NCLT admits SBI's insolvency plea against Giga Pipe Systems India
This story was originally published at 11:30 IST on 8 October 2025
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NEW DELHI – The Delhi bench of the National Company Law Tribunal has admitted State Bank of India's petition to start insolvency proceedings against Giga Pipe Systems India Pvt. Ltd. for an unpaid amount of INR 450.62 million. The tribunal has appointed Manoj Kumar Anand as the interim resolution professional of the debt-ridden company to carry out the functions as per the Insolvency and Bankruptcy Code, 2016.
In 2019, Giga Pipe Systems had approached State Bank of India and requested for sanction of credit facilities. The bank, after following the due procedure, sanctioned various credit facilities amounting to INR 400 million. These loan facilities were renewed by the bank from time to time on requests by the debt-ridden company.
SBI said that Giga Pipe Systems has time and again admitted its liability towards the outstanding amounts to the bank, apart from acknowledging the debts and liability in its provisional balance sheets in 2022 and 2023. Giga Pipe Systems has failed to service interest on loan amounts and has not adhered to financial discipline, which has resulted in the loan accounts of the company being classified as non-performing assets with effect from 2022, said the bank.
Despite the receipt of the loan recall notice and demand notice and having admitted the amounts due even in the balance sheet, Giga Pipe Systems failed to pay the amount in default to the bank, said SBI. Consequently, the bank moved the tribunal and filed an insolvency petition against Giga Pipe Systems.
At 1117 IST, shares of SBI were down 0.7% at INR 858.85 on the National Stock Exchange. End
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Reported by Surya Tripathi
Edited by Avishek Dutta
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