# In the matter of GPI Textiles Ltd. CA Nos. 89,273,553,557,729,865,866-2019 & IA Nos. 132-2021, 86-2022 in CP (IB) No. 35-Chd-HP-2018

> NCLT judgment dated 2022-05-24. Citation: TCN-2022-NCLT-04785. The CIRP was initiated against GPI Textiles Limited on 06.07.2018. The CoC comprised Phoenix…

- **Court:** NCLT
- **Order date:** 24 May 2022
- **Citation:** TCN-2022-NCLT-04785
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/gpi-textiles-ltd-ca-nos-89273553557729865866-2019-ia-nos-132-2021-86-2022-in-cp-c43dc6da

## Summary

### Background

The CIRP was initiated against GPI Textiles Limited on 06.07.2018. The CoC comprised Phoenix Arc Private Limited and State Bank of India. Several IAs were filed, linked to the resolution plan, by financial creditors, operational creditors, and others. The Resolution plan submitted before the Adjudicating Authority for approval has been rejected and the matter is referred back to the Committee of Creditors (CoC).

## Facts

The CIRP was initiated against GPI Textiles Limited on 06.07.2018.

The CoC comprised Phoenix Arc Private Limited and State Bank of India.

M/s Aggarsain Spinners Limited was approved as the Successful Resolution Applicant by the CoC on 27.03.2019.

A dispute exists regarding an amount of Rs.81.67 Crores, claimed to be an asset of the corporate debtor held by HSBC.

The Resolution Professional received a claim from Phoenix ARC Pvt. Ltd. for Rs.286,48,31,235/-.

The applicant has filed its claim vide e-mail dated 20.11.2019 i.e. with a delay of 502 days from the initiation of CIRP.

…

## Issues and analysis

### Issue 1: Whether the disputed amount of Rs.81.67 Crores is an asset owned by the corporate debtor and …

**Ratio:** The NCLAT has held that this issue

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**Reasoning:** The dispute over the amount of Rs.81.67 Crores goes back to 2012, i.e. much before the

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**Interpretation:** The Adjudicating Authority lacks jurisdiction to adjudicate on disputes that

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**Application:** The Adjudicating Authority cannot decide on the ownership of the disputed

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## Parties

- **Judges:** Harnam Singh…; SUBRATA KUM…
- **Appellants:** Phoenix ARC Pvt.…; IDBI Bank…; +9 more
- **Respondents:** GPI Textile…; Jalesh Kumar…; +3 more
- **Other parties:** Jalesh Kumar…
- **Advocates:** Abhishek…; Viren S…; +15 more

## Timeline

- **06.07.2018 — CIRP Init…**: Corporate Insolvency Resolution Process was…
- **27.03.2019 — CoC Appr…**: Committee of Creditors (CoC) approved M/s Aggarsain Spinners Limited as the Successful…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 18(1) — Duties of interim resolution professional](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-18)

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