# 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-03957. The case pertains to the Corporate Insolvency Resolution Process (CIRP) initiated against…

- **Court:** NCLT
- **Order date:** 25 Feb 2022
- **Citation:** TCN-2022-NCLT-03957
- **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-ac9810e8

## Summary

### Background

The case pertains to the Corporate Insolvency Resolution Process (CIRP) initiated against Perfact Color Digital Prints Private Limited. The Resolution Professional (RP), Mr. Harish Taneja, filed an application seeking liquidation of the Corporate Debtor. The CIRP was initiated on 2019-12-09, and Mr. Shashi Bhushan Prasad was initially appointed as the Interim Resolution Professional (IRP). The IRP made a public announcement and received claims from various creditors, leading to the constitution of the Committee of Creditors (CoC). In the first CoC meeting, Mr. Harish Taneja was appointed as the RP, replacing Mr. Shashi Bhushan Prasad. The RP published Form G inviting Expressions of Interest (EOI). Several EOIs were received, but after scrutiny, some applicants were

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## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against Perfact Color Digital Prints Private Limited on 2019-12-09. Shashi Bhushan Prasad was appointed as the Interim Resolution Professional (IRP). The IRP constituted a Committee of Creditors (CoC) consisting of Financial Creditors. In the first CoC meeting on 2020-01-13, Harish Taneja was appointed as the Resolution Professional (RP), replacing Shashi Bhushan Prasad. The RP published Form G inviting Expressions of Interest (EOI). Ashwani Arya and Divya Arya, Directors of the Corporate Debtor, submitted an EOI through their Financial Partner, Sanjay Ahuja, but it was rejected due to disqualification under Section 29A of the IBC. The RP re-invited EOIs, and several applications were received. After

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority can order the liquidation of the Corporate Debtor under Section …

**Ratio:** Section 33(1)(a) of the IBC allows the Adjudicating Authority to order liquidation if it

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**Reasoning:** The court reasoned that since no resolution plan was pending for consideration before the

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**Interpretation:** Section 33(1)(a) provides a clear pathway for liquidation when the resolution

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**Application:** In this case, the Resolution Plan submitted by Mr. Sanjay Ahuja was found to be

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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…**: CIRP initiated against Perfact Color…
- **2020-01-13 — RP Appoin…**: Harish Taneja appointed as Resolution…

## 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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