Feedback   New User   Login      
Tax Management India. Com TMI - Tax Management India. Com
Acts / Rules Notifications Circulars Tariff/ ITC HSN Forms Case Laws Manuals Short Notes Articles SMS News Highlights
        Home        
Extracts
Home List
← Previous Next →

Parker Hannifin India Pvt. Ltd. Versus Prowess International Pvt. Limited

2017 (12) TMI 336 - NATIONAL COMPANY LAW TRIBUNAL, KOLKATA

Corporate 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 th .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

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. - C.P. NO. 150/IB/KB/2017 - Dated:- 17-10-2017 - Mr. Jinan K. R. And V. P. Singh, JJ. For The Corporate Debtor : Shri Akash Sharma, Pr. C. S. And Shri Arun Gupta, FCA And Shri Sanjay Chatterjee, Advocate ORDER The Operational Credi .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

onal Bank (PNB), and no other claim from any financial credit has been received. The account with the Punjab National Bank is a standard account, and the Bank has not recalled its dues. Only two other claims from operational creditors (Parker Hannifin India Pvt. Ltd. And Poonam Enterprise) had been received, and both have been settled to the satisfaction of the claimants. No other claim from any other Operational Creditor had been accepted. As per the Regulations, a creditor, who failed to submi .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

12.10.2017 the participants ratified that the agenda of the 4th meeting was as follows: 1. Presentation of the latest list of Creditors. 2. The CEO of the Corporate Debtor - Prowess International Private Limited Mr Prakash Kumar to give a brief overview of the business and operations of the Company. 3. Approve the Vote on Resolution Plan submitted by Mr Prakash Kumar, Promoter of the Corporate Debtor - Prowess International Private Limited. The Resolution Plan presented by Shri Prakash Kumar wh .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

and did not face the risk of insolvency shortly. The Committee also did not see while observing its performance regularly through the banking operations, that the corporate debtor faced any challenge otherwise on the operational front. The Committee concluded that the information, explanations and documents presented by the Corporate Debtor could be considered as a Resolution Plan for Insolvency under Insolvency and Bankruptcy Code 2016. The Resolution Professional confirmed that he had not rece .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

ther operational creditors who have not claimed but are still acknowledged as debts in the books of accounts (as per audited accounts), would continue to be paid in the usual course of business without default. The repayment of the debts of operational creditors, in full, is not less than the amount to be paid to the Operational Creditors in the event of a liquidation of the Corporate Debtor. The Committee further stated that the current management and Board of Director would continue to manage .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

Corporate Debtor was required to submit report which would include the Balance Sheet, Profit & Loss Account, Cash Flow Projection for the next 6 months, status of order book, list of creditors, list of significant payments over ₹ 1 lakh, changes in leasehold properties, changes in the list of present bank accounts, new finance raised, guarantees in favour of the corporate debtor, new security interest created over its assets, change in shareholding, changes in its organisation structur .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

charges of the Resolution Professional would be cleared not beyond 15.10.2017. These costs have been considered in the cash flow projection plan and will be paid in a manner specified by the Board in priority to the repayment of other debts of the Corporate Debtor. The Resolution Professional confirmed to the Committee that this resolution plan does not contravene any of the provisions of the Insolvency and Bankruptcy Code, 2016 for the time being in force or the order of the Hon ble NCLAT, Del .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

guarantors and other stakeholders involved in the Resolution Plan. Based on the information and explanations available and the order of the Hon ble NCLAT, Delhi of 18.8.17, the Committee decided that the Resolution Plan as produced by the Promoter Resolution Applicant Mr Prakash Kumar be taken on record as approved under Section 30 (4) of the Insolvency and Bankruptcy Code, 2016 and it was : RESOLVED to approve the Resolution Plan as submitted by the Promoter Mrs Prakash Kumar without any modif .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

ct of the Corporate Debtor - Prowess International Private Limited. The above Resolution Plan was considered by the Committee of Creditors and in its meeting passed a resolution to approve the Resolution Plan as submitted by Shri Prakash Kumar without any modification in respect of corporate debtor Prowess International Pvt. Ltd.. The Committee further resolved to close the corporate insolvency process in respect of corporate debtor Prowess International Pvt. Ltd. The Committee further decided t .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

nal Bank who has certified that as per books of accounts the cash credit limit and Bank Guarantees issued on behalf of M/s Prowess International Pvt. Ltd. has been classified as a standard asset in the books of the bank, and there is no default in the payment of interest and other charges as on date on Cash Credit Account, and no Bank Guarantee has been invoked. The above certificate shows that the only financial creditor who has 100% shares in the Committee of Creditors has certified that the a .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

t, they have issued two post-dated cheques of equal amounts to be due on 30.9.2017 and 15.10.2017. In this mail it has also stated that the Corporate Debtor has assured that they will make sufficient balance in their accounts to honour the cheques and in the light of amicable settlement between the parties they have no objection if the insolvency proceedings are closed. Therefore, it is clear that Operational Creditor Poonam Enterprises has settled the matter with the corporate debtor after taki .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

no objection if the corporate insolvency resolution process in respect of corporate debtor Poonam International Pvt. Ltd. is closed by the Hon ble NCLT Kolkata Bench. The operational creditor Poonam International Pvt. Ltd. and other operational claimants had sent mail to the resolution professional for closing the insolvency proceedings on account with the settlement with the corporate debtor Prowess International Pvt. Ltd.. Therefore, the only claim of financial creditor Punjab National Bank wa .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

 

 

 

 

 

Discussion Forum
what is new what is new
 


Share:            

|| Home || About us || Feedback || Contact us || Disclaimer || Terms of Use || Privacy Policy || TMI Database || Members ||

© Taxmanagementindia.com [A unit of MS Knowledge Processing Pvt. Ltd.] All rights reserved.

Go to Mobile Version