# In the matter of Gwalior Bypass Project Ltd. (IB)-1140 (ND)-2018

> NCLT judgment dated 2019-04-25. Citation: TCN-2019-NCLT-03701. The case involves an application (CA-198(PB)/2019) before the National Company Law Tribunal…

- **Court:** NCLT
- **Order date:** 25 Apr 2019
- **Citation:** TCN-2019-NCLT-03701
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/gwalior-bypass-project-ltd-ib-1140-nd-2018-9d35bd99

## Summary

### Background

The case involves an application (CA-198(PB)/2019) before the National Company Law Tribunal (NCLT), New Delhi, Principal Bench. ICICI Bank Ltd. is the applicant/petitioner, and Gwalior Bypass Project Ltd. is the respondent. The order is under Section 7 of the Insolvency & Bankruptcy Code, 2016.

## Facts

ICICI Bank Ltd. filed an application under Section 7 of the Insolvency & Bankruptcy Code, 2016 against Gwalior Bypass Project Ltd. The application was heard by the National Company Law Tribunal (NCLT), New Delhi, Principal Bench. The NCLT, presided over by Chief Justice (RTD.) M. M. Kumar and SH. S. K. Mohapatra, found the application to be wholly misconceived. The orders were already reserved and likely to be pronounced in all the matters. The court also noted that there may not be a common Resolution Professional for one holding company and its subsidiary. Ultimately, the application was dismissed.

## Issues and analysis

### Issue 1: Whether the application filed by ICICI Bank Ltd. under Section 7 of the Insolvency & Bankruptcy …

**Ratio:** An application deemed 'wholly misconceived'

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**Reasoning:** The NCLT explicitly stated that the application was 'wholly misconceived'. This indicates

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**Interpretation:** The term 'wholly misconceived' suggests a significant misunderstanding or

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**Application:** The NCLT applied this principle to the specific facts of the case, determining

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## Parties

- **Judges:** M. M. K…; S. K. MOH…
- **Appellants:** ICICI Ban…
- **Respondents:** Gwalior Bypass…
- **Advocates:** Padmaja…; Yugank…; +3 more

## Timeline

- **2019-04-25 — Order Del…**: The order was delivered…

## 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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