# Approval of Resolution Plan - Highland Automobiles Private Limited

> NCLT judgment dated 2025-08-12. Citation: TCN-2025-NCLT-01207. Punjab National Bank initiated CIRP against Highland Automobiles Pvt. Ltd. under Section 7 of…

- **Court:** NCLT
- **Order date:** 12 Aug 2025
- **Citation:** TCN-2025-NCLT-01207
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/approval-of-resolution-plan-highland-automobiles-private-limited-1935760d

## Summary

### Background

Punjab National Bank initiated CIRP against Highland Automobiles Pvt. Ltd. under Section 7 of IBC, 2016. The application was admitted on 15.02.2024, and Mr. Arvind Kumar was appointed as the Interim Resolution Professional (IRP).

## Facts

Punjab National Bank filed an application under Section 7 of IBC, 2016 to initiate CIRP against Highland Automobiles Private Limited.

The application was admitted on 15.02.2024, and Mr. Arvind Kumar was appointed as the Interim Resolution Professional (IRP).

The IRP made a public announcement on 17.02.2024 to invite claims.

The Committee of Creditors (CoC) was constituted with Punjab National Bank as the sole secured financial creditor, holding 100% voting share.

The CoC approved the resolution plan submitted by Abhishek Jain with a 91.80% voting share on 22.10.2024.

The Fair Market Value (FMV) of the Corporate Debtor is Rs. 5,98,51,649.80/- and the Liquidation Value (LV) is Rs. 2,06,00,424.30/-.

The total realisable amount under the resolution plan is Rs. 1,00,22,327.00.

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by Abhishek Jain meets the requirements of Section 30(2) of …

**Ratio:** Section 30(2) of the IBC outlines the requirements for a resolution plan, including

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**Reasoning:** The Adjudicating Authority considered the documents and reports submitted by the RP and

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**Interpretation:** The Resolution Plan must adhere to the mandatory requirements specified in

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**Application:** The Resolution Plan was found to provide for the payment of insolvency

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## Parties

- **Judges:** Harnam Singh…; SHISHIR A…
- **Appellants:** Punjab National…; Arvind…
- **Respondents:** Highland Automobil…
- **Advocates:** Sumer Sing…; Vaishali…; +1 more

## Timeline

- **2024-02-15 — Initiation…**: Date of Initiation of…
- **2024-02-15 — Appointment…**: Date of Appointment of…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 30(6) — Submission of resolution plan](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-30)

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