# In the matter of Gourepore Co. Ltd. I.A.(IB) No. 1069-KB-2021 in C.P. (IB) No. 572-KB-2020

> NCLT judgment dated 2022-01-31. Citation: TCN-2022-NCLT-04310. The case involves an application under Section 7 of the Insolvency and Bankruptcy Code, 2016,…

- **Court:** NCLT
- **Order date:** 31 Jan 2022
- **Citation:** TCN-2022-NCLT-04310
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/gourepore-co-ltd-iaib-no-1069-kb-2021-in-cp-ib-no-572-kb-2020-5157444d

## Summary

### Background

The case involves an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, filed by Ashray Vyapaar Limited (Financial Creditor) against Gourepore Co. Ltd. (Corporate Debtor) for initiating Corporate Insolvency Resolution Process (CIRP). The Corporate Debtor was already in liquidation under the orders of the Calcutta High Court. The Financial Creditor claimed a debt of Rs. 2486,44,80,162.85/- based on assignments of debts from various banks. The application was opposed by Dolphin Vintrade Pvt. Ltd., an unsecured creditor, who filed an intervention application (I.A.(IB) No. 1069/KB/2021) alleging mischief and fraudulent activities by the Financial Creditor.

## Facts

Gourepore Co. Ltd. (Corporate Debtor) was incorporated on July 29, 1998, and was in liquidation under the orders of the Calcutta High Court. Ashray Vyapaar Limited (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, claiming a debt of Rs. 2486,44,80,162.85/-. The debt was based on assignments from several banks, including United Bank of India, Indian Bank, and Allahabad Bank. These banks had previously initiated recovery proceedings against the Corporate Debtor. The Financial Creditor had also entered into a One Time Settlement with Industrial Investment Bank of India, another secured creditor. Dolphin Vintrade Pvt. Ltd., an unsecured creditor, intervened, alleging fraudulent activities by the Financial Creditor and

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## Issues and analysis

### Issue 1: Whether the application under Section 7 of the IBC is maintainable when the Corporate Debtor is …

**Ratio:** Section 7 of the IBC is an independent proceeding and can be initiated even if the

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**Reasoning:** The NCLT relied on Supreme Court judgments, including A. Navinchandra Steels Private

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**Interpretation:** The IBC aims to revive corporate debtors, and winding-up is only restored to in

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**Application:** Even though Gourepore Co. Ltd. was in liquidation under the orders of the

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## Parties

- **Judges:** RohitKa…; Harish Chander…
- **Appellants:** Ashray Vyapaar…
- **Respondents:** Gourepore C…
- **Advocates:** Jishnu Cho…; Shaunak…; +7 more

## Timeline

- **2021-12-15 — IA(IB) No. 1069/KB/2021…**: Dolphin Vintrade Pvt. Ltd. filed IA(IB) No. 1069/KB/2021 seeking reliefs related to the…
- **2022-01-31 — Order Pron…**: The NCLT pronounced the order admitting the Section 7 application and dismissing IA(IB)…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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