# 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-00419. Oriental Bank of Commerce (now Punjab National Bank) initiated Corporate Insolvency Resolution…

- **Court:** NCLT
- **Order date:** 25 Nov 2021
- **Citation:** TCN-2021-NCLT-00419
- **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-2018-39c40a33

## Summary

### Background

Oriental Bank of Commerce (now Punjab National Bank) initiated Corporate Insolvency Resolution Process (CIRP) against Atlantic Projects Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016. The application for approval of the resolution plan was filed under section 30(6) and section 31(1) of the Insolvency & Bankruptcy Code, 2016 read with regulation 39(4) of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016.

## Facts

Oriental Bank of Commerce (now Punjab National Bank) initiated CIRP against Atlantic Projects Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated, and Mr. Anil Anchalia was appointed as the Resolution Professional (RP). Public announcements were made to invite claims from creditors. The Committee of Creditors (CoC) was constituted, comprising Oriental Bank of Commerce, Allahabad Bank, and UCO Bank. Several CoC meetings were held to discuss and evaluate resolution plans. Krishna Infosolutions Private Limited submitted a resolution plan, which was revised and modified multiple times based on CoC feedback. The final resolution plan was approved by the CoC with 81.14% voting share. The RP filed an application with the NCLT for approval of the

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## Issues and analysis

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

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

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

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**Interpretation:** Section 30(2) sets the minimum standards for a resolution plan to be considered

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**Application:** The NCLT assessed the Resolution Plan against each clause of Section 30(2) to

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

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