# In the matter of GUGNANI LEASING & HIRE PURCHASE PRIVATE LIMITED

> NCLT judgment dated 2026-03-02. Citation: TCN-2026-NCLT-00198. The application IA/IBC(LIQ)/28(CHE)/2025 was filed in CP(IB)/152/(CHE)/2023 under Section 33 of…

- **Court:** NCLT
- **Order date:** 2 Mar 2026
- **Citation:** TCN-2026-NCLT-00198
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chennai/gugnani-leasing-hire-purchase-private-limited-90ca6ca9

## Summary

### Background

The application IA/IBC(LIQ)/28(CHE)/2025 was filed in CP(IB)/152/(CHE)/2023 under Section 33 of the Insolvency and Bankruptcy Code, 2016, seeking liquidation of the Corporate Debtor, M/s. Gugnani Leasing and Hire Purchase Private Limited.

## Facts

The application seeks liquidation of M/s. Gugnani Leasing and Hire Purchase Private Limited.

The Corporate Insolvency Resolution Process (CIRP) was initiated on 27.06.2025.

Public announcements were made on 04.07.2025 in Business Standard (English) and Hindu Tamil (Tamil).

The Committee of Creditors (CoC) was constituted on 24.07.2025.

The 1st CoC meeting was held on 01.08.2025.

Mr. P. Balasubramaniam was appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional (RP).

No resolution plan was received despite issuing Form-G and the lapse of statutory timelines.

The CoC voted for liquidation in its 4th meeting held on 06.10.2025.

Bank of Baroda, holding 72.23% of the voting share, voted in support of liquidation.

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor should be liquidated due to the failure of the CIRP to produce a …

**Ratio:** Section 33 of the Insolvency

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**Reasoning:** The CIRP has run its course without culmination in a viable Resolution Plan. Despite

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**Interpretation:** The Tribunal interpreted the provisions of Section 33 to allow for liquidation

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**Application:** The Tribunal applied Section 33 and ordered liquidation after considering the

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## Parties

- **Judges:** JYOTI KUMAR…; RAVICHANDRAN…
- **Appellants:** P. Balasubr…
- **Respondents:** M/s. Gugnani…
- **Other parties:** Bank of B…; Union Bank of…; +2 more
- **Advocates:** S. Sathyana…; G. Thyaga…; +4 more

## Timeline

- **2025-06-27 — Commencement…**: The Corporate Insolvency…
- **2025-06-27 — Appointment…**: Mr. P. Balasubramaniam was appointed as the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 33 — Initiation of liquidation](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-33)

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