Is it possible to lose weight and gain muscle?

Yes, its possible. Just a thing is we need to cut down our calorie intake so as to reduce body fat percentage. To gain muscle mass reduce body fat percentage we need to to put a cut on your calorie intake or burn more calories through exercises. We need to burn more calories than what we eat. One pound of fat consists of 3500 calories .So its up to us how much we want to reduce. We need to do more of the resistance training exercises to increase muscle mass . Resistance training exercises are like crunches, push ups, reverse crunches, lunges, Squats, thigh rotation,etc. We need to do these exercises for 20 min ,4/week and do cardio activities for some 45 min so as to burn fat from our body. Cardio activities includes exercises like running, jogging, Brisk walking, etc. This type of exercise plan will help to gain weight mass but not our weight.

No doubt, You lose weight & gain muscle by adding high protein foods, high fiber foods & exercise.
The fastest way to build muscle& lose ur weight.

Some tips:Protein foods like Meat, poultry, fish, eggs,Sprouts Dal,nuts,Fat. Balance omega 3, 6 & 9 intake: fish oil, saturated fat & olive oil, All kind of fiber foods especially green fibrous veggies,Fruit, Whole grain food. Oats, rice, pasta, breads,Eat foods that come in their natural state.

Water-2-3 liter per day.

Avoid anything that comes out of a box(it means canned foods
Limit junk food consumption to once a week, Quit drinking soda.
These simple tips will make a big difference in a very short time.
For lose fat :Eating healthy to decrease your body fat. If you need to lose a lot of fat or if you’re impatient, these tips are for you:
Cardio or cycling - Do 30 minutes of cardio after your strength training. Three times a week at moderate intensity will do. The goal of cardio is to burn fat,Cycling will u to lose wt & gives strengths to thigh muscles. You should breathe heavier than when at rest, but not gasping.
Cut calories. Track your food intake using portion control vessel (keep same vessel for everyday).Drink warm water after every meal.