# In the matter of PRC International Pvt. Ltd. MA-486-2018 & MA-201-2019  in CP-540-(IB)-2018

> NCLT judgment dated 2019-09-12. Citation: TCN-2019-NCLT-01484. The case involves an application MA/201/2019 in MA/486/2018 in CP/540/IB/2018 before the…

- **Court:** NCLT
- **Order date:** 12 Sept 2019
- **Citation:** TCN-2019-NCLT-01484
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/prc-international-pvt-ltd-ma-486-2018-ma-201-2019-in-cp-540-ib-2018-088841c4

## Summary

### Background

The case involves an application MA/201/2019 in MA/486/2018 in CP/540/IB/2018 before the National Company Law Tribunal (NCLT), Chennai Bench. The applicant's representation was not present when the matter was called. The Resolution Professional's counsel submitted that the Resolution Plan had been approved on 2019-08-27.

## Facts

The Committee of Creditors filed an application (CP/540/(IB)/2018) against Indian Overseas Bank PRC International Hotels Pvt Ltd. An application MA/201/2019 in MA/486/2018 was filed in relation to this matter. The Resolution Plan was approved on 2019-08-27. When the matter was called, there was no representation on behalf of the applicant. The counsel for the Resolution Professional was present and confirmed the approval of the Resolution Plan. 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 Adjudicating Authority, any pending

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

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**Interpretation:** The interpretation is that the approval of a Resolution Plan effectively

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**Application:** In this case, the approval of the Resolution Plan on 2019-08-27 rendered the

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## Parties

- **Judges:** Ch. Mohd Sharief…
- **Appellants:** Committee of…
- **Respondents:** INDIAN OVERSEAS…
- **Advocates:** M. Savith…

## Timeline

- **2018-01-01 — Application…**: CP/540/(IB)/2018 filed by…
- **2019-08-27 — Resolution Plan…**: The Resolution Plan was approved…

## 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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