# 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-02198. The case pertains to an application filed by the liquidator of M/s. Perfect International…

- **Court:** NCLT
- **Order date:** 5 May 2021
- **Citation:** TCN-2021-NCLT-02198
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/perfect-international-fabrications-private-limited-ia-07-ib-2021-in-ma-1338-2019-8083f5c8

## Summary

### Background

The case pertains to an application filed by the liquidator of M/s. Perfect International 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 liquidator has taken steps such as public announcements, claim verification, and appointment of auditors. Avoidance applications have also been filed against related parties to recover assets.

## Facts

M/s. Perfect International Private Limited is undergoing liquidation following a CIRP initiated by M/s. Jotun India Private Limited. The liquidation process commenced on 13.12.2019. Ms. Sripriya Kumar is the liquidator. The liquidator sought an extension of the liquidation period by 8 months, effective from 13.12.2020, which was later revised to 263 days from 24.03.2020 to 12.12.2020. The reasons cited for the extension include delays due to the COVID-19 lockdown and the need to segregate assets. The total claims admitted in liquidation amount to Rs. 16.58 Crores. The financial creditor claims amount 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 has also filed avoidance applications

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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 court considered the reasons provided by the liquidator, including the delays caused

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

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**Application:** The court applied Regulation 47A to the specific facts of the case, recognizing

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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 held where the members decided to proceed with the liquidation of…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 43 — Preferential transactions and relevant time](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-43)

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