# In the matter of AMR Infrastucture Ltd. CA No. 811-(PB)-2018 in (IB)-02-(PB)-2017

> NCLT judgment dated 2018-09-28. Citation: TCN-2018-NCLT-00689. The case involves an application filed under Section 60(5) of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 28 Sept 2018
- **Citation:** TCN-2018-NCLT-00689
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/amr-infrastucture-ltd-ca-no-811-pb-2018-in-ib-02-pb-2017-3c333239

## Summary

### Background

The case involves an application filed under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, concerning a deadlock created by a low percentage of votes cast by a new category of financial creditors, specifically those in the Real Estate (Commercial and Residential) sector. The Corporate Insolvency Resolution Process (CIRP) was initiated against AMR Infrastructure Ltd. based on an application by Nikhil Mehta & Sons (HUF) & Ors. The Interim Resolution Professional (IRP) took steps to discharge his duties, including inviting and verifying claims, collating information on assets, and taking custody of assets. However, the voting share for various resolutions, including the appointment of the IRP as Resolution Professional (RP), did not meet the required

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## Facts

Nikhil Mehta & Sons (HUF) & Ors. initiated Corporate Insolvency Resolution Process (CIRP) against M/s. AMR Infrastructure Ltd. The application was admitted on 2018-05-10. Mr. Vikram Bajaj was appointed as Interim Resolution Professional (IRP). A public announcement was made on 2018-05-15. The last date for submission of proof of claim was 2018-05-24. The IRP filed an application being CA-725(PB)/2018 to appoint two authorized representatives, which was allowed on 2018-08-14. The first meeting of the Committee of Creditors (CoC) was scheduled for 2018-08-25. The e-voting window was open from 2018-08-23 to 2018-08-25. There were 906 financial creditors. Only 463 financial creditors representing 52.78% voting shares participated in the voting. The voting shares

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## Issues and analysis

### Issue 1: Whether the threshold of 'voting shares' in respect of the class of Financial Creditors Real Estate …

**Ratio:** The ratio decidendi is that in cases where the Committee of Creditors (CoC) is comprised

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**Reasoning:** The Tribunal reasoned that the legislative intent behind the IBC is to promote resolution

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**Interpretation:** The interpretation of Section 22(2) of the IBC is that the word 'may' does not

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**Application:** The ratio and reasoning were applied to the specific facts of the case, where

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## Parties

- **Judges:** M. M. K…; S. K. MOH…
- **Appellants:** Nikhil Mehta &…
- **Respondents:** AMR Infrastructure…; M/s. AMR Infrastru…

## Timeline

- **2018-05-10 — CIRP Init…**: Corporate Insolvency Resolution Process (CIRP) was initiated against M/s. AMR…
- **2018-05-15 — Public Annou…**: Public announcement was…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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