# In the matter of Ithaca Estates India Pvt. Ltd. C.P. (IB) No. 201-BB-2020

> NCLT judgment dated 2021-03-31. Citation: TCN-2021-NCLT-02515. The case involves a petition filed by Skylark Ithaca Buyers Welfare Association under Section 7…

- **Court:** NCLT
- **Order date:** 31 Mar 2021
- **Citation:** TCN-2021-NCLT-02515
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/ithaca-estates-india-pvt-ltd-cp-ib-no-201-bb-2020-ced225a7

## Summary

### Background

The case involves a petition filed by Skylark Ithaca Buyers Welfare Association under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, seeking to initiate a corporate insolvency resolution process (CIRP) against Ithaca Estates India Pvt. Ltd. and Skylark Mansions Private Limited (SMPL). The petition arises from defaults in the 'Skylark Ithaca' project, where homebuyers were not given possession of their apartments as per the agreed timelines. The Corporate Debtor, Ithaca Estates India Private Limited, is a wholly owned subsidiary of Skylark Mansions Private Limited (SMPL), and was incorporated as a special purpose vehicle and contractor of SMPL to execute the development of the 'Skylark Ithaca' project. The Financial Creditors had paid consideration for the

…

## Facts

M/s. Skylark Ithaca Buyers Welfare Association, representing 455 homebuyers, filed a petition under Section 7 of the IBC seeking to initiate CIRP against M/s. Ithaca Estates India Pvt. Ltd. (IEPL) and M/s. Skylark Mansions Private Limited (SMPL). The homebuyers had collectively disbursed Rs. 432,76,03,097/- for purchasing apartments in the 'Skylark Ithaca' project. IEPL, the Corporate Debtor, is a wholly owned subsidiary of SMPL and was incorporated as a special purpose vehicle and contractor of SMPL to execute the development of the 'Skylark Ithaca' project. SMPL had entered into Joint Development Agreements with landowners for the project. SMPL had assigned all its rights and obligations with regard to Project Skylark Ithaca to IEPL. The homebuyers entered into

…

## Issues and analysis

### Issue 1: Whether the Petition is …

**Ratio:** Section 60(5) of the IBC enables parties to file Misc. Application(s) or proceedings by

…

**Reasoning:** The court reasoned that the provision enables parties to file miscellaneous applications

…

**Interpretation:** The interpretation of Section 60(5) is that it provides a mechanism for

…

**Application:** The court applied this interpretation to the facts of the case, noting that the

…

## Parties

- **Judges:** Rajeswara Rao…; Ashutosh C…
- **Appellants:** M/s. Skylark…
- **Respondents:** M/s. Ithaca…
- **Advocates:** Jacob Ale…; Amrita…

## Timeline

- **2019-04-04 — Incorporation of…**: M/s. Skylark Ithaca Buyers Welfare…
- **2020-02-07 — CIRP Initiation against…**: CIRP was initiated against Skylark Mansions Private Limited (SMPL) in C.P. (IB)…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-chandigarh/ithaca-estates-india-pvt-ltd-cp-ib-no-201-bb-2020-ced225a7