# In the matter of PRC International Pvt. Ltd. MA-518-2018 & MA-289-2019  in CP-540-(IB)-2018

> NCLT judgment dated 2019-09-12. Citation: TCN-2019-NCLT-01487. The case involves an application (MA/289/2019 in MA/518/2018 in CP/540/IB/2018) before the…

- **Court:** NCLT
- **Order date:** 12 Sept 2019
- **Citation:** TCN-2019-NCLT-01487
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/prc-international-pvt-ltd-ma-518-2018-ma-289-2019-in-cp-540-ib-2018-35b4b759

## Summary

### Background

The case involves an application (MA/289/2019 in MA/518/2018 in CP/540/IB/2018) before the National Company Law Tribunal (NCLT), Chennai. The Resolution Professional's counsel submitted that the Resolution Plan has been approved by the Authority on 2019-08-27.

## Facts

The Indian Overseas Bank filed a petition (CP/540/IB/2018). An application (MA/289/2019 in MA/518/2018) was filed in relation to this petition. The Resolution Professional's counsel informed the court that the Resolution Plan had been approved on 2019-08-27. Consequently, the court found the application to be infructuous.

## Issues and analysis

### Issue 1: Whether the application (MA/289/2019 in MA/518/2018 in CP/540/IB/2018) should be closed given the …

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

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**Reasoning:** The court reasoned that because the Resolution Plan had been approved on 2019-08-27, the

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**Interpretation:** The approval of a Resolution Plan under the Insolvency and Bankruptcy Code

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**Application:** Since the Resolution Plan was approved, the application was deemed infructuous

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## Parties

- **Judges:** Ch. Mohd Sharief…
- **Appellants:** Indian Overseas…
- **Respondents:** S.MUKANCHAND…
- **Advocates:** M. Saurth…

## Timeline

- **2019-08-27 — Resolution Plan…**: The Resolution Plan was…
- **2019-09-12 — Hearing…**: Hearing held at 2.30 PM where the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 65 — Fraudulent or malicious initiation of proceedings](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-65)

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