# Asset Reconstruction Company (India) Limited vs. ACCIL Corporation Private Limited

> NCLT judgment dated 2026-07-21. Citation: TCN-2026-NCLT-00637. Asset Reconstruction Company (India) Limited (ARCIL), a financial creditor, initiated the…

- **Court:** NCLT
- **Order date:** 21 Jul 2026
- **Citation:** TCN-2026-NCLT-00637
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-jaipur/asset-reconstruction-company-india-limited-vs-accil-corporation-private-limited-rk1z7

## Summary

### Background

Asset Reconstruction Company (India) Limited (ARCIL), a financial creditor, initiated the Corporate Insolvency Resolution Process (CIRP) against ACCIL Corporation Private Limited (Corporate Debtor) under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Adjudicating Authority admitted the petition on 15.10.2025 and appointed Mr. Ajay Kumar Atolia as the Interim Resolution Professional (IRP). Subsequently, Mr. Chandra Prakash was appointed as the Resolution Professional (RP). The Committee of Creditors (CoC), comprising ARCIL, Prudent ARC Limited, and Central Bank of India, was constituted. A Request for Resolution Plan (RFRP) was issued, leading to five Resolution Applicants submitting plans. Oriental Structural Engineers Private Limited (OSEPL) emerged as the

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## Facts

Asset Reconstruction Company (India) Limited (ARCIL), a financial creditor, filed a petition under Section 7 of the IBC against ACCIL Corporation Private Limited (Corporate Debtor).

The Adjudicating Authority admitted the petition on 15.10.2025, commencing CIRP and appointing Mr. Ajay Kumar Atolia as the Interim Resolution Professional (IRP).

A public announcement inviting claims was issued on 17.10.2025, with 29.10.2025 as the last date for submission.

The IRP took control and custody of the Corporate Debtor's assets, books, and records.

The Committee of Creditors (CoC) was constituted with 3 secured financial creditors: ARCIL, Prudent ARC Limited, and Central Bank of India.

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by Oriental Structural Engineers Private Limited satisfies …

**Ratio:** The Adjudicating Authority must approve a resolution plan if it is satisfied that the

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**Reasoning:** The Resolution Plan was approved by the CoC with a unanimous 100% voting share,

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**Interpretation:** Section 31(1) of the IBC empowers the Adjudicating Authority to approve a

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**Application:** Based on the comprehensive review of the Resolution Plan, the Form H Compliance

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## Parties

- **Judges:** Reeta K…; Kavita Bha…
- **Appellants:** Asset Reconstructi…; Chandra P…; +1 more
- **Respondents:** ACCIL Corporation…
- **Other parties:** Prudent ARC…; Central Bank of…; +1 more
- **Advocates:** Spandan B…; Nikhil…; +6 more

## Timeline

- **2025-10-15 — Admission Order & CIRP…**: Adjudicating Authority admitted the petition, commenced CIRP, and appointed Mr. Ajay…
- **2025-10-17 — Public Annou…**: IRP issued and published the public announcement in Form A, inviting submission of claims…

## 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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