# 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-01481. The case involves an application (MA/201/2019 in MA/486/2018) within a corporate insolvency…

- **Court:** NCLT
- **Order date:** 12 Sept 2019
- **Citation:** TCN-2019-NCLT-01481
- **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-2018-175c6b97

## Summary

### Background

The case involves an application (MA/201/2019 in MA/486/2018) within a corporate insolvency resolution process (CP/540/(IB)/2018). The Resolution Professional's counsel submitted that the Resolution Plan has been approved on 2019-08-27.

## Facts

The Committee of Creditors filed an application (MA/201/2019 in MA/486/2018) under Section 60 of the IBC in CP/540/(IB)/2018 against Indian Overseas Bank PRC International Hotels Pvt Ltd & 2 others. The Resolution Professional's counsel informed the court that the Resolution Plan had been approved on 2019-08-27. As a result, the court deemed the application infructuous.

## Issues and analysis

### Issue 1: Whether the application should be closed …

**Ratio:** An application becomes infructuous when the underlying purpose has been achieved or is no

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

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**Interpretation:** The approval of a Resolution Plan under the IBC signifies that the insolvency

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**Application:** The court applied the principle that an application becomes infructuous when

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## Parties

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

## Timeline

- **2018-01-01 — CP/540/(IB)/20…**: Corporate Insolvency…
- **2018-01-01 — MA/486/2018…**: MA/486/2018 application…

## 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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