# Approval of Resolution Plan - Kratos Energy & Infrastructure Ltd.

> NCLT judgment dated 2025-07-28. Citation: TCN-2025-NCLT-01141. The case pertains to I.A. No. 2207 of 2024 filed in C.P. (IBPP) No. 03/MB/2023 under Section…

- **Court:** NCLT
- **Order date:** 28 Jul 2025
- **Citation:** TCN-2025-NCLT-01141
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/approval-of-resolution-plan-kratos-energy-infrastructure-ltd-a7e2ec7d

## Summary

### Background

The case pertains to I.A. No. 2207 of 2024 filed in C.P. (IBPP) No. 03/MB/2023 under Section 54K of the Insolvency and Bankruptcy Code, 2016, seeking approval of the Final Base Resolution Plan in the Pre-packaged Insolvency Resolution Process (PPIRP) of Kratos Energy & Infrastructure Limited (Corporate Debtor).

## Facts

I.A. No. 2207 of 2024 was filed on 02.05.2024 by Mr. Amit Chandrashekhar Poddar, the Applicant/Resolution Professional (RP) of Kratos Energy & Infrastructure Limited, the Corporate Debtor (CD).

The Corporate Debtor (CD) was admitted into PPIRP (Admission Order) under Section 54C(4) of the Code vide order dated 01.02.2024.

The Committee of Creditors (CoC) was constituted on 10.12.2022, consisting of the sole Financial Creditor, viz., ‘Tricon Prints and Packaging Pvt. Ltd.’.

The Resolution Plan was approved with 100% voting share on 27.04.2024.

SEBI objected to the CD's locus in proposing Resolution Plan under the PPIRP mechanism.

The CD made application to NSE for surrendering its stock broker registration on 25.09.2017, which was approved on 08.12.2017.

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor, being a former stock broker, is eligible to propose a Resolution Plan …

**Ratio:** Pre-packaged insolvency resolution process is permissible only in respect of a corporate

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**Reasoning:** The CD obtained registration as MSME on 21.07.2023, i.e., before the initiation of the

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**Interpretation:** The Tribunal interpreted Section 54A(1) of the Code to mean that if the

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**Application:** The Tribunal applied the interpretation to the facts of the case and found that

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## Parties

- **Judges:** ANIL RAJ C…; K. R. SAJI…
- **Appellants:** Amit Chandrashekha…
- **Respondents:** Kratos Energy &…
- **Other parties:** Rajesh Raghunath…; Feroza Jamsheed…; +19 more
- **Advocates:** Amey Ha…; Ahmed Chu…; +9 more

## Timeline

- **2024-05-02 — Filing of I.A. No. 2207…**: I.A. No. 2207 of 2024 was filed by Mr. Amit Chandrashekhar Poddar, the…
- **2024-02-01 — Admission int…**: The Corporate Debtor (CD) was admitted into PPIRP (Admission Order) under Section 54C(4)…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 54K — Consideration and approval of resolution plan](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-54k)

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