# In the matter of GIGA PIPE SYSTEMS INDIA PRIVATE LIMITED

> NCLT judgment dated 2025-10-07. Citation: TCN-2025-NCLT-01451. State Bank of India filed an application under Section 7 of the Insolvency and Bankruptcy Code,…

- **Court:** NCLT
- **Order date:** 7 Oct 2025
- **Citation:** TCN-2025-NCLT-01451
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-new-delhi/giga-pipe-systems-india-private-limited-cf5cfc8e

## Summary

### Background

State Bank of India filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Giga Pipe Systems India Pvt. Ltd. due to a default of Rs. 45,06,15,949.53 as of 30.04.2025.

## Facts

State Bank of India (SBI) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against Giga Pipe Systems India Pvt. Ltd.

The Corporate Debtor defaulted on payments amounting to Rs. 45,06,15,949.53 as of 30.04.2025.

The Corporate Debtor was incorporated on 25.08.2020.

The Financial Creditor sanctioned various credit facilities to the Corporate Debtor, including Cash Credit, Letter of Credit, and Bank Guarantee.

The Corporate Debtor's loan account was classified as Non-Performing Asset (NPA) w.e.f. 31.07.2022.

The Financial Creditor issued a Loan Recall Notice dated 26.09.2022 calling upon the Corporate Debtor to make payment of the outstanding amount.

…

## Issues and analysis

### Issue 1: Whether the application …

**Ratio:** The petition filed on 01.05.2025 falls within the three-year limitation period even if

…

**Reasoning:** The Adjudicating Authority considered the date of default as 11.10.2022 and even if the

…

**Interpretation:** The limitation period for filing an application under Section 7 of the IBC,

…

**Application:** The Adjudicating Authority held that the application was not barred by

…

## Parties

- **Judges:** MANNI SANKARIAH…; ATUL CHAT…
- **Appellants:** State Bank of…
- **Respondents:** Giga Pipe Systems…
- **Other parties:** Manoj Kumar…
- **Advocates:** Siddharth…; Richa M…; +6 more

## Timeline

- **2019-01-01 — Request for Credit…**: The Corporate Debtor approached the Financial Creditor in January 2019 requesting for…
- **2019-02-25 — Sanction…**: The Financial Creditor sanctioned various credit facilities amounting to Rs. 40 Crores to…

## 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)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-new-delhi/giga-pipe-systems-india-private-limited-cf5cfc8e