# Intec Capital Limited vs. Atharva Auto Logistics Private Limited

> NCLT judgment dated 2026-10-14. Citation: TCN-2026-NCLT-01229. The Corporate Insolvency Resolution Process (CIRP) commenced for Atharva Auto Logistics Private…

- **Court:** NCLT
- **Order date:** 14 Oct 2026
- **Citation:** TCN-2026-NCLT-01229
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/atharva-auto-logistics-private-limited-bkc56

## Summary

### Background

The Corporate Insolvency Resolution Process (CIRP) commenced for Atharva Auto Logistics Private Limited on February 18, 2022. Mr. Uday Kumar Bhaskar Bhatt was appointed as the Interim Resolution Professional (IRP) and subsequently as the Resolution Professional (RP). A Resolution Plan was submitted by Mr. Suyog Satish Pachange, one of the suspended directors of the Corporate Debtor, who was eligible as the Corporate Debtor is a Small and Medium Enterprise (SME). The Committee of Creditors (CoC) approved the Resolution Plan with 66.12% votes (Pravara Sahakari Bank Limited), while Intec Capital Limited, holding 33.88% voting share, did not vote. The RP filed an application (IA(PLAN)/1/2024) seeking approval of this Resolution Plan under Section 30 of the Insolvency and

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## Facts

The Corporate Insolvency Resolution Process (CIRP) of M/s. Atharva Auto Logistics Private Limited commenced on 18.02.2022 under Section 7 of the Code.

Mr. Uday Kumar Bhaskar Bhatt was appointed as the Interim Resolution Professional (IRP) and subsequently as the Resolution Professional (RP) of the Corporate Debtor.

A Public Announcement in Form A was issued on 25.02.2022, inviting claims from creditors on or before 09.03.2022.

Claims were received from Intec Capital Limited and Employees' State Insurance Corporation (ESIC), and a notice from Employees' Provident Fund Organisation (EPFO).

Pravara Sahakari Bank Limited filed its claim on 31.03.2022, leading to the reconstitution of the CoC on 19.04.2022.

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## Issues and analysis

### Issue 1: Whether the Resolution Plan complies with the Request for Resolution Plan (RFRP) timeline for …

**Ratio:** A resolution plan must adhere to the timelines prescribed in the Request for Resolution

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**Reasoning:** The RFRP stipulated upfront cash recovery within 30 days of the Resolution Plan's

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**Interpretation:** The term 'Upfront Cash Recovery' as defined in the RFRP sets a specific,

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**Application:** The Resolution Plan's provision for payment 'on or after 90 days' directly

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## Parties

- **Judges:** LAKSHMI G…; SH. CHARANJEET…
- **Appellants:** Intec Capital…; Uday Kumar…
- **Respondents:** Atharva Auto…
- **Other parties:** Pravara Sahakari…; Suyog Satish…; +6 more
- **Advocates:** Adv Akshay…

## Timeline

- **2022-02-18 — CIRP Commen…**: The Corporate Insolvency Resolution Process (CIRP) of M/s. Atharva Auto Logistics Private…
- **2022-02-25 — Public Annou…**: A Public Announcement in Form A was…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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