# In the matter of GLOABTEL CONVERGENCE LIMITED

> NCLT judgment dated 2023-07-13. Citation: TCN-2023-NCLT-02532. The case involves two Interlocutory Applications (I.A. 50/2023 and I.A. 3862/2022) filed in the…

- **Court:** NCLT
- **Order date:** 13 Jul 2023
- **Citation:** TCN-2023-NCLT-02532
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/gloabtel-convergence-limited-a90947c2

## Summary

### Background

The case involves two Interlocutory Applications (I.A. 50/2023 and I.A. 3862/2022) filed in the National Company Law Tribunal (NCLT), Mumbai Bench, within the context of Corporate Insolvency Resolution Process (CIRP) for Gloabtel Convergence Limited. I.A. 50/2023 was filed by the liquidator, Vijay Pitamber Lulla, seeking closure of the liquidation process following the successful sale of the Corporate Debtor as a going concern. I.A. 3862/2022 was filed by Ganesh Enterprises, the successful bidder who purchased the Corporate Debtor, seeking various reliefs to facilitate the smooth operation of the Corporate Debtor post-acquisition.

## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against Gloabtel Convergence Limited. Rajendra K Bhutta was initially appointed as the Interim Resolution Professional (IRP), followed by Vijay Pitamber Lulla as the Resolution Professional (RP). Due to the absence of a resolution plan, the Committee of Creditors (COC) decided to liquidate the Corporate Debtor. The NCLT ordered the liquidation on 2022-02-21, appointing Vijay Pitamber Lulla as the liquidator. The liquidator conducted e-auctions to sell the Corporate Debtor as a going concern. Ganesh Enterprises emerged as the successful bidder. The liquidator filed I.A. 50/2023 seeking closure of the liquidation process. Ganesh Enterprises filed I.A. 3862/2022 seeking various directions, including changing

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## Issues and analysis

### Issue 1: Whether the liquidation process should be closed following the successful sale of the Corporate …

**Ratio:** The liquidation process can be closed when the Corporate Debtor has been successfully

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**Reasoning:** The court considered the liquidator's submissions, the progress reports, and the

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**Interpretation:** The provision for closure of liquidation proceedings is interpreted to

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**Application:** The court applied the ratio to the facts of the case, noting the successful

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## Parties

- **Judges:** H.V. Subb…; Madhu S…
- **Appellants:** Darshita Haresh…
- **Respondents:** Gloabtel Convergen…

## Timeline

- **2018-01-01 — C.P.(IB)-3795(…**: Filing of the Corporate Insolvency…
- **2019-02-12 — CIRP Ord…**: CIRP order passed by the NCLT…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 43 — Preferential transactions and relevant time](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-43)

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