NCLT Mumbai Approves Krosslink Infrastructure Resolution Plan; ₹15.51 Lakh Plus CIRP Costs to Be Implemented
The National Company Law Tribunal’s Mumbai Bench-I has approved the resolution plan for Krosslink Infrastructure Limited, bringing a long-running corporate insolvency resolution process to the implementation stage. The order was pronounced on August 18, 2026 in IA (IBC) (Plan) No. 130 of 2025 in CP (IB) No. 308 of 2023, and was subsequently published through the Insolvency and Bankruptcy Board of India’s official “What’s New” feed on August 25.
What the NCLT approved
The application was filed by resolution professional Anil Kumar Dad under Section 30(6) of the Insolvency and Bankruptcy Code, 2016 read with Regulation 39(4) of the CIRP Regulations. The plan was submitted by HMD Industry through its partner Deep Patel. The tribunal recorded that the Committee of Creditors approved the plan with 100% voting share after it was reconsidered together with valuation reports.
The process had an unusual procedural history. Krosslink Infrastructure entered CIRP following an NCLT order dated November 2, 2023. Starwort Engineers Private Limited was the sole financial creditor in the Committee of Creditors and therefore held the entire voting share. The first Form G invitation in January 2024 did not attract an expression of interest. After HMD Industry later expressed interest in acquiring the company as a going concern, the CoC approved a fresh Form G process and HMD Industry ultimately emerged as the successful resolution applicant.
Plan value, creditor treatment and implementation
According to the tribunal order, the resolution plan value is ₹15,51,151 plus CIRP costs at actuals. The order records admitted unsecured financial-creditor claims of about ₹11.98 crore, against which ₹15 lakh is proposed under the plan, payable within 30 days from the effective date. Government operational-creditor claims of ₹1,15,156 are shown with a proposed payment of ₹1,151, while other operational dues of about ₹74.96 crore are shown with a proposed payment of ₹50,000. CIRP costs are to be paid at actuals and in priority in accordance with the Code.
The successful resolution applicant furnished performance security of ₹4 lakh. The plan also contemplates an initial primary infusion of ₹1 lakh against issue of 10,000 equity shares of ₹10 each. Except for shares issued under that subscription, the existing issued, subscribed and paid-up equity share capital is to be extinguished or cancelled without payment to existing shareholders, including the existing promoter group. The company is proposed to be acquired as a going concern.
The tribunal also noted that implementation is to be carried out by the resolution applicant itself. It directed that the resolution applicant should hold more than 50% of the corporate debtor’s capital, directly or indirectly, rather than leaving implementation to an undefined “implementing entity”. The plan term is 60 days from the effective date, which is the date of NCLT approval.
Why the tribunal approved the plan
The Bench said it was satisfied that the plan met the requirements of Section 30(2) of the IBC and applicable CIRP Regulations, including Regulations 37, 38, 38(1A), 38(1B) and 39(4). It also found no contravention of Section 29A and therefore approved the plan under Section 31 of the Code.
The order makes the approved plan binding on the corporate debtor, employees, members, creditors, government authorities, guarantors and other stakeholders covered by Section 31. At the same time, the tribunal expressly clarified that plan approval cannot itself be treated as a blanket waiver of statutory obligations or liabilities. Waivers sought in the plan remain subject to the competent authorities and applicable law.
Practical relevance for insolvency and finance professionals
For insolvency professionals, creditors and finance teams, the order is a useful reminder that CoC commercial approval does not eliminate the need for procedural completeness. In this case, the plan was taken back for reconsideration after the tribunal required valuation of the corporate debtor’s assets, and the CoC later re-approved it after considering the valuation reports. The ruling also highlights the importance of clearly identifying the entity that will implement a resolution plan and aligning post-approval capital restructuring, creditor payments and statutory filings with the plan and the Code.
The immediate next phase is implementation of the approved plan, including priority payment of CIRP costs, stakeholder distributions contemplated by the plan, capital restructuring and consequential corporate filings. Professionals advising the parties should read the full NCLT order before acting on any relief, concession, extinguishment of claims or statutory compliance position.
Official source: View the official source document
Key takeaway
Fresh NCLT/IBBI primary-source development with specific plan value, creditor treatment, implementation mechanics and Section 31 implications relevant to insolvency, finance and compliance professionals.
