Madhya Pradesh High Court

Pretendra Singh Rajput vs M/S Gei Industrial System Limited on 4 August, 2025

1 COMP-36-2016
IN THE HIGH COURT OF MADHYA PRADESH
AT JABALPUR
BEFORE
HON'BLE SHRI JUSTICE DEEPAK KHOT
ON THE 4 th OF AUGUST, 2025
COMPANY PETITION No. 5 of 2013
IN THE MATTER OFTHE HONGKONG AND SHANGHAI BANKING
CORPORATION LTD.
Versus
M/S BEI INDUSTRIAL SYSTEMS LTD.
Appearance:
Shri Priyankush Jain - Advocate for the petitioner.
Shri Shashank Verma, Senior Advocate with Shri Vedant Agrawal -
Advocates for respondent/ICICI Bank.
WITH
COMPANY PETITION No. 9 of 2013
CITIBANK N.A.
Versus
M/S GEI INDUSTRIAL SYSTEMS LTD
Appearance:
Shri Priyankush Jain - Advocate for the petitioner.
Shri Shashank Verma, Senior Advocate with Shri Vedant
Agrawal - Advocates for respondent/ICICI Bank.
Shri Praveen Chaturvedi - Advocate for SBI Bank.

COMPANY PETITION No. 10 of 2013
CREDENCE LOGISTICS LIMITED
Versus
GEI INDUSTRIAL SYSTEMS LIMITED

Signature Not Verified
Signed by: PRIYANKA
PITHAWE
Signing time: 06-08-2025
18:07:47
2 COMP-36-2016
Appearance:
Shri Priyankush Jain - Advocate for the petitioner.
Shri Shashank Verma, Senior Advocate with Shri Vedant
Agrawal - Advocates for respondent/ICICI Bank.

COMPANY PETITION No. 12 of 2013
DELIGENT ROAD CARRIERS LIMITED
Versus
GEL INDUSTRIAL SYSTEMS LIMITED
Appearance:
Shri Uttam Maheshwari - Advocate for the petitioner.
Shri Shashank Verma, Senior Advocate with Shri Vedant
Agrawal - Advocates for respondent/ICICI Bank.

COMPANY PETITION No. 1 of 2014
THROUGH MR. SUBRAMANIAN RAMESH VICE PRESIDENT/ AU.
SIGNATORY OF THE APPLICANT KOTAK MAHINDRA BANK LI
Versus
CHAIRMAN CUM MANAGING DIRECTOR M/S GEI INDUSTRIAL
SYSTEMS LIMITED
Appearance:
Shri Priyankush Jain - Advocate for the petitioner.
Shri Arpit Agrawal - Advocate for respondent/Kotak Mahindra
Bank.

COMPANY PETITION No. 3 of 2014
TRANSPORT CORPORATION OF INDIA LTD.
Versus
M/S GEI INDUSTRIAL SYSTEMS LTD.
Appearance:

Signature Not Verified
Signed by: PRIYANKA
PITHAWE
Signing time: 06-08-2025
18:07:47
3 COMP-36-2016
Shri Priyankush Jain - Advocate for the petitioner.
Shri Shashank Verma, Senior Advocate with Shri Vedant
Agrawal - Advocates for respondent/ICICI Bank.

COMPANY PETITION No. 5 of 2014
VIBHORE TRADING AND FINANCE PRIVATE LIMITED
Versus
M/S GEI INDUSTRIAL SYSTEMS LTD.
Appearance:
Shri Priyankush Jain - Advocate for the petitioner.
Shri Shashank Verma, Senior Advocate with Shri Vedant
Agrawal - Advocates for respondent/ICICI Bank.

COMPANY PETITION No. 6 of 2014
RASOI LIMITED
Versus
GEL INDUSTRIAL SYSTEMS LIMITED
Appearance:
Shri Uttam Maheshwari - Advocate for the petitioner.
Shri Shashank Verma, Senior Advocate with Shri Vedant
Agrawal - Advocates for respondent/ICICI Bank.

COMPANY PETITION No. 9 of 2014
M/S. AWAGAMAN ROAD CARRIERS LIMITED
Versus
M/S. GEL INDUSTRIAL SYSTEM LIMITED
Appearance:

Shri Priyankush Jain - Advocate for the petitioner.
Shri Shashank Verma, Senior Advocate with Shri Vedant

Signature Not Verified
Signed by: PRIYANKA
PITHAWE
Signing time: 06-08-2025
18:07:47
4 COMP-36-2016
Agrawal - Advocates for respondent/ICICI Bank.

COMPANY PETITION No. 11 of 2015
ROADWAYAS INDIA LIMITED
Versus
GEI INDUSTRIAL SYSTEMS LTD.
Appearance:
Shri Gaurav Tiwari - Advocate for the petitioner.

COMPANY PETITION No. 12 of 2015
ASSOCIATED ROAD CARRIERS LTD.
Versus
GEI INDUSTRIAL SYSTEMS LTD.
Appearance:
Shri Gaurav Tiwari - Advocate for the petitioner.

COMPANY PETITION No. 6 of 2016
JOYDEEP GHOSH
Versus
M/S. GEL INDUSTRIAL SYSTEM LIMITED
Appearance:
Shri Priyankush Jain - Advocate for the petitioner.

COMPANY PETITION No. 7 of 2016
DHL SUPPLY CHAIN PRIVATE LIMITED
Versus
GEI INDUSTRIAL SYSTEMS LIMITED
Appearance:
Shri Shashwat Seth - Advocate for the petitioner through video
conferencing.

Signature Not Verified
Signed by: PRIYANKA
PITHAWE
Signing time: 06-08-2025
18:07:47
5 COMP-36-2016
COMPANY PETITION No. 8 of 2016
RAJESH BHATIA
Versus
M/S. GEI INDUSTRIAL SYSTEM LILMITED
Appearance:
Shri Priyankush Jain - Advocate for the petitioner.

COMPANY PETITION No. 9 of 2016
VINAY YADAV
Versus
M/S GEI INDUSTRIAL SYSTEM LIMITED A COMPANY
INCORPORATED UNDER THE COMPOANIES ACT 1956 HAVING
THEIR
Appearance:
Shri Priyankush Jain - Advocate for the petitioner.

COMPANY PETITION No. 10 of 2016
AJESH SHARAN TIWARI
Versus
M/S. GEL INDUSTRIAL SYSTEM LIMITED A COMPANY
INCORPORATED UNDER THE COMPANIES ACT 1956 HAVING
THEIR
Appearance:
Shri Priyankush Jain - Advocate for the petitioner.

COMPANY PETITION No. 11 of 2016
RAJESH KUMAR DUBEY
Versus
M/S GEI INDUSTRIAL SYSTEM LIMITED A COMPANY
INCORPORATED UNDER THE COMPANIES ACT. 1956
Appearance:
Shri Priyankush Jain - Advocate for the petitioner.

Signature Not Verified
Signed by: PRIYANKA
PITHAWE
Signing time: 06-08-2025
18:07:47
6 COMP-36-2016

COMPANY PETITION No. 12 of 2016
ABHISHEK MALVIYA
Versus
M/S. GEI INDUSTRIAL SYSTEM LIMITED A COMPANY
INCORPORATED UNDER THE COMPANIES ACT 1956
Appearance:
Shri Priyankush Jain - Advocate for the petitioner.

COMPANY PETITION No. 13 of 2016
SUDHIR PATEL
Versus
M/S GEI INDUSTRIAL SYSTEM LIMITED A COMPANY
INCORPORATED UNDER THE COMPANIES ACT
Appearance:
Shri Priyankush Jain - Advocate for the petitioner.

COMPANY PETITION No. 14 of 2016
MAHENDRA SINGH RAGHUVANSHI
Versus
M/S GEI INDUSTRIAL SYSTEM LIMITED
Appearance:
Shri Priyankush Jain - Advocate for the petitioner.

COMPANY PETITION No. 15 of 2016
PAVAN PAREY
Versus
M/S. GEI INDUSTRIAL SYSTEM LIMITED
Appearance:
Shri Priyankush Jain - Advocate for the petitioner.

COMPANY PETITION No. 16 of 2016

Signature Not Verified
Signed by: PRIYANKA
PITHAWE
Signing time: 06-08-2025
18:07:47
7 COMP-36-2016
VINOD KUMAR PANDEY
Versus
M/S GEI INDUSTRIAL SYSTEM LIMITED
Appearance:
Shri Priyankush Jain - Advocate for the petitioner.

COMPANY PETITION No. 17 of 2016
NAFEES AKHTAR MEV
Versus
M/S GEI INDUSTRIAL SYSTEM LIMITED
Appearance:
Shri Priyankush Jain - Advocate for the petitioner.

COMPANY PETITION No. 18 of 2016
RAVINDRA JAMBORKAR
Versus
M/S. GEI INDUSTRIAL SYSTEM LIMITED
Appearance:
Shri Priyankush Jain - Advocate for the petitioner.

COMPANY PETITION No. 19 of 2016
SANTOSH MUKATI
Versus
M/S. GEI INDUSTRIAL SYSTEM LIMITED
Appearance:
Shri Priyankush Jain - Advocate for the petitioner.

COMPANY PETITION No. 20 of 2016
MUNENRA BHATELE
Versus
M/S. GEI INDUSTRIAL SYSTEM LIMITED

Signature Not Verified
Signed by: PRIYANKA
PITHAWE
Signing time: 06-08-2025
18:07:47
8 COMP-36-2016
Appearance:
Shri Priyankush Jain - Advocate for the petitioner.

COMPANY PETITION No. 21 of 2016
RAMJI PATEL
Versus
M/S. GEI INDUSTRIAL SYSTEM LIMITED
Appearance:
Shri Priyankush Jain - Advocate for the petitioner.

COMPANY PETITION No. 22 of 2016
PRANAY SINGH SOLANKI
Versus
M/S. GEI INDUSTRIAL SYSTEM LIMITED
Appearance:
Shri Priyankush Jain - Advocate for the petitioner.

COMPANY PETITION No. 23 of 2016
YUVRAJ JADHAV
Versus
M/S. GEI INDUSTRIAL SYSTEM LIMITED
Appearance:
Shri Priyankush Jain - Advocate for the petitioner.

COMPANY PETITION No. 24 of 2016
RAJENDRA PINJARE
Versus
M/S. GEI INDUSTRIAL SYSTEM LIMITED
Appearance:
Shri Priyankush Jain - Advocate for the petitioner.

Signature Not Verified
Signed by: PRIYANKA
PITHAWE
Signing time: 06-08-2025
18:07:47
9 COMP-36-2016
COMPANY PETITION No. 25 of 2016
ANTONY THOMAS
Versus
M/S GEI INDUSTRIAL SYSTEM LIMITED
Appearance:
Shri Priyankush Jain - Advocate for the petitioner.

COMPANY PETITION No. 26 of 2016
VINOD KUMAR MISHRA
Versus
M/S. GEI INDUSTRIAL SYSTEM LIMITED
Appearance:
Shri Priyankush Jain - Advocate for the petitioner.

COMPANY PETITION No. 27 of 2016
ALEX BEN
Versus
M/S GEI INDUSTRIAL SYSTEM LIMITED
Appearance:
Shri Priyankush Jain - Advocate for the petitioner.

COMPANY PETITION No. 28 of 2016
RAMKISHORE VERMA
Versus
M/S GEI INDUSTRIAL SYSTEM LIMITED
Appearance:
Shri Priyankush Jain - Advocate for the petitioner.

COMPANY PETITION No. 29 of 2016
LAXMIKANT TIWARI
Versus

Signature Not Verified
Signed by: PRIYANKA
PITHAWE
Signing time: 06-08-2025
18:07:47
10 COMP-36-2016
M/S GEI INDUSTRIAL SYSTEM LIMITED
Appearance:
Shri Priyankush Jain - Advocate for the petitioner.

COMPANY PETITION No. 30 of 2016
NIKHIL GUPTA
Versus
M/S. GEI INDUSTRIAL SYSTEM LIMITED
Appearance:
Shri Priyankush Jain - Advocate for the petitioner.

COMPANY PETITION No. 31 of 2016
DR. LAXMI NARAYAN
Versus
M/S. GEI INDUSTRIAL SYSTEM LIMITED
Appearance:
Shri Priyankush Jain - Advocate for the petitioner.

COMPANY PETITION No. 32 of 2016
AMIT OJHA
Versus
M/S GEI INDUSTRIAL SYSTEM LIMITED
Appearance:
Shri Priyankush Jain - Advocate for the petitioner.

COMPANY PETITION No. 33 of 2016
SURESH RATHORE
Versus
M/S GEI INDUSTRIAL SYSTEM LIMITED
Appearance:
Shri Priyankush Jain - Advocate for the petitioner.
Signature Not Verified
Signed by: PRIYANKA
PITHAWE
Signing time: 06-08-2025
18:07:47
11 COMP-36-2016

COMPANY PETITION No. 34 of 2016
MANOJ KUMAR WARATHE
Versus
M/S. GEI INDUSTRIAL SYSTEM LIMITED
Appearance:
Shri Priyankush Jain - Advocate for the petitioner.

COMPANY PETITION No. 35 of 2016
DUPESH PATLE
Versus
M/S GEI INDUSTRIAL SYSTEM LIMITED
Appearance:
Shri Priyankush Jain - Advocate for the petitioner.

COMPANY PETITION No. 36 of 2016
PRETENDRA SINGH RAJPUT
Versus
M/S GEI INDUSTRIAL SYSTEM LIMITED
Appearance:
Shri Priyankush Jain - Advocate for the petitioner.

COMPANY PETITION No. 37 of 2016
DEEPAK RAWAT
Versus
M/S GEI INDUSTRIAL SYSTEM LIMITED
Appearance:
Shri Priyankush Jain - Advocate for the petitioner.

COMPANY PETITION No. 38 of 2016
DUSHYANT SINGH

Signature Not Verified
Signed by: PRIYANKA
PITHAWE
Signing time: 06-08-2025
18:07:47
12 COMP-36-2016
Versus
M/S GEI INDUSTRIAL SYSTEM LIMITED
Appearance:
Shri Priyankush Jain - Advocate for the petitioner.

COMPANY PETITION No. 39 of 2016
ANURAG GUPTA
Versus
M/S GEI INDUSTRIAL SYSYTEM LTD. A COMPANY
INCORPORATED UNDER CAMPANIES ACT
Appearance:
Shri Priyankush Jain - Advocate for the petitioner.

COMPANY PETITION No. 40 of 2016
RAJESH BANKHEDE
Versus
M/S GEI INDUSTRAIL SYSTEM LIMITED
Appearance:
Shri Priyankush Jain - Advocate for the petitioner.

COMPANY PETITION No. 41 of 2016
YOGENDRA SHARMA
Versus
M/S. GEI INDUSTRIAL SYSTEM LIMITED
Appearance:
Shri Priyankush Jain - Advocate for the petitioner.

COMPANY PETITION No. 44 of 2016
SUMIT A DUBEY
Versus
M/S GEI INDUSTRIAL SYSTEM LIMITED

Signature Not Verified
Signed by: PRIYANKA
PITHAWE
Signing time: 06-08-2025
18:07:47
13 COMP-36-2016
Appearance:
Shri Priyankush Jain - Advocate for the petitioner.

COMPANY PETITION No. 45 of 2016
ARDHENDU KUMAR SANYAL
Versus
M/S GEI INDUSTRIAL SYSTEM LIMITED
Appearance:
Shri Priyankush Jain - Advocate for the petitioner.

COMPANY PETITION No. 52 of 2016
U KRISHNA MURTHY
Versus
M/S GEI INDUSTRIAL SYSTEM LIMITED
Appearance:
Shri Priyankush Jain - Advocate for the petitioner.

COMPANY PETITION No. 1 of 2017
SHYAM KUMAR CHANDAK
Versus
M/S GEI INDUSTRIAL SYSTEM LIMITED
Appearance:
Shri Priyankush Jain - Advocate for the petitioner.

COMPANY PETITION No. 2 of 2017
SOURABH JAIN
Versus
M/S GEI INDUSTRIAL SYSTEM LIMITED
Appearance:
Shri Priyankush Jain - Advocate for the petitioner.

Signature Not Verified
Signed by: PRIYANKA
PITHAWE
Signing time: 06-08-2025
18:07:47
14 COMP-36-2016
ORDER

The present bunch of petitions under Section 433(e) of the Companies Act, 1956 (hereinafter referred to as 'the Act of 1956') have been filed by the petitioners for winding up of the respondent/Company. Considering similitude of facts of all the petitions, they are being decided by a common order. For reference, facts of Company Petition No.5/2023 are being considered here.

2. The petitioner is a secured creditor and acceded to the respondent request for sanction of certain credit facility which is mentioned in para-7 of the petition. It is further submitted that despite of various efforts including issuing notices, the respondent/Company could not repay the credit facility/loan granted to the respondent/Company and on the basis of the aforesaid facts and grounds, these petitions have been filed before this Court seeking the relief of winding up of the respondent/Company.

3. At the very outset, learned counsel for the petitioner has submitted that no substantial progress or adjudication has been done by this Court in this petition and no irreversible/irretrievable steps have been taken in winding up procedure. Learned counsel for the petitioner has relied upon the judgment of the Hon'ble Apex Court in the case of Action Ispat and Power Private Limited vs. Shyam Metalics and Energy Limited (2021) 2 SCC 641 and also i n A. Navinchandra Steels Private Limited vs. Srei Equipment Finance Limited and Others (2021) 4 SCC 435 .

4. The Hon'ble Apex Court in the case of Action Ispat (supra) has held that even though the liquidator had taken possession and control of the registered

15 COMP-36-2016 office of the appellant Company and its factory premises, records and books, no irreversible steps towards winding up of the appellant Company were otherwise taken and held that the Company Court had correctly exercised the

discretion vested in it by the 5th proviso to Section 434(1)(c) to transfer the petition to NCLT. It is further held that that so long as no actual sales of the immovable or movable properties have taken place, nothing irreversible is done which would warrant a Company Court staying its hands of a transfer application made to it by a creditor or any party to the proceedings and it is only where the winding up proceedings have reached a stage where it would be irreversible, making it impossible to set the clock back that the Company Court must proceed with the winding up, instead of transferring the proceedings to the NCLT to now be decided in accordance with the provisions of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as 'the Code').

5 . It is further submitted that some of the creditors had filed an application for initiation of corporate insolvency resolution process against the respondent Company under Section 9 of the Code in which the National Company Law Tribunal, Ahmedabad Bench (now Indore Special Bench), vide order dated 20.07.2017 in the case of C.P.(I.B.) No.35/9/NCLT/AHM/2017 (M/s. Beeta Kone Tools vs. GEI Industrial Systems Ltd.), has admitted the petition and ordered Insolvency and Bankruptcy Board of India to recommend the name of insolvency professional to act as an Interim Resolution Professional and declared moratorium under Section 13(1)(a) prohibiting the Company under Section

16 COMP-36-2016 14 of the Code. It is further submitted that now, after the constitution of Indore Special Bench, matters are pending before the NCLT, Indore Bench for which photocopies of the orders have been supplied on the Board which are kept in the file.

On the basis of aforesaid facts, it is prayed by all the petitioners that as the cognizance has been taken by the NCLT, all the matters be transferred to NCLT to be decided under the Code.

6. Section 434 of the Act of 1956 provides for transfer of certain pending proceedings and the relevant part of Section 434(c) is extracted hereinbelow :

"S.434 - Transfer of certain pending proceedings.-

(1)On such date as may be notified by the Central Government in this behalf,-

(a) .... .... .....

(b).... ..... .....

(c)all proceedings under the Companies Act, 1956 (1 of 1956), including proceedings relating to arbitration, compromise, arrangements and reconstruction and winding up of companies, pending immediately before such date before any District Court or High Court, shall stand transferred to the Tribunal and the Tribunal may proceed to deal with such proceedings from the stage before their transfer."

7. Considering the submissions of the petitioners and taking guidance from the aforesaid principle laid down by the Hon'ble Apex Court in the case of Action Ispat (supra) and A. Navinchandra (supra) and also considering the

17 COMP-36-2016 provisions of Section 434(c) of the Act of 1956, all the petitions pending before the Company judge of this Court are hereby transferred and disposed of.

8. The Registry is directed to send the record of all the petitions to NCLT, Indore Bench for necessary action in accordance with law.

9. Accordingly, all the petitions are disposed of.

(DEEPAK KHOT) JUDGE

Priya.P