# In the matter of Perfect International Fabrications Private Limited IA-07-IB-2021 in MA-1338-2019 in IBA330-2019

> NCLT judgment dated 2021-05-05. Citation: TCN-2021-NCLT-02202. The case involves an application (IA/07/IB/2021) filed by the Liquidator of M/s. Perfect…

- **Court:** NCLT
- **Order date:** 5 May 2021
- **Citation:** TCN-2021-NCLT-02202
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/perfect-international-fabrications-private-limited-ia-07-ib-2021-in-ma-1338-2019-11335d7e

## Summary

### Background

The case involves an application (IA/07/IB/2021) filed by the Liquidator of M/s. Perfect International Fabricators Private Limited seeking an extension of the liquidation period. The liquidation process commenced following a CIRP initiated by an operational creditor, M/s. Jotun India Private Limited. Despite efforts to find resolution applicants, no interest was received, leading to the decision to liquidate the Corporate Debtor. The applicant sought an extension of 8 months, effective from 13.12.2020, to complete the liquidation process.

## Facts

The Corporate Debtor, M/s. Perfect International Fabricators Private Limited, underwent CIRP initiated by an operational creditor, M/s. Jotun India Private Limited. Due to the lack of resolution applicants, liquidation was initiated on 13.12.2019. Ms. Sripriya Kumar was appointed as the Liquidator. The Liquidator received claims from financial creditors amounting to Rs. 14.20 crore, with M/s. State Bank of India and M/s. SREI Equipment Finance Limited being the major claimants. The Liquidator filed avoidance applications to recover assets from related parties. The liquidation process was delayed due to the COVID-19 lockdown. The Liquidator sought an extension of the liquidation period by 263 days, from 24.03.2020 to 12.12.2020. The 3rd CoC meeting was held on

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## Issues and analysis

### Issue 1: Whether the extension of the liquidation period sought by the Liquidator is justified given the …

**Ratio:** Regulation 47A of the Insolvency and Bankruptcy Board of India (Liquidation Process)

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**Reasoning:** The Tribunal considered the reasons provided by the Liquidator for seeking the extension,

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**Interpretation:** Regulation 47A provides a mechanism for extending the liquidation period when

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**Application:** The Tribunal applied Regulation 47A to the facts of the case and determined

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## Parties

- **Judges:** R. Sucha…; B. Anil…
- **Appellants:** Sripriya…
- **Respondents:** M/s. Perfect…

## Timeline

- **2019-12-13 — Commencement of…**: Liquidation process commenced…
- **2019-10-21 — 3rd CoC M…**: The 3rd CoC meeting was…

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