TaxTMI 
TaxTMI 
2017 (12) TMI 336
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....vency Resolution Professional which was confirmed by the Committee of Creditors. He has filed his Progress Report (7th Report) on 16th of October, 2017 wherein he has stated that as a Resolution Professional he has received only one claim from Financial Creditor, Punjab National 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 cred....
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....d that the Corporate Debtor is in a good financial position 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 received any other Resolution Plan from any other resolution applicant. It is further stated in the report that the Committee noted that interests of stakeholders, including financial credito....
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....t of creditors, list of significant payments over Rs. 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 structure, changes in its capital structure, changes in its constitutional documents, appointment or changes in terms of contract of its Auditors, verification of securities statement, certificate of statutory compliances, transactions with related parties, details of material litigations, acquisition of fixed assets, any material decision taken by the Board of Directors, and other information as required by Punjab National Bank. The Com....
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....rove the Resolution Plan as submitted by the Promoter Mrs Prakash Kumar without any modification in respect of the Corporate Debtor - Prowess Internation Private Limited.' 'ALSO RESOLVED to recommend to the Hon'ble NCLT, Kolkata to close the Corporate Insolvency Resolution Process in respect of the Corporate Debtor- Prowess International Private Limited.' The Committee authorised the Resolution Professional to present the decision of the Committee before the Hon'ble NCLT, Kolkata to approve the resolution plan and also the closure of the corporate insolvency resolution process in respect of the Corporate Debtor - Prowess International Private Limited. The above Resolution Plan was considered by the Committee of Creditors and ....
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....ere is no default in payment of interest and other charges as on date. It is also on record that Operational Creditor Poonam Enterprises has even sent mail to the resolution professional who is attached with the Resolution Plan wherein it is stated that parties had settled their disputes and Corporate Debtor has agreed to pay Rs. 19 lakhs to them. In fact, 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 clea....
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....unjab National Bank's share is 100%, and he has certified that the account of corporate debtor Prowess International Pvt. Ltd. is classified as a standard asset in their books of account. 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 Na....