# In the matter of Periyar Agro Food Industries Pvt. Ltd. IA (IBC)-324,325,333,405,406 & 407-KOB-2022 In CP (IB) 20-KOB-2021

> NCLT judgment dated 2023-02-17. Citation: TCN-2023-NCLT-04553. The case involves multiple applications (IA (IBC)/405/KOB/2022, IA (IBC)/325/KOB/2022, IA…

- **Court:** NCLT
- **Order date:** 17 Feb 2023
- **Citation:** TCN-2023-NCLT-04553
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/periyar-agro-food-industries-pvt-ltd-ia-ibc-324325333405406-407-kob-2022-in-cp-i-64f1b586

## Summary

### Background

The case involves multiple applications (IA (IBC)/405/KOB/2022, IA (IBC)/325/KOB/2022, IA (IBC)/406/KOB/2022, IA (IBC)/333/KOB/2022, IA (IBC)/407/KOB/2022, IA (IBC)/324/KOB/2022) filed in relation to CP (IB) 20/KOB/2021 under Section 60 (5) of the IBC read with Rule 11 of the Insolvency and Bankruptcy Code, 2016. The applications primarily concern the acceptance of a Revised Transaction & Forensic Audit report of the corporate debtor, Periyar Agro Food Industries Pvt. Ltd. Applications IA (IBC) No.324/KOB/2022, IA (IBC) No/325/2022 and IA(IBC)No.333/KOB/2022 are filed for fraudulent transaction under Section 66 of IBC, avoidance of undervalued transaction under Section 45(1) and preferential transaction under Section 43 (1) respectively.

## Facts

George Varkey, the Resolution Professional of Periyar Agro Food Industries Pvt. Ltd., filed applications seeking to admit a Revised Transaction & Forensic Audit report of the corporate debtor. The applications are filed under Section 60 (5) of IBC read with Rule 11 of the NCLT Rules, 2016. The applications IA (IBC) No.324/KOB/2022, IA (IBC) No/325/2022 and IA(IBC)No.333/KOB/2022 are filed for fraudulent transaction under Section 66 of IBC, avoidance of undervalued transaction under Section 45(1) and preferential transaction under Section 43 (1) respectively. The respondents, including Mohammed Riyaz and Abdul Marakkar, opposed the applications, arguing that the report was filed without COC approval, that the applicant did not adhere to the timeline fixed in

…

## Issues and analysis

### Issue 1: Whether the Revised Transaction & Forensic Audit report of the corporate debtor should be taken …

**Ratio:** The court relied on the principle that at an early stage of proceedings, it is generally

…

**Reasoning:** The court reasoned that since the hearing on the main application had not yet commenced,

…

**Interpretation:** The court interpreted the relevant provisions of the IBC and NCLT Rules to

…

**Application:** The court applied the ratio and reasoning to the specific facts of the case,

…

## Parties

- **Judges:** P. Moha…; Satya Ranjan…
- **Appellants:** George V…
- **Respondents:** Periyar Agro Food…; Mohammed…
- **Advocates:** Harikumar.…; Akhil S…; +2 more

## Timeline

- **2021-09-01 — 14th COC M…**: Corporate debtors changed their version and stated that entries recorded about the sales…
- **2022-09-21 — CIRP Period…**: The Corporate Insolvency Resolution…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — 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-division-bench-court-i-chenn/periyar-agro-food-industries-pvt-ltd-ia-ibc-324325333405406-407-kob-2022-in-cp-i-64f1b586