# Canara Banks vs. M/s. GJS Infratech Private Limited.

> NCLT judgment dated 2026-09-25. Citation: TCN-2026-NCLT-01175. The Corporate Insolvency Resolution Process (CIRP) was initiated against M/s. GJS Infratech…

- **Court:** NCLT
- **Order date:** 25 Sept 2026
- **Citation:** TCN-2026-NCLT-01175
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-hyderabad/gjs-infratech-private-limited-0dozy

## Summary

### Background

The Corporate Insolvency Resolution Process (CIRP) was initiated against M/s. GJS Infratech Private Limited on March 1, 2024. Mr. Dommeti Surya Rama Krishna Saibaba was appointed as the Interim Resolution Professional (IRP) and subsequently continued as the Resolution Professional (RP). Despite multiple invitations for Expressions of Interest (Form-G) and the submission of two resolution plans, none were found compliant with the Insolvency and Bankruptcy Code (IBC). An application (IA No.929 of 2025) filed by a prospective Resolution Applicant, Mr. Jangam Gopi, seeking acceptance of a revised plan, was dismissed by the Adjudicating Authority on February 10, 2026.

## Facts

The Corporate Insolvency Resolution Process (CIRP) against M/s. GJS Infratech Private Limited was initiated by the Adjudicating Authority on March 1, 2024.

Mr. Dommeti Surya Rama Krishna Saibaba was appointed as the Interim Resolution Professional (IRP) and later continued as the Resolution Professional (RP).

A moratorium under Section 14 of the IBC was declared, and a public announcement was made.

The Committee of Creditors (CoC) was constituted on April 3, 2024, and later reconstituted after verification of additional claims.

The total claims admitted by the Resolution Professional stand at Rs. 241,12,32,015/-.

An Authorized Representative for the class of homebuyers was appointed under Section 21(6a)(B) of IBC.

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor, M/s GJS Infratech Private Limited, should be liquidated under the …

**Ratio:** Section 33(1)(a) of the Insolvency and Bankruptcy Code, 2016, mandates the Adjudicating

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**Reasoning:** The Resolution Professional published Form-G multiple times, but no compliant resolution

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**Interpretation:** The absence of an approved resolution plan within the statutory period, coupled

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**Application:** As no resolution plan meeting the requirements of the Code was available for

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## Parties

- **Judges:** SHRI. RAJEEV…; SHRI. SANJAY…
- **Appellants:** Canara…; Dommeti Surya…; +2 more
- **Respondents:** M/s. GJS Infratech…
- **Other parties:** Canara Bank-…; Canara Bank -…; +5 more
- **Advocates:** G.P. Yash V…

## Timeline

- **2024-03-01 — CIRP Initiation and IRP…**: Corporate Insolvency Resolution Process (CIRP) initiated against M/s. GJS Infratech…
- **2024-03-04 — Form-G Publ…**: Form-G published inviting…

## 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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