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IN THE NATIONAL COMPANY LAW TRIBUNAL

KOCHI BENCH

KOCHI

IA (IBC) No. 337/KOB/2022

In

C.P (IB) No. 20/KOB/2021

In the Matter of:

Application under Section 33(1)(a) & 34 of the Insolvency and Bankruptcy Code,

2016 for an order of liquidation against the Corporate Debtor.

-And-

In the Matter of:

Shri. George Varkey, Resolution Professional of Periyar Agro Food Industries

Pvt. Ltd, Building No. 110, Surabhi Nagar, Kakkanad, Kochi- 682030

… Applicant/Resolution Professional

-In-

In the Matter of:

ITC Ltd-Agri Business Division,

…Operational Creditor

-Versus-

Periyar Agro Food Industries Pvt. Ltd

…Corporate Debtor

Coram:

Shri P. Mohan Raj

:

Member (Judicial)

Shri Satya Ranjan Prasad

:

Member (Technical)

Appearances (through video conference):

For the Applicant/RP

: Mr. Hari Kumar G Nair, Adv

Mr. Akhil Suresh, Adv

Mr. Anu Balakrishnan Nair,

Adv.

Order reserved on: 09.02.2023

Order pronounced on: 17.02.2023

IN THE NATIONAL COMPANY LAW TRIBUNAL

KOCHI BENCH

IA(IBC)/337/KOB/2022

In

CP(IB)/20/KOB/2021

Page 2 of 6

O R D E R

1. The present Application has been filed by Shri George Varkey, Resolution

Professional of Periyar Agro Food Industries Pvt. Ltd (hereinafter referred

to as “Corporate Debtor”). The Corporate Insolvency Resolution Process

(CIRP) against the Corporate Debtor under section 9 of IBC,2016 was

admitted by this Adjudicating Authority on 21.12.2021 and Shri George

Varkey was appointed as an Interim Resolution Professional. In pursuance

of CIRP order the IRP effected public announcement in Newspapers in

English in ‘Business Lime” and in Malayalam in ‘Mathrubhumi” Kochi

Edition on 24.12.2021.

2. It is stated that in the 1^st Committee of Creditors (CoC) meeting held on

21.01.2022, where the IRP had constituted the committee of creditors.

Thereafter, it was in the 8^th CoC meeting held on 28.04.2022, the applicant

herein was confirmed as the Resolution Professional of the corporate

debtor. The applicant had invited its First Expression of Interest on

22.03.2022 which was published in both Local and English Newspapers for

which no Expression of Interest was received. Thereafter, for a second time,

Expression of Interest was called for on 07.05.2022 and one prospective

resolution applicant Mr. Shanavas Hassan, Proprietor of Goldwood

Industries has submitted an expression of interest but no plan has been filed.

3. In the 10^th CoC meeting held on 06.06.2022, and it was unanimously

resolved that the period of CIRP to be extended by 90 days for completing

the Resolution Plan process, i.e., upto 17.09.2022. In the said CoC meeting

it was also unanimously resolved that Resolution Professional is to apply

with Hon’ble NCLT for extending the CIRP period. Consequently, the

applicant had filed an application in IA(IBC)/139/KOB/2022 under

Section 12(2) of the IBC,2016 before this Tribunal. This Tribunal vide its

order dated 28.06.2022 was pleased to extend CIR Process by allowing 30

IN THE NATIONAL COMPANY LAW TRIBUNAL

KOCHI BENCH

IA(IBC)/337/KOB/2022

In

CP(IB)/20/KOB/2021

Page 3 of 6

days extension in CIR process taking note of the fact that EOI of a

prospective resolution app