# In the matter of GVS Infra & Industries Private Limited

> NCLT judgment dated 2023-07-17. Citation: TCN-2023-NCLT-02499. The case pertains to IA (IBC) 465/2023 filed in CP (IB) No. 353/7/HDB/2020, concerning the…

- **Court:** NCLT
- **Order date:** 17 Jul 2023
- **Citation:** TCN-2023-NCLT-02499
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/gvs-infra-industries-private-limited-37346ee9

## Summary

### Background

The case pertains to IA (IBC) 465/2023 filed in CP (IB) No. 353/7/HDB/2020, concerning the corporate insolvency resolution process (CIRP) of M/s. GVS Infra and Industries Private Limited. The CIRP was initiated vide order dated 01.10.2021, and a moratorium was declared. Mr. CA S.Kasthuri Rangan was appointed as the Interim Resolution Professional (IRP). Subsequently, the Committee of Creditors (CoC) resolved to liquidate the Corporate Debtor due to a lack of active interest in the market and no scope for business revival. An application was filed seeking liquidation, which was allowed vide order dated 21.09.2022, and the applicant was appointed as the Liquidator. The Liquidator issued a public announcement and received claims only from financial creditors who had

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## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against M/s. GVS Infra and Industries Private Limited on 01.10.2021. Mr. CA S.Kasthuri Rangan was appointed as the Interim Resolution Professional (IRP). The Committee of Creditors (CoC) resolved to liquidate the Corporate Debtor on 28.03.2022 due to a lack of active interest in the market and no scope for business revival. An application was filed to liquidate the Corporate Debtor, which was allowed on 21.09.2022, and the applicant was appointed as the Liquidator. The Liquidator issued a public announcement on 16.10.2022 and received claims only from financial creditors who had submitted claims during the CIRP. There were no immovable assets mortgaged to the Financial Creditor, and the Corporate Debtor

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## Issues and analysis

### Issue 1: Whether the Corporate …

**Ratio:** Section 54 of the Insolvency and Bankruptcy Code (IBC) lays down the criteria for the

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**Reasoning:** The Tribunal reasoned that the criteria laid down under the law, specifically Section 54

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**Interpretation:** Section 54 of the IBC is interpreted to mean that once the assets of a

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**Application:** In this case, the Tribunal applied Section 54 of the IBC to the facts

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## Parties

- **Judges:** Venkata Ramakrishn…; SH. CHARAN…
- **Appellants:** UCO B…
- **Respondents:** GVS Infra &…

## Timeline

- **2021-10-01 — CIRP Init…**: Corporate Insolvency Resolution Process initiated against M/s. GVS Infra and Industries…
- **2021-10-01 — Moratorium D…**: Hon'ble NCLT declared…

## 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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