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In the matter of Gccl lnfrastructure & Projects Ltd. CP(IB)/116(AHM)2021

NCLT14 Sept 2021

Case brief

AI extract

What is this about?

The Tribunal admitted an application by GCCL Infrastructure and Projects Limited to initiate a pre-packaged insolvency resolution process under Section 54A of the Insolvency and Bankruptcy Code, 2016, after finding compliance with all statutory requirements and declaring a moratorium.

What did the court decide?

Admitted the application; declared moratorium; appointed Resolution Professional; directed public announcement of PPIRP; directed filing of interim report within thirty days.

In the matter of Gccl lnfrastructure & Projects Ltd… — Insolvency and Bankruptcy | NCLT (2021)

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IN THE NATIONAL COMPANY LAW TRIBUNAL. AHMEDABAD COURT^. 2

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ITEM No 129 cP(rBy116(AHM)2021

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Order under Section 54A IBC

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IN THE MATTER OF: GCCL lnfrastructure &^{Projects Ltd.} (corporate Debtor)

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...,..."Applicant

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........Respondent

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Order delivered on ..14/09/2021

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Corarn:

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Madan B. Gosavi. Hon'ble^Member(J) Virendra Kumar Gupta,^{Hon'ble Member(T)}

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PRESENT:

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For the Applicant : Mr. lshan Shah, Advocate : For the Respondent ORDER

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The matter is listed today for^{pronouncementof order.}

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The order is pronounced in^{the open} court.^{r,'ide separatesheet.}

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\ (,IREND UMAR GUPTA) (NIADAN GOS4,ryI) MEMBE CHNICAL) MEMBER ( ilrcrAL)

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i :E ri'i tI t .t I I i 1

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sapna

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'i'4I ',.n

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IN THE NATIONAL COMPANY LAW TRIBUNAL AHMEDABAD BENCH COURT. II

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cP (rB) Nd. 1 L6 | s4 INCLT/AHM / 2O2t

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{An^{applicationunder Section 54A of the Insolvency and} Bankruptcy Code, 2OL6l

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In the matter of :

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GCCL Infrastructure and Projects Limited Having its address at: A I I 15, Siddhivinayak Tou,ers, B/h D"CP office, off S.G. Highway, Makarba, Ahmedabad- 380051^.

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....... Corporate Debtor

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Date of Hearing: O7.O9.2O2L pite of^{'Pronouncement:} 14.O9. 2O2L

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Coram: Madan B. Gosavi, Member {Judicial) Virendra Kumar Gupta, Member fTechnical]

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Appearance :

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Learned Counsei Mr. lshan Shah, for the Corporate Applicant.

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ORDER

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[Per:^{MadanB. Gosavi,Member (Judicialf]}

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This application by M/s. GCCL Infrastructure and Projects Limited - the Corporate Debtor is filed under Section 54A bf .^{the Insolvency and BankruptcyCode, 2016 (hereinafter} referred to as "Code") to initiate Pre-Packaged Insolvency Resolution Process of the Corporate Debtor,

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l"l. i

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CP (lB) No. 116/54/NCtT/AHM 12021

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The tota,l debt amount payabie by the Corporate Debtor, to its various creditors i.s stated to be Rs"54, 16,25O I -. The date of defauit is 3 1.12.2O2O.

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J.The Corporate Debtor rs a Micro, Small & Med"ium Enterprises ("MSME") the requisite certificate is annexed as Annexure - XIV (at page no.246). The Corporate Debtor is eligible to file this application as per the Section 54A(1) of the Code. The proof of default is annexed at I(c) to I(e) (at page no. 20-28).

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A Special Resolution' by the Members of the Corporate Debtor to initiate the Pre-Packaged Insolvency Resolution Process ("PPIRP") under Section 5aA(2)(g) of the Code was passed and the sarne is produced at page nos. 41'42, as Annexure -V.

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5, The deciaration given by majority of the Directors of^the Corporate Debtor"as per the Section 54A(2)(0 of the Code in " Form P6 is on record at pages no.37-4A (Annexure-lV).

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The Financial Creditor approved the decision of the directors to file this application as contemplated under^{Section54A(3)} of the Code and the approvai note is^placed at^{pagenos. 43-1} 44, Annexure-Vl after considering the formalities^completedi

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by Corporate Debtor including submission^ofBase" Resolution P1an.

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The Financial Creditor^approvedthe "ppoi.rt*"nt^{of the} Resolution Professional, Mr.^{Parag Sheth having registration} number IBBI/lPA-002/IP-N0O¹⁴² l2Ol7-2O181^{10381, email} ID: [email protected]. It is^{producedat pages no.31-33}

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CIP (lB) No. J l6ls4lNCLTi r\HM,l2021

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as Annexure-ll, thereby compl)'ing with the provisions of Section 54A(2)(e) of the Code read with Regulation 1a(5) of IBBI (Pre-packaged IRP) Reguiation, 2021. The said RP is appointed to conduct PPRIP and to discharge duties before initiation of PPIRP.

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The Resolution Professional's Report under Section saB ( 1) (aj of the Code in form - 8 is produced at page nos. 45-47 as Annexure-Vl.

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The declaration regarding existence of avoidance of transactions relating to the company and its directors as per Section 54C(3)(c) of the Code read r,r'ith Regulation 16(2) of IBBI (Pre-packaged lRP) Regulation, 2021, ts produced at page nos. 48-49, Annexure-VIII

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Affidavit of the Corporate Debtor regarding its eligibility un.der Section 29A of the Code to submit Resolution Plan has been filed. Thus, provisions of Section 54A(2)(d) of the Code are complied r,vith

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The Appiicant has also produced. the audited financial statements of the company for the year 2019-2A and 2A2O27 at page nos. 57-170 as Annexure-Xl. Thus, Corporate Applicant has complied^rn ith the provisions of Section 54C(3)(d) of the Code. List of the assets and liabilities of the Corporate Debtor, names ^ld amount of the debt of all Financial Creditors and Operational Creditors and names^of all the Directors and Members of the Corporate^{Debtor are} also produced at page nos. 17I'244 as Annexures-XX^{to XIi,} XII(9) to XII to^(C).

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CP (lB) No. I 1 6/54 /NCLT/AHM I )O2"1

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The Corporate Appiicant has proposed narne of Insolvency Professional to be appointed as Resolution Professional as per the provision of Section 5aC(3)(b) of the Cod.e. Such Rp has also given consent in writing r,vhich is placed at Page nos. 34-36 as Annexure-lll.

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On perusal of the proceedings, r,ve find that the Corporate Debtor has produced all the required documents and materials in order to comply the provisions of Law making this application iiable to be admitted under Section 54A of the Code

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The application is complete in all respects and meets ali requirements of Law. Hence, we admit the app'lication and hereby pass.the foilowing order:

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ORDER

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The application for Pre-Packaged Insolvency Resolution Process of M/s GCCL Infrastructure Projects Ltd. stands admitted under Section 54C of the Code

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In vier,v of the commencement of the PPIRP, the moratorium is declared, under Section 14 of Insolvency and Bankruptcy Code, 2016 is declared for^prohibiting a.11 of the following in terms of Section 14(1) of the Code. f' a. the institution of suits or continuation of^pendin$ i suits or proceedings against the corporate^d,ebtor\r: including execution of any^judgment, decree^or ord.er in any court of laur, tribunal,^{arbitrationpanel}

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Page 4 ol 6

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CP (lB) No. 1 16/ 5+, NCLTi AI{M1202lj

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or other authorit';

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b. transferring, encumbering, alienating or disposing of by the corporate debtor any of its assets or any 1egal right or beneficial inte:rest therein;

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c. any action to foreclose, recover or enforce any security interest created by the corporate debtor in respect of its property including any action under the Securitisation and Reconstruction of Pinancial Assets and Enforcement of Security Interest Act, 2002;

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d. the recovery of an_!- property by an owner or lessor where such propert)' is occupied by or in the possession of the corporate debtor.

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The RP as proposed by-the Corporate Applicant namelv, Mr" Parag Sheth, having registration number IBBIIIPA002/lP-NOOt42l2077-2O18l 10381. is appointed as a Re'solution Professional to conduct PrejPackaged Insolvency Resolution Process ("PPIRP") as . per the Provisions of Chapter III A of the Insolvency Regulations. Further, the Resolution Professional',dhall also perform his duties and functions as per the r' ,,

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provisions given under Section 54F of the Codd.,. I i,, ,:

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'/'

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This Adjudicating Authority directs the RP to make a public announcement of Pre-Packaged Ins"olvency Resolution Process ("PPIRP$; of the Corporate Debtor as per Section 54A of the Code.

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As mentioned under Section 54F(5), the personnei of the

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Page 5 o[ 6

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cp (tB).No 1 16i S.+/NCLT lAHNtl2O2t

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Corporate Debtor sha11 extend all assistance and cooperation to RP. In case of non-cooperation, the Rp can approach this Adjudicating Authoritv under Section L9(2) of the Code. The management of the Corporate Debtor shali remain vested with the Board of Directors of the Corporate Debtor as per the provisions of Section 54H subject to action under Section 54J of the Code, if, any. The Board of Directors shall discharge their duties as specified under Section 54H(b) and Section 54H(c) of the Code.

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We direct Resolution Professional to file an interim report within thirty days to this Authority.

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7 Accordingly, CP (IBl No. LL6ls4lNCLT IAIilM/2O2L stands disposed of i.n terms indicated above.

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The Registry is directed to communicate a copy of this order to the Financial Creditor, Corporate Debtor ar.td to the Resolution Professional and the concerned Registrar of Companies, after completion of necesyary formalities, within seven^,,vorking days and upload the same on .uvebsite immediately after pronouncement of the order.

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\o+n-(Virendra Kumar Gupta) Member (Technicat)

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Alpesh/Divva

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Certified to be True Copy of the Original Assistant Registrar ^._*H,^y[h Page 6 ol 6 NCLT, Ahmedabad Bench ,] Ahmedabad

In the matter of Gccl lnfrastructure & Projects Ltd. CP(IB)/116(AHM)2021

Case brief

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In the matter of Gccl lnfrastructure & Projects Ltd. CP(IB)/116(AHM)2021

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