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2017 (12) TMI 336 - Tri - Insolvency and BankruptcyCorporate insolvency procedure - Held that:- The Operational Creditor who has initiated this Insolvency Proceeding has also sent mail to the Corporate Debtor for closing the Insolvency Proceeding. Other operational creditors whose claim was submitted to the resolution professional, i.e. Poonam Enterprises Pvt. Ltd. has also settled the matter with the corporate debtor and accepted the post-dated cheques on account of the settlement of dues to the corporate debtor. Therefore, it is clear that operational creditors’ claim has been settled with the corporate debtor and financial creditor Punjab National Bank itself has certified that accounts of the corporate debtor are classified in their books of accounts as a standard asset. So, in this condition it is clear that no debt is outstanding as on today on the corporate debtor and Committee of Creditors with 100% own shares has made a recommendation for closing the Insolvency Proceedings. Given the resolution passed by Committee of Creditors Resolution Plan submitted by the Resolution Professional deserves to be accepted. The Resolution Plan submitted by Shri Arun Kumar Gupta as approved by the Committee on Creditors is at this moment accepted, and insolvency proceeding is closed accordingly.
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