You are obviously configuring the PVC under the main interface, which is a multi-point interface. By using OAM management on such an interface, the pvc on the router will go down if the actual PVC is down. However, it will not take the main ATM interface down with it.
If all you have is one PVC on this ATM interface, I suggest a config like below:
no ip address
interface ATM4/0.1 point-to-point
description ATM4/0 J-R ATM24
ip address a.b.c.d 255.255.255.252
pvc Group1 13/40
vbr-nrt 10000 10000 32
Also make sure that your HSRP standby command references the new sub-interface and not the main ATM interface.
Yes, The sub-interface will definitely go down is the actual PVC is down. This is because your router will send OAM cells on this PVC and not get any back from the other end, causing it to bring down the p2p sub-interface.
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