# In the matter of GAMBS India Private Limited I.A. 737 of 2023 in C.P.(IB) No. 806-MB-2021

> NCLT judgment dated 2023-03-21. Citation: TCN-2023-NCLT-04122. The case involves an application (I.A. No. 737/2023) filed by the Resolution Professional, Mr.…

- **Court:** NCLT
- **Order date:** 21 Mar 2023
- **Citation:** TCN-2023-NCLT-04122
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/gambs-india-private-limited-ia-737-of-2023-in-cpib-no-806-mb-2021-691c8bfb

## Summary

### Background

The case involves an application (I.A. No. 737/2023) filed by the Resolution Professional, Mr. Dinesh Kumar Aggarwal, seeking liquidation of GAMBS India Private Limited (Corporate Debtor) under Section 33(1) of the Insolvency and Bankruptcy Code, 2016. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor following the admission of a petition under Section 7 of the Code filed by ICICI Bank Limited. The Corporate Debtor challenged the admission order before the NCLAT, which initially stayed the constitution of the Committee of Creditors (CoC). However, the stay was later vacated due to the Corporate Debtor's failure to make promised payments.

## Facts

The Resolution Professional, Mr. Dinesh Kumar Aggarwal, filed an application seeking liquidation of GAMBS India Private Limited. The CIRP was initiated after ICICI Bank Limited filed a petition under Section 7 of the IBC. The Corporate Debtor challenged the admission order before the NCLAT, which initially stayed the constitution of the CoC but later vacated the stay. The Resolution Professional received an EOI from M/s Kundan Care Products Limited, but the resolution plan was rejected by the CoC. Fresh FORM-G was published, leading to the receipt of two resolution plans, which were also rejected by the CoC due to lower value. The CoC passed a resolution for liquidation due to the non-receipt of viable resolution plans. The Corporate Debtor's only asset is a commercial

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## Issues and analysis

### Issue 1: Whether the application for liquidation of the Corporate Debtor, GAMBS India Private Limited, under …

**Ratio:** Section 33(1) of the Insolvency and Bankruptcy Code, 2016, allows for the initiation of

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**Reasoning:** The CoC, consisting of the creditors, approved the liquidation of the Corporate Debtor

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**Interpretation:** Section 33(1) provides a mechanism for the orderly winding up of a corporate

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**Application:** In this case, the CoC approved the liquidation due to the absence of viable

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## Parties

- **Judges:** Prabhat…; KISHORE VEMULAPALL…
- **Appellants:** Dinesh Kumar…
- **Respondents:** GAMBS India…; Amit Pu…
- **Advocates:** Manish…

## Timeline

- **2021-01-01 — C.P.(IB) No. 80…**: Filing of Company…
- **2023-02-07 — Tribunal…**: Tribunal order admitting the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 52 — Secured creditor in liquidation proceedings](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-52)

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