Judgment Summaries (NCLT) – In the matter of GNB Technologies

  December 22, 2021

In the matter of GNB Technologies (India) Private Limited (Bengaluru Bench (08.11.2019))

 

Facts

M/s. GNB Technologies (India) Private Limited (CD) filed an application under Section 10 read with Section 33 of the Code before the NCLT, Bengaluru Bench, seeking to initiate the CIRP process against itself. It submitted that it had become insolvent with a debt of approximately Rs. 49 crores, with the remaining assets amounting to only Rs. 65,000. 

Order

The Tribunal directed for the liquidation of the CD without admission and appointment of IRP. It observed: “…there is hardly any possibility of any resolution plan likely to be received during first stage of CIRP, if initiated, and thus it would be just and proper to put the Corporate Applicant Debtor under the liquidation process, in order to liquidate the Company, rather than to put it in CIRP in the first instance.” (Para 8)

 

Full text of the order accessible here.

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