Given the company's inability to revive its operations and the lack of

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## Parties

- **Judges:** Rajeswara Rao…; Ashutosh C…
- **Respondents:** M/s. GNB Technolog…

## Timeline

- **1997-06-13 — Incorpor…**: M/s. GNB Technologies (India)…
- **2011-01-01 — Financial Diff…**: The company started facing financial difficulties due to increased competition and high…

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