# Edelweiss Asset Reconstruction Company Ltd vs. Ms. Chetana Ambarish Shah and Mr. Ramakumar Purayath Nair

> NCLT judgment dated 2026-10-06. Citation: TCN-2026-NCLT-01107. The Corporate Insolvency Resolution Process (CIRP) for Perfect Engine Component Private Limited…

- **Court:** NCLT
- **Order date:** 6 Oct 2026
- **Citation:** TCN-2026-NCLT-01107
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/perfect-engine-component-private-limited-tnpjl

## Summary

### Background

The Corporate Insolvency Resolution Process (CIRP) for Perfect Engine Component Private Limited (Corporate Debtor) commenced on 25.01.2023. M/s ARCK Resolution Professionals LLP, through its Designated Partner Mr. Anil Kohli, was appointed as the Interim Resolution Professional (IRP). A Transaction Audit Report (TAR) was commissioned, which identified long outstanding receivables of Rs. 5.91 Crores from Karla Engine Components Limited (KECL), a related party. The applicant, Edelweiss Asset Reconstruction Company Ltd (substituted for the original applicant), sought a declaration that these transactions were fraudulent under Section 66 of the Insolvency and Bankruptcy Code, 2016, and requested consequential directions against Respondent Nos. 1 and 2 (suspended directors

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## Facts

The Corporate Insolvency Resolution Process (CIRP) of M/s Perfect Engine Components Private Limited ('Corporate Debtor') was commenced on 25.01.2023.

M/s ARCK Resolution Professionals LLP, through its Designated Partner Mr. Anil Kohli, was appointed as the Interim Resolution Professional ('IRP').

A public announcement inviting claims was made on 27.04.2023, with the last date for submission as 09.05.2023.

The Committee of Creditors ('CoC') was constituted on 15.05.2023.

The IRP filed a report certifying the constitution of the CoC, which was taken on record by the Tribunal vide order dated 02.06.2023.

In the 4th CoC meeting on 11.08.2023, M/s. BDO India LLP was appointed as the Transaction Review Auditor.

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## Issues and analysis

### Issue 1: Whether the present application, filed beyond the prescribed timeline under Regulation 35A of the …

**Ratio:** The timelines prescribed under Regulation 35A of the Insolvency and Bankruptcy Board of

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**Reasoning:** The NCLAT judgment in Prasant Chandra Rath & Ors. v. Surya Kanta Satapathy (RP)

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**Interpretation:** Regulation 35A provides procedural timelines for the Resolution Professional to

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**Application:** The contention raised by Respondent No. 1 that the present application is

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## Parties

- **Judges:** SH. VINAY…; SH. CHARANJEET…
- **Appellants:** Edelweiss Asset…; M/s ARCK Resolutio…; +1 more
- **Respondents:** Perfect Engine…; Chetana Ambarish…; +1 more
- **Other parties:** Committee of…; Late Mr. Ambrish…; +2 more
- **Advocates:** Aparna…; Adv J…; +1 more

## Timeline

- **2011-03-01 — Business Transfer…**: Corporate Debtor and Karla Engine Components Pvt. Ltd. ('KECL') executed a Business…
- **2015 — Respondent No. 1…**: Respondent No. 1 became a…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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