# In the matter of G-Security (India) Private Limited

> NCLT judgment dated 2024-12-10. Citation: TCN-2024-NCLT-00076. The case pertains to a petition filed under Section 54C of the Insolvency and Bankruptcy Code,…

- **Court:** NCLT
- **Order date:** 10 Dec 2024
- **Citation:** TCN-2024-NCLT-00076
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/g-security-india-private-limited-763d9904

## Summary

### Background

The case pertains to a petition filed under Section 54C of the Insolvency and Bankruptcy Code, 2016, read with Rule 4 of the Insolvency and Bankruptcy (Pre-Packaged Insolvency Resolution Process) Rules, 2021, seeking initiation of the Pre-Packed Insolvency Resolution Process (PPIRP) for G-Security (India) Private Limited. The Corporate Debtor is a private limited company incorporated on 27.12.2004 with an authorized and paid-up share capital of INR 25,00,000/- each. The Corporate Debtor is under a default of Rs. 15,00,000/- owed to two unrelated financial creditors: Dr. Chandramani Tiwari (Rs. 12,00,000/-) and Mr. Ajay Kumar Mishra (Rs. 3,00,000/-). The petition was filed to initiate PPIRP under Chapter III-A of the Code.

## Facts

G-Security (India) Private Limited, a private limited company incorporated on 27.12.2004, filed a petition under Section 54C of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Pre-Packaged Insolvency Resolution Process (PPIRP). The company's authorized and paid-up share capital is INR 25,00,000/- each. The Corporate Debtor is under a default of Rs. 15,00,000/- owed to two unrelated financial creditors: Dr. Chandramani Tiwari (Rs. 12,00,000/-) and Mr. Ajay Kumar Mishra (Rs. 3,00,000/-). The Petitioner submitted a Base Resolution Plan, which includes details of PPIRP costs (Rs. 10.00 Lakhs), proposed settlement with financial and operational creditors, and a contingency fund (Rs. 2.00 Lakhs). The CoC consists of Dr. Chandramani Tiwari and Mr. Ajay Kumar

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## Issues and analysis

### Issue 1: Whether the petition filed by G-Security (India) Private Limited under Section 54C of the …

**Ratio:** Section 54C of the Insolvency and Bankruptcy Code, 2016, outlines the requirements for

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**Reasoning:** The NCLT perused the proceedings and found that the Corporate Debtor had produced the

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**Interpretation:** The interpretation of Section 54C involves ensuring that all necessary

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**Application:** The NCLT applied the provisions of Section 54C by verifying that the Corporate

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## Parties

- **Judges:** LAKSHMI G…; Charanjeet Singh…
- **Respondents:** G-Security…

## Timeline

- **2004-12-27 — Incorporation of…**: G-Security (India) Private…
- **2021-01-11 — UDYAM Registration…**: The Corporate Debtor's UDYAM (Udyog Aadhar Memorandum) Registration Certificate was…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 54C — Application to initiate pre-packaged insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-54c)

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