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Case overview

Corporate Insolvency Resolution Process

The Hon'ble National Company Law Tribunal, Chandigarh Bench (Court-I), admitted the petition filed by Central Bank of India under Section 7 of the Insolvency and Bankruptcy Code, 2016 against Gilco Steels Limited on 25 August 2026.

The Tribunal recorded that the financial debt remained due and payable and that default in repayment had occurred. Mr. Jalesh Kumar Grover was appointed as the Interim Resolution Professional.

Corporate debtor

Company profile

Gilco Steels Limited is a non-government public company limited by shares, incorporated on 29 October 2008 and registered with the Registrar of Companies, Chandigarh. The company is engaged in metal fabrication and manufacturing.

Corporate Identification Number

U27107CH2008PLC031407

Registration number

084182

Authorised share capital

₹5,25,00,000

Paid-up share capital

₹5,00,00,000

Date of incorporation

29 October 2008

Last reported AGM

30 September 2017

Corporate office

Semi Industrial Shop No. S1-91, Industrial Area Phase II, Chandigarh - 160102

Proceedings

Admission and appointment of IRP

The petition was admitted after the Tribunal considered the material placed on record concerning disbursement, outstanding liability and default.

• ✓

  The petition under Section 7 of the Code was admitted.

• ✓

  A moratorium under Section 14 came into effect.

• ✓

  Mr. Jalesh Kumar Grover was appointed Interim Resolution Professional.

• ✓

  The applicant was directed to deposit ₹2,00,000 with the IRP for immediate expenses.

Statutory effect

Moratorium under Section 14

1. Institution or continuation of suits and proceedings, including execution of judgments, decrees or orders.
2. Transfer, encumbrance, alienation or disposal of assets or legal or beneficial interests.
3. Enforcement of security interests, including action under the SARFAESI Act, 2002.
4. Recovery by an owner or lessor of property occupied by or in the possession of the Corporate Debtor.

Refer to the admission order and the Insolvency and Bankruptcy Code, 2016 for the complete scope and legal effect.

Creditors' process

Submission of claims

The public announcement was stated to have been published in Financial Express and Amar Ujala on 6 September 2026. The stated last date for submission of claims is 18 September 2026.