NCLT Ahmedabad Admits GIMCO Into CIRP Under Section 10 Of IBC, Appoints Interim RP

The Ahmedabad Bench of the National Company Law Tribunal (NCLT) on 22 September admitted Gujarat Integrated Maritime Complex Pvt. Ltd. (GIMCO) into the Corporate Insolvency Resolution Process (CIRP) under Section 10 of the Insolvency and Bankruptcy Code, 2016, as part of the composite resolution framework for IL&FS Group subsidiaries.

A Bench comprising Judicial Member Chitra Hankare and Technical Member Dr. V.G. Venkata Chalapathy admitted the application, imposed a moratorium and appointed Bhavan Trivedi as the Interim Resolution Professional (IRP).

GIMCO, a subsidiary of IL&FS Maritime Infrastructure Company Ltd. (IMICL), voluntarily sought insolvency resolution, citing its inability to meet debt obligations of Rs. 4,165.71 million owed to three financial creditors and four operational creditors. Classified as a “Red List” entity within the IL&FS Group, the company had no significant ongoing operations and faced mounting liabilities.

Incorporated in 1996 as Shri Matai Ashapura Ports Pvt. Ltd., GIMCO aimed to develop maritime infrastructure. In 2007, it signed a memorandum of understanding with the Gujarat Maritime Board to establish a shipbuilding and repair facility at Nana Layja in Kutch.

However, GIMCO failed to obtain the necessary statutory clearances, leading to the termination of the project. The Collector subsequently demanded a premium of Rs. 250.85 crore, which the company could not pay, resulting in its relinquishment of the land in 2019.

GIMCO later attempted several rounds of public auctions involving its land and shares, but the Committee of Creditors (CoC) rejected the bids. Given the company's limited assets and lack of a viable business, the IL&FS New Board, appointed in 2018, recommended initiating CIRP.

Justice (Retd.) D.K. Jain, who oversaw the IL&FS resolution process, approved the proposal in February 2025. In July 2025, the Mumbai Bench of the NCLT also permitted the application and directed the distribution of recoveries under the Revised Distribution Framework.

The proposed IRP, Dipti Narayan Mundra, submitted the required authorisation documents. The Tribunal proceeded ex parte against the respondents after they failed to appear. The Income Tax Department submitted a report identifying outstanding demands for assessment years 2018–19, 2022–23 and 2024–25, along with pending appeals against assessment and penalty orders.

The Tribunal observed that the application formed part of the composite resolution framework for IL&FS subsidiaries. It noted that the Mumbai Bench of the NCLT had already permitted the initiation of CIRP against GIMCO and that the Ahmedabad Bench was passing a consequential order under Section 10 of the IBC.

It directed the Resolution Professional to file the necessary returns and conduct proceedings in accordance with the IBC.

Accordingly, the NCLT admitted GIMCO into CIRP under Section 10 of the IBC, imposed a moratorium and appointed Bhavan Trivedi as the IRP.

For Applicants: Advocates Digant M. Popat, Nihar Thakkar, Shrinil Shah, Ajay Bhargav, Wamika Trehan, Samruddhi Pawar, Radhika Khanna & Varun Chopra; Advocate Aman A. Mir for IT Dept