The case pertains to an application filed under section 30(6) and section 31(1) of the Insolvency and Bankruptcy Code, 2016 (IBC) for approval of a resolution plan for Atlantic Projects Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated following a petition filed by Oriental Bank of Commerce (now Punjab National Bank) under section 7 of the IBC. The resolution plan was submitted by Krishna Infosolutions Private Limited and approved by the Committee of Creditors (CoC) with 81.14% voting share.
Oriental Bank of Commerce (now Punjab National Bank) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) against Atlantic Projects Limited, leading to the initiation of the Corporate Insolvency Resolution Process (CIRP). Mr. Anil Anchalia was appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional (RP). Public announcements were made to invite claims from financial and operational creditors. The Committee of Creditors (CoC) was constituted with three secured financial creditors: Oriental Bank of Commerce, Allahabad Bank, and UCO Bank. The RP received expressions of interest (EoI) from potential resolution applicants, ultimately receiving a resolution plan from Krishna Infosolutions Private Limited.
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The underlying Company Petition in C.P. (IB)…
The Company Petition in C.P. (IB) No. 174/…
The case pertains to an application filed under section 30(6) and section 31(1) of the Insolvency and Bankruptcy Code, 2016 (IBC) for approval of a resolution plan for Atlantic Projects Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated following a petition filed by Oriental Bank of Commerce (now Punjab National Bank) under section 7 of the IBC. The resolution plan was submitted by Krishna Infosolutions Private Limited and approved by the Committee of Creditors (CoC) with 81.14% voting share.
Oriental Bank of Commerce (now Punjab National Bank) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) against Atlantic Projects Limited, leading to the initiation of the Corporate Insolvency Resolution Process (CIRP). Mr. Anil Anchalia was appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional (RP). Public announcements were made to invite claims from financial and operational creditors. The Committee of Creditors (CoC) was constituted with three secured financial creditors: Oriental Bank of Commerce, Allahabad Bank, and UCO Bank. The RP received expressions of interest (EoI) from potential resolution applicants, ultimately receiving a resolution plan from Krishna Infosolutions Private Limited.
…The underlying Company Petition in C.P. (IB)…
The Company Petition in C.P. (IB) No. 174/…