# In the matter of Perfact Color Digital Prints Pvt. Ltd. IA-1201-2021 in (IB)-1974(ND)2019

> NCLT judgment dated 2022-02-25. Citation: TCN-2022-NCLT-03964. The case pertains to the corporate insolvency resolution process (CIRP) of Perfact Color…

- **Court:** NCLT
- **Order date:** 25 Feb 2022
- **Citation:** TCN-2022-NCLT-03964
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/perfact-color-digital-prints-pvt-ltd-ia-1201-2021-in-ib-1974nd2019-4f0b791f

## Summary

### Background

The case pertains to the corporate insolvency resolution process (CIRP) of Perfact Color Digital Prints Private Limited. The CIRP was initiated on 2019-12-09. An interim resolution professional (IRP) was appointed, followed by the appointment of Mr. Harish Taneja as the resolution professional (RP). The RP published Form G to invite expressions of interest (EOI). Several EOIs were received, but after scrutiny, some applicants were found ineligible under Section 29A of the Insolvency and Bankruptcy Code (IBC). The resolution plan submitted by Mr. Sanjay Ahuja was found to be non-compliant with Section 30(2) of the IBC, specifically regarding provisions for EPFO dues and the inclusion of personal collateral. The CIRP period expired on 2021-02-18, and no extension was

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## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against Perfact Color Digital Prints Private Limited on 2019-12-09. Mr. Shashi Bhushan Prasad was initially appointed as the Interim Resolution Professional (IRP). Subsequently, Mr. Harish Taneja was appointed as the Resolution Professional (RP) following a decision by the Committee of Creditors (CoC) on 2020-01-13, which was formalized by a tribunal order dated 2020-07-15. The RP invited Expressions of Interest (EOI) and received one EOI from Mr. Ashwani Arya and Mrs. Divya Arya, Directors of the Corporate Debtor, through their Financial Partner, Mr. Sanjay Ahuja. This EOI was rejected because the Prospective Resolution Applicant was disqualified under Section 29A of the IBC. The RP re-invited EOIs and

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority should order the liquidation of the Corporate Debtor, Perfact …

**Ratio:** Section 33(1) of the IBC stipulates that the Adjudicating Authority shall pass an order

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**Reasoning:** The court reasoned that no resolution plan was pending consideration before the CoC, and

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**Interpretation:** Section 33(1) of the IBC provides the framework for initiating liquidation when

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**Application:** In this case, the Resolution Plan submitted by the Resolution Applicant was

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## Parties

- **Judges:** ABNI RANJAN KUMAR…; AVINASH K.…
- **Appellants:** Harish T…
- **Respondents:** PERFACT COLOR…; Rajat M…

## Timeline

- **2019-12-09 — CIRP Init…**: Corporate Insolvency Resolution Process (CIRP) initiated against Perfact Color Digital…
- **2020-01-13 — CoC Meet…**: Committee of Creditors (CoC) resolved to replace the IRP and appoint Mr. Harish Taneja as…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 33(1) — Initiation of liquidation](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-33)

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