# 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-00197. The case pertains to an application filed under Section 33(2) and 60 of the Insolvency and…

- **Court:** NCLT
- **Order date:** 13 Dec 2019
- **Citation:** TCN-2019-NCLT-00197
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/perfect-international-fabrications-pvt-ltd-ma-1338-2019-in-iba-330-2019-e35626ba

## Summary

### Background

The case pertains to an application filed under Section 33(2) and 60 of the Insolvency and Bankruptcy Code (IBC), 2016, seeking liquidation of the Corporate Debtor, M/s. Perfect International Private Limited. The Resolution Professional (RP) filed the application based on a resolution passed by the Committee of Creditors (CoC) on 21.10.2019 with 100% voting share, recommending liquidation. The Corporate Debtor's business had been shut down since 2018, and no prospective resolution plan was received despite invitations for expression of interest.

## Facts

M/s. Perfect International Private Limited faced insolvency proceedings under the IBC, 2016. The company's operations had been shut down since 2018, indicating a lack of prospective business. An invitation for expression of interest yielded no resolution plan. The Resolution Professional (RP), Ms. Sripriya Kumar, collated claims amounting to ₹15,51,93,681. Two valuers assessed the liquidation estate, determining the average fair value to be ₹13,04,88,666 and the average liquidation value to be ₹10,56,28,166. The Committee of Creditors (CoC) unanimously passed a resolution on 21.10.2019, with 100% voting share, recommending liquidation. The RP then filed an application under Section 33(2) and 60 of the IBC, 2016, for liquidation. The CoC's decision was influenced by the

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor, M/s. Perfect International Private Limited, should be liquidated …

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

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**Reasoning:** The court reasoned that the Corporate Debtor's business had been shut down since 2018,

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**Interpretation:** Section 33(2) is interpreted to mean that when a company's operations have

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**Application:** In this case, the Corporate Debtor's closure, the lack of a resolution plan,

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## Parties

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

## Timeline

- **2018-01-01 — Business Sh…**: The Corporate Debtor's…
- **2019-10-21 — CoC Resol…**: The Committee of Creditors (CoC) passed a resolution with 100% voting share, recommending…

## 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)

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