# In the matter of Periyar Agro Food Industries Pvt. Ltd. IA (IBC) No. 337-KOB-2022 In C.P (IB) No. 20-KOB-2021

> NCLT judgment dated 2023-02-17. Citation: TCN-2023-NCLT-04555. The application was filed by Shri George Varkey, the Resolution Professional of Periyar Agro…

- **Court:** NCLT
- **Order date:** 17 Feb 2023
- **Citation:** TCN-2023-NCLT-04555
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/periyar-agro-food-industries-pvt-ltd-ia-ibc-no-337-kob-2022-in-cp-ib-no-20-kob-2-6f6170f1

## Summary

### Background

The application was filed by Shri George Varkey, the Resolution Professional of Periyar Agro Food Industries Pvt. Ltd, seeking an order for liquidation of the Corporate Debtor. The Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor was admitted on 21.12.2021. Shri George Varkey was appointed as the Interim Resolution Professional. Public announcements were made in English and Malayalam newspapers. The Committee of Creditors (CoC) was formed, and the applicant was confirmed as the Resolution Professional. Despite inviting expressions of interest, no resolution plan was received. The CIRP period was extended, and a forensic audit was conducted, revealing anomalies. Applications were filed for preferential, undervalued, and fraudulent

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## Facts

Shri George Varkey, the Resolution Professional of Periyar Agro Food Industries Pvt. Ltd, filed an application for liquidation. The Corporate Insolvency Resolution Process (CIRP) was initiated against Periyar Agro Food Industries Pvt. Ltd, and admitted on 2021-12-21. Shri George Varkey was appointed as the Interim Resolution Professional. The Committee of Creditors (CoC) was formed, and the applicant was confirmed as the Resolution Professional. Despite inviting expressions of interest, no resolution plan was received. The CIRP period was extended by 90 days initially and then by an additional 60 days. A forensic audit was conducted, revealing anomalies in the books of accounts. Applications were filed for preferential, undervalued, and fraudulent transactions. The CoC

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## Issues and analysis

### Issue 1: Whether the application for liquidation of the Corporate Debtor, Periyar Agro Food Industries Pvt. …

**Ratio:** The commercial wisdom of the Committee of Creditors (CoC) is a primary consideration in

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**Reasoning:** The court reasoned that despite efforts to find a resolution plan, none was received. The

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**Interpretation:** The interpretation of Section 33 of the IBC, 2016 emphasizes the importance of

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**Application:** In this case, the absence of a resolution plan, the CoC's decision to liquidate

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## Parties

- **Judges:** P. Moha…; Satya Ranjan…
- **Appellants:** Shri. George…
- **Respondents:** Periyar Agro Food…

## Timeline

- **2021-12-21 — CIRP Admi…**: Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor was admitted…
- **2021-12-24 — Public Annou…**: Public announcement of the CIRP was made…

## 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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