# In the matter of Perfect Industries Private Limited CP (IB) No.2833-MB-C-IV-2019

> NCLT judgment dated 2020-06-10. Citation: TCN-2020-NCLT-01195. The case involves a Company Petition filed under Section 7 of the Insolvency & Bankruptcy Code,…

- **Court:** NCLT
- **Order date:** 10 Jun 2020
- **Citation:** TCN-2020-NCLT-01195
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/perfect-industries-private-limited-cp-ib-no2833-mb-c-iv-2019-39b93b11

## Summary

### Background

The case involves a Company Petition filed under Section 7 of the Insolvency & Bankruptcy Code, 2016 (IBC) by Oriental Bank of Commerce (Financial Creditor) to initiate Corporate Insolvency Resolution Process (CIRP) against Perfect Industries Private Limited (Corporate Debtor). The Corporate Debtor is a private company incorporated on 18.02.2011. The petition was filed on 25.07.2019 before the Adjudicating Authority because the Corporate Debtor failed to pay ₹6,19,00,000.00 as principal and ₹2,09,24,101.79 as interest as on 31.08.2016.

## Facts

Oriental Bank of Commerce, the Financial Creditor, filed a petition under Section 7 of the Insolvency & Bankruptcy Code, 2016 (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against Perfect Industries Private Limited, the Corporate Debtor. The Corporate Debtor was incorporated on 18.02.2011. The petition was filed on 25.07.2019 because the Corporate Debtor failed to make payment of ₹6,19,00,000.00 as principal and ₹2,09,24,101.79 as interest as on 31.08.2016. The Financial Creditor had extended various credit facilities to the Corporate Debtor, including a cash credit facility of Rs.32.00 lakh, a Term Loan facility of Rs.2.03 crore, a Working Capital Term Loan of Rs.2.68 crore, a Funded Interest Term Loan (FITL) of Rs.40.00 lakh, and FITL-2 of

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## Issues and analysis

### Issue 1: Whether the application made by the Financial Creditor is complete and meets the requirements of …

**Ratio:** Section 7 of the IBC and Rule 4(1) of the Insolvency & Bankruptcy (Application to

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**Reasoning:** The Adjudicating Authority determined that the application was complete in all respects

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**Interpretation:** The application must contain all necessary information and documents as

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**Application:** The Adjudicating Authority reviewed the application and found it to be

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## Parties

- **Judges:** Rajasekha…; Ravikumar…; +1 more
- **Appellants:** Oriental Bank of…
- **Respondents:** Perfect Industries…

## Timeline

- **2011-02-18 — Incorporation of…**: Perfect Industries Private…
- **2015-06-29 — Extension of Credit…**: Financial Creditor extended various…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 14 — Moratorium](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-14)

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