# In the matter of Gemus Engineering Limited

> NCLT judgment dated 2024-12-17. Citation: TCN-2024-NCLT-00051. The case involves an application under Section 33(1) of the Insolvency & Bankruptcy Code, 2016,…

- **Court:** NCLT
- **Order date:** 17 Dec 2024
- **Citation:** TCN-2024-NCLT-00051
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/gemus-engineering-limited-0ceda89d

## Summary

### Background

The case involves an application under Section 33(1) of the Insolvency & Bankruptcy Code, 2016, seeking the initiation of the liquidation process for Gemus Engineering Pvt. Ltd., the Corporate Debtor. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor on 2024-04-30, following a petition filed under Section 10 of the IBC. Mr. Arun Kumar Gupta was initially appointed as the Interim Resolution Professional (IRP), later replaced by Mr. Anil Anchalia as the Resolution Professional (RP). Despite attempts to find a resolution plan, no viable plans were received, leading the Committee of Creditors (CoC) to vote for liquidation.

## Facts

Gemus Engineering Pvt. Ltd. is the Corporate Debtor. An application was filed under Section 33(1) of the Insolvency & Bankruptcy Code, 2016, seeking the initiation of the liquidation process. The CIRP was initiated on 2024-04-30 following a petition filed under Section 10 of the IBC. Arun Kumar Gupta was initially appointed as the IRP, later replaced by Anil Anchalia as the RP. The Committee of Creditors (CoC) appointed Mr. Anil Anchalia as Resolution Professional of the Corporate Debtor by replacing Mr.Arun Kumar Gupta. Mr.Arun Kumar Gupta, the erstwhile IRP, published Form G to invite Expression of Interest on 2024-06-29. Mr.Anil Anchalia, the RP, published a revised Form-G for the invitation of EOIs in the newspapers on 2024-08-13. On 2024-09-05, the RP filed an

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## Issues and analysis

### Issue 1: Whether the application for liquidation of the Corporate Debtor, Gemus Engineering Pvt. Ltd., …

**Ratio:** Section 33(1)(a) of the IBC mandates that the Adjudicating Authority shall pass an order

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**Reasoning:** The court reasoned that since no resolution plan was received and the CoC approved

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**Interpretation:** Section 33 of the IBC provides a clear framework for when liquidation should be

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**Application:** In this case, the RP confirmed that no resolution plan was received, and the

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## Parties

- **Judges:** BIDISHA BA…; Balraj…
- **Respondents:** Gemus Engineering…

## Timeline

- **2024-04-30 — Initiation…**: Corporate Insolvency Resolution Process (CIRP) was initiated against Gemus Engineering…
- **2024-05-30 — First CoC M…**: Committee of Creditors appointed Mr. Anil Anchalia as Resolution Professional, replacing…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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