# In the matter of Atlantic Projects Limited IA (IB) No. 352-KB-2021 in CP (IB) No. 174-KB-2018

> NCLT judgment dated 2021-11-25. Citation: TCN-2021-NCLT-00409. The case pertains to an application filed under section 30(6) and section 31(1) of the…

- **Court:** NCLT
- **Order date:** 25 Nov 2021
- **Citation:** TCN-2021-NCLT-00409
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/atlantic-projects-limited-ia-ib-no-352-kb-2021-in-cp-ib-no-174-kb-2018-1300eaa2

## Summary

### Background

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.

## Facts

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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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by Krishna Infosolutions Private Limited meets the …

**Ratio:** Section 30(2) of the IBC specifies the mandatory requirements that a resolution plan must

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**Reasoning:** The NCLT examined the Resolution Plan to ensure it complied with the mandatory

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**Interpretation:** Section 30(2) is interpreted as setting a minimum threshold for the

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**Application:** The NCLT applied the requirements of Section 30(2) to the specific details of

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## Parties

- **Judges:** Rajasekha…; Harish Chander…
- **Respondents:** Atlantic Projects…

## Timeline

- **2018-01-01 — Company Petiti…**: The underlying Company Petition in C.P. (IB) No. 174/KB/2018 was filed by Oriental Bank…
- **2019-10-15 — Admission of Company…**: The Company Petition in C.P. (IB) No. 174/ KB/2018 was admitted vide order dated…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 14 — Moratorium](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-14)

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