# In the matter of Preet Tractors Pvt. Ltd. CA No. 174-2017 IN CP (IB) No. 61-Chd-Hry-2017

> NCLT judgment dated 2017-11-21. Citation: TCN-2017-NCLT-00161. M.S Motors, the operational creditor, filed a case against Preet Tractors Pvt. Ltd., the…

- **Court:** NCLT
- **Order date:** 21 Nov 2017
- **Citation:** TCN-2017-NCLT-00161
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/preet-tractors-pvt-ltd-ca-no-174-2017-in-cp-ib-no-61-chd-hry-2017-c8024f6f

## Summary

### Background

M.S Motors, the operational creditor, filed a case against Preet Tractors Pvt. Ltd., the corporate debtor, under Section 60(5)(c) of the Insolvency and Bankruptcy Code, 2016. The Resolution Professional submitted a report stating that all claims made by various creditors had been satisfied.

## Facts

M.S Motors, an operational creditor, initiated proceedings against Preet Tractors Pvt. Ltd., a corporate debtor, under the Insolvency and Bankruptcy Code, 2016. The Resolution Professional submitted a report indicating that all claims made by various creditors had been satisfied. This included the claim of the operational creditor, as well as payments to the employees of the corporate debtor. The valuation process had not yet commenced, and the Resolution Professional's fee had been paid. The key fact is that all creditors' claims were satisfied by the corporate debtor, leading to the resolution of the insolvency process.

## Issues and analysis

### Issue 1: Whether the Resolution Professional should be discharged of his duties after all creditors' claims …

**Ratio:** When all creditors' claims have been satisfied, there is no further requirement for the

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**Reasoning:** The court reasoned that since all claims had been satisfied by the corporate debtor, the

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**Interpretation:** This interprets the IBC to mean that once all creditors are satisfied, the

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**Application:** Since the Resolution Professional's report confirmed that all claims were

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## Parties

- **Judges:** R.P.Nag…
- **Appellants:** M.S Mo…
- **Respondents:** Preet Tractors…

## Timeline

- **2017-11-17 — Resolution Professional'…**: The Resolution Professional submitted a report stating that all claims made by various…
- **2017-09-25 — Moratoriu…**: Moratorium was imposed on this…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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