NISHANT
IBC 2016 - Where no debt is outstanding against corporate debtor and the committee of creditors recommended closing insolvency proceeding, the resolution plan submitted by the Insolvency resolution professional is to be accepted and insolvency proceeding is to be closed
NISHANT MEHROTRA 16 Jan 2018

IBC 2016 - Where no debt is outstanding against corporate debtor and the committee of creditors recommended closing insolvency proceeding, the resolution plan submitted by the Insolvency resolution professional is to be accepted and insolvency proceeding is to be closed

NCLT (Kolkata Bench) :: in Parker Hannifin India (P.) Ltd. vs. Prowess International (P.) Ltd. :: Insolvency and Bankruptcy Code, 2016 – Section 9 read with section 30(4) – Corporate insolvency resolution process – Initiation by operational creditor – No debt is outstanding against corporate debtor and committee of directors recommending closure of insolvency proceedings – Is resolution plan submitted by insolvency resolution professional to be accepted – Whether where operational creditor’s claim is settled and no debt is outstanding as on today on corporate debtor, as certified by financial creditor bank and the committee on creditors with 100 per cent own shares has recommended closing of insolvency proceedings, the resolution plan submitted by the resolution professional as approved by the committee of creditors deserves to be accepted – Held, yes and insolvency proceedings are required to be closed [Paras 20 to 22].

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