# In the matter of PRC International Pvt. Ltd. MA-462-2018 & MA-203-2019  in CP-540-(IB)-2018

> NCLT judgment dated 2019-09-12. Citation: TCN-2019-NCLT-01482. The case involves an application MA/203/2019 in MA/462/2018 in CP/540/IB/2018 before the…

- **Court:** NCLT
- **Order date:** 12 Sept 2019
- **Citation:** TCN-2019-NCLT-01482
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/prc-international-pvt-ltd-ma-462-2018-ma-203-2019-in-cp-540-ib-2018-7253fde5

## Summary

### Background

The case involves an application MA/203/2019 in MA/462/2018 in CP/540/IB/2018 before the National Company Law Tribunal (NCLT), Chennai. The applicant's representation was not present when the matter was called. The Resolution Professional's counsel was present and submitted that the Resolution Plan had been approved by the Authority on August 27, 2019.

## Facts

The Indian Overseas Bank filed a petition CP/540/(IB)/2018 against Gagan Bothra (PRC International Hotels Pvt Ltd) & 1 another. The matter was called, but there was no representation on behalf of the applicant (Indian Overseas Bank). The counsel for the Resolution Professional was present and submitted that the Resolution Plan had been approved by the Authority on August 27, 2019. Due to the approval of the Resolution Plan, the application was deemed infructuous.

## Issues and analysis

### Issue 1: Whether the application should be closed given the approval of the Resolution Plan and the absence …

**Ratio:** When a Resolution Plan has been approved by the relevant authority, any pending

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**Reasoning:** The court reasoned that since the Resolution Plan had already been approved on August 27,

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**Interpretation:** The interpretation is that once a Resolution Plan is approved, it takes

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**Application:** In this case, the approval of the Resolution Plan for Gagan Bothra (PRC

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## Parties

- **Judges:** Ch. Mohd Sharief…
- **Appellants:** Indian Overseas…
- **Respondents:** PRC INTERNATIONAL…; GAGAN BOTHRA (PRC…

## Timeline

- **2018-09-12 — Hearing…**: Hearing held at…
- **2019-08-27 — Resolution Plan…**: Resolution Plan…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60 — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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