# In the matter of Perfect International Fabrications Pvt. Ltd. MA-1338-2019 in IBA-330-2019

> NCLT judgment dated 2019-12-13. Citation: TCN-2019-NCLT-00191. The case involves an application filed under Section 33(2) and 60 of the Insolvency and…

- **Court:** NCLT
- **Order date:** 13 Dec 2019
- **Citation:** TCN-2019-NCLT-00191
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/perfect-international-fabrications-pvt-ltd-ma-1338-2019-in-iba-330-2019-5b752bbf

## Summary

### Background

The case involves an application filed under Section 33(2) and 60 of the Insolvency and Bankruptcy Code (IBC), 2016, seeking liquidation of Perfect International Private Limited. The Committee of Creditors (CoC) unanimously passed a resolution for liquidation on 21.10.2019, with 100% voting share, as no prospective resolution plan was presented. The Corporate Debtor's business had been shut down since 2018.

## Facts

Perfect International Private Limited faced insolvency proceedings under the IBC, 2016. An application was filed under Section 33(2) and 60 seeking liquidation. The company's business had been shut down since 2018, and no resolution plan was presented despite invitations for expression of interest. The Resolution Professional (RP) collated claims amounting to ₹15,51,93,681. The CoC unanimously passed a resolution for liquidation on 21.10.2019, with 100% voting share. The RP appointed valuers to assess the liquidation estate, determining the average fair value and average liquidation value of the company's assets. The average fair value of Land & Building was ₹6,76,74,000, and the average liquidation value was ₹4,85,23,000. The average fair value of Plant &

…

## Issues and analysis

### Issue 1: Whether the Corporate Debtor, Perfect International Private Limited, should be liquidated under …

**Ratio:** Section 33(2) of the IBC, 2016 allows for the initiation of liquidation proceedings when

…

**Reasoning:** The court reasoned that since the Corporate Debtor's business had been shut down since

…

**Interpretation:** Section 33(2) is interpreted to mean that liquidation is an appropriate course

…

**Application:** The court applied this ratio to the facts of the case, noting the absence of a

…

## Parties

- **Judges:** B.S.V. Prakash…; S. VIJAYARA…
- **Appellants:** M/s. Perfect…
- **Respondents:** Perfect Internatio…
- **Advocates:** N. P Vijay…; R. Pra…

## Timeline

- **2018-01-01 — Business Sh…**: The Corporate Debtor's business…
- **2019-10-21 — CoC Resol…**: The Committee of Creditors (CoC) unanimously passed a resolution for liquidation with…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60 — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-chandigarh/perfect-international-fabrications-pvt-ltd-ma-1338-2019-in-iba-330-2019-5b752bbf