# Approval of Resolution Plan - Sarash Exports Services Pvt. Ltd.

> NCLT judgment dated 2018-01-15. Citation: TCN-2018-NCLT-01937. The case involves a petition under Section 9 of the IBC. The IRP filed a report stating that…

- **Court:** NCLT
- **Order date:** 15 Jan 2018
- **Citation:** TCN-2018-NCLT-01937
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/approval-of-resolution-plan-sarash-exports-services-pvt-ltd-f42e4f95

## Summary

### Background

The case involves a petition under Section 9 of the IBC. The IRP filed a report stating that after publication in newspapers, no other claims were received, making the petitioner the sole creditor. The management of the Corporate Debtor was taken over by the IRP, who reported that the company is solvent, functional, and making good progress. The claim of the Operational Creditor has been satisfied.

## Facts

The case was initiated under Section 9 of the IBC. The Interim Resolution Professional (IRP) filed a report after a public announcement in newspapers, stating that no other claims were received against the Corporate Debtor, M/s Toll Global Forwarding India Pvt. Ltd. This made M/s Sarash Exports Services Pvt. Ltd. the sole Operational Creditor. The IRP took over the management of the Corporate Debtor and reported that the company was solvent, functional, and making good progress. The Operational Creditor's claim was confirmed to be satisfied by Mr. Anuj Mirdha, the counsel for the Operational Creditor/Petitioner. Since no other claimants existed and the Operational Creditor's claim was fully satisfied, the IRP submitted that the steps for resolving the claim were

…

## Issues and analysis

### Issue 1: Whether the petition under Section 9 of the IBC can be successfully resolved given the satisfaction …

**Ratio:** A petition under Section 9 of the IBC can be successfully resolved if the Operational

…

**Reasoning:** The court reasoned that since the IRP's report indicated no other claims and the

…

**Interpretation:** Section 9 of the IBC is interpreted to allow for the successful resolution of a

…

**Application:** In this specific case, the IRP's report, the satisfaction of the Operational

…

## Parties

- **Judges:** DeepaKr…; Ina Mal…
- **Appellants:** Anuj Mi…
- **Respondents:** M/s. Toll Global…; Srishti J…

## Timeline

- **2018-01-15 — Hearing…**: Hearing before the New Delhi Bench of…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-chandigarh/approval-of-resolution-plan-sarash-exports-services-pvt-ltd-f42e4f95