# 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-00421. 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-00421
- **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-2018-73fe711e

## 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 the 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 professional (RP) invited expressions of interest, and after several rounds of revisions and voting, the resolution plan submitted by Krishna Infosolutions Private Limited was approved by the Committee of Creditors (CoC) with 81.14% voting share.

## Facts

1. 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).
2. Anil Anchalia was appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional (RP) of Atlantic Projects Limited.
3. The Committee of Creditors (CoC) was constituted on November 7, 2019, comprising three secured financial creditors: Oriental Bank of Commerce, Allahabad Bank, and UCO Bank.
4. The RP issued invitations for Expressions of Interest (EoI) three times, receiving EoIs from Shiva Consultants Pvt. Ltd., PNC Infratech Limited, and Krishna Infosolutions Private Limited.
5. Only

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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 mandates that a resolution plan must provide for the payment of

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**Reasoning:** The NCLT perused the documents on record and found that the Resolution Plan is in

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**Interpretation:** Section 30(2) sets out the mandatory requirements for a resolution plan to be

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**Application:** The NCLT determined that the Resolution Plan submitted by Krishna Infosolutions

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## Parties

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

## Timeline

- **2018-01-01 — Company Petiti…**: Oriental Bank of Commerce filed C.P. (IB) No. 174/KB/2018 against Atlantic Projects…
- **2019-10-17 — Public Annou…**: IRP made public announcement…

## 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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