9911796707
TMI Blog2017 (12) TMI 336X X X X Extracts X X X X X X X X Extracts X X X X ..... onal Bank itself has certified that accounts of the corporate debtor are classified in their books of accounts as a standard asset. So, in this condition it is clear that no debt is outstanding as on today on the corporate debtor and Committee of Creditors with 100% own shares has made a recommendation for closing the Insolvency Proceedings. Given the resolution passed by Committee of Creditors Resolution Plan submitted by the Resolution Professional deserves to be accepted. The Resolution Plan submitted by Shri Arun Kumar Gupta as approved by the Committee on Creditors is at this moment accepted, and insolvency proceeding is closed accordingly. - C.P. NO. 150/IB/KB/2017 - - - Dated:- 17-10-2017 - Mr. Jinan K. R. And V. P. Singh, JJ. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Section 21 of the Insolvency and Bankruptcy Code, 2016 and Punjab National Bank had 100% share of the vote. In the 4th meeting of the Committee of Creditor held on 12.10.2017 the participants ratified that the agenda of the 4th meeting was as follows: 1. Presentation of the latest list of Creditors. 2. The CEO of the Corporate Debtor - Prowess International Private Limited Mr Prakash Kumar to give a brief overview of the business and operations of the Company. 3. Approve the Vote on Resolution Plan submitted by Mr Prakash Kumar, Promoter of the Corporate Debtor - Prowess International Private Limited. The Resolution Plan presented by Shri Prakash Kumar who was CEO of the Corporate Debtor included documents to show the financ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... acknowledged as debts in the books of accounts (as per audited accounts), would continue to be paid in the usual course of business without default. The repayment of the debts of operational creditors, in full, is not less than the amount to be paid to the Operational Creditors in the event of a liquidation of the Corporate Debtor. The Committee further stated that the current management and Board of Director would continue to manage the business of the Corporate Debtor. The current management and Board of Director would implement this resolution plan within the next 12 months and continue to manage the business of the Corporate Debtor. The Committee decided that Punjab National Bank would implement and supervise the resolution plan f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to the Committee that this resolution plan does not contravene any of the provisions of the Insolvency and Bankruptcy Code, 2016 for the time being in force or the order of the Hon ble NCLAT, Delhi of 18.8.17. The Resolution Professional certified that the contents of the resolution plan meet all the requirements of the Insolvency and Bankruptcy Code, 2016 and the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, as amended. The Committee and the Corporate Debtor agreed that the order for approval of the Resolution Plan by the Hon ble NCLT, Kolkata shall be binding on the corporate debtor, its employees, members, creditors, guarantors and other stakeholders involved in t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in the resolution that the Committee decided that resolution professional to present the decisions of the Committee before NCLT Kolkata to approve the resolution plan and for the closure of the corporate insolvency process in respect of the corporate debtor - Prowess International Pvt. Ltd. On the basis of the Resolution Plan as filed by the Resolution Professional, on page 70 of the Resolution Plan it contains a certificate issued by the Financial Creditor Punjab National Bank who has certified that as per books of accounts the cash credit limit and Bank Guarantees issued on behalf of M/s Prowess International Pvt. Ltd. has been classified as a standard asset in the books of the bank, and there is no default in the payment of interest and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hich is annexed with the Resolution Plan at page No. 71 which shows that operational creditor M/s Parker Hannifin India Pvt. Ltd. had also sent mail on 25.9.17 to the resolution professional that they want to convey that they have no objection if the corporate insolvency resolution process in respect of corporate debtor Poonam International Pvt. Ltd. is closed by the Hon ble NCLT Kolkata Bench. The operational creditor Poonam International Pvt. Ltd. and other operational claimants had sent mail to the resolution professional for closing the insolvency proceedings on account with the settlement with the corporate debtor Prowess International Pvt. Ltd.. Therefore, the only claim of financial creditor Punjab National Bank was with the resol ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
