The Georgian grip become famous in the judo circles, when many Georgian judo and sambo practitioners started applying it in high level judo competitions.
The grip could be done in several different variations, from kenka yotsu, ai yotsu, grabbing the belt or the lower part of the back of the opponent with the front hand, while the rear hand holds his sleeve.
Important detail for the application is to drop your weight on the opponent’s back with the help of the leading arm’s elbow. Otherwise, the opponent could defend by circling on the back and throwing with suplex.
Some forward throws that could be executed from this position are:
And here are some backward throws:
And my personal favorite suplex, at 0:50 of this video: