Legal Lifeline: Perfect Infraengineers Moves NCLT To Set Aside CIRP Order

Image Source : NCLT Advocates in Chennai

Perfect Infraengineers Ltd has filed an interim application before NCLT to set aside the CIRP order initiated by the Technology Development Board. The company disputes the default claim and seeks a stay on insolvency proceedings. The case outcome will determine its operational future and set precedents in insolvency law.

Perfect Infraengineers Ltd has filed an interim application before the National Company Law Tribunal (NCLT), seeking to set aside the Corporate Insolvency Resolution Process (CIRP) initiated against it. The move comes amid ongoing proceedings triggered by a financial creditor’s petition under Section 7 of the Insolvency and Bankruptcy Code (IBC).

Application Highlights

- The interim application was filed in response to the CIRP order passed by the Mumbai bench of NCLT earlier this year

- The original insolvency petition was filed by the Technology Development Board, alleging default on financial obligations by Perfect Infraengineers

- The company is contesting the validity of the CIRP order, citing procedural lapses and disputing the default claim

- The matter is currently pending, with the next hearing scheduled for August 20, 2025

- Perfect Infraengineers has requested a stay on all insolvency proceedings until the tribunal rules on the interim plea

Strategic Context

- Incorporated in 1996, Perfect Infraengineers operates in HVAC and MEP contracting, with a focus on turnkey projects for mechanical, electrical, and plumbing systems

- The company has faced financial stress in recent years, with declining revenues and high debtor days impacting liquidity

- Promoter holding has dropped to 30.6%, with over 55% of shares pledged or encumbered, reflecting pressure on corporate governance and investor confidence

Operational Impact

- The CIRP order, if upheld, could lead to the appointment of a resolution professional and potential restructuring or liquidation

- The interim application is seen as a last-ditch effort to retain control and avoid insolvency proceedings

- No official statement has been issued by the company regarding the application, but legal sources confirm active engagement with counsel

Outlook

- The outcome of the interim application will determine whether Perfect Infraengineers can continue operations independently or face resolution under IBC

- Industry observers are watching closely, as the case may influence future interpretations of financial default and procedural compliance under insolvency law

- The tribunal’s decision could also impact creditor recoveries and stakeholder negotiations

Sources: NCLT Case Records, KNN India

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