- (1.) Ld. Counsel for the operational creditor and the corporate debtor are present. Till date Ld. RP has not submitted any resolution plan. We have perused the order of the Hon'ble NCLAT.
(2.) It appears that the Hon'ble NCLAT has passed the order "in case(s) where all creditors have been satisfied and there is no default with any other creditor, the formality of submission of resolution plan under section 30 or its approval under section 31 is required to be expedited on the basis of plan if prepared.
(3.) In such case, the Adjudicating Authority without waiting for 180 days of resolution process, may approve resolution plan under section 31, after recording its satisfaction that all creditors have been paid/satisfied and any other creditor do not claim any amount in absence of default and required to close the Insolvency Resolution Process.;