- (1.) The Operational Creditor Parker Hannifin India Private Limited had filed a petition under Section 9 of the Insolvency and Bankruptcy Code 2016 which was admitted by our order dated 20th April 2017, and Shri Arun Kumar Gupta was appointed as Insolvency 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 creditor, who failed to submit proof of claim within the time stipulated in the public announcement, may submit such evidence to the interim resolution professional or the resolution professional, as the case may be, till the approval of a resolution plan by the committee.
(2.) It is also in the Progress Report that the Committee of Creditors was constituted regarding Section 21 of the Insolvency and Bankruptcy Code, 2016 and Punjab National Bank had 100% share of the vote.
(3.) In the 4th meeting of the Committee of Creditor held on 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.;