# In the matter of P R Venkatesh Vs. Sripriya Kumar & Ors. Company Appeal (AT) (Insolvency) No. 765 of 2020

> NCLAT judgment dated 2021-09-21. Citation: TCN-2021-NCLAT-00086. This case involves an appeal against an order dated 01.02.2020 passed by the Adjudicating…

- **Court:** NCLAT
- **Order date:** 21 Sept 2021
- **Citation:** TCN-2021-NCLAT-00086
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/p-r-venkatesh-vs-sripriya-kumar-ors-company-appeal-5c0217d1

## Summary

### Background

This case involves an appeal against an order dated 01.02.2020 passed by the Adjudicating Authority (National Company Law Tribunal), Special Bench, Chennai in MA/987/2019 in IBA/330/2019. The appeal, Company Appeal (AT) (Insolvency) No. 765 of 2020, was filed by P R Venkatesh, the erstwhile promoter and Managing Director of Perfect International Fabricators Private Limited, against the order which allowed MA/987/2019. The Resolution Professional had filed MA/987/2019 before the NCLT alleging that Perfect International Fabricators Pvt. Ltd. and Ingenium Advisory LLP are related parties and the transfer of payments by Perfect International Fabricators Pvt. Ltd. to Ingenium Advisory LLP within the look-back period were preferential and fraudulent.

## Facts

Perfect International Fabricators Private Limited (the Corporate Debtor) was admitted into Corporate Insolvency Resolution Process (CIRP) following an application under Section 9 of the IBC by an Operational Creditor, M/s Jotun India Pvt. Ltd. The NCLT admitted the application on 29.04.2019. The Resolution Professional (Respondent No. 1) filed MA/987/2019 alleging that Perfect International Fabricators and Ingenium Advisory LLP were related parties and that payments made by Perfect International Fabricators to Ingenium Advisory LLP within the look-back period were preferential and fraudulent. The Adjudicating Authority allowed MA/987/2019 on 01.02.2020. P R Venkatesh, the erstwhile promoter and Managing Director of Perfect International Fabricators, filed an appeal

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority was correct in holding that the transactions between Perfect …

**Ratio:** The legal principle is that transactions within the look-back period that are

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**Reasoning:** The court reasoned that the Adjudicating Authority was correct in its assessment because

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**Interpretation:** This issue involves the interpretation of Sections 43 and 66 of the IBC, which

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**Application:** The court applied the principle to the facts by considering the lack of

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## Parties

- **Judges:** Anant Bijay…; Shreesha…
- **Appellants:** P R Venk…
- **Respondents:** Perfect Internatio…; Sripriya…

## Timeline

- **2015-10-12 — Agreemen…**: Perfect International Fabricators Pvt. Ltd. and Ingenium Advisory LLP entered into an…
- **2016-08-16 — Agreemen…**: Perfect International Fabricators Pvt. Ltd. and Ingenium Advisory LLP entered into…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

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