# In the matter of Skipper Homes Private Limited IA (IB) No. 716 & 871-KB-2020 in CP (IB) No. 846-KB-2019

> NCLT judgment dated 2021-02-11. Citation: TCN-2021-NCLT-03070. The case involves two Interlocutory Applications (IAs), IA (IB) No. 716/KB/2020 and IA (IB) No.…

- **Court:** NCLT
- **Order date:** 11 Feb 2021
- **Citation:** TCN-2021-NCLT-03070
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/skipper-homes-private-limited-ia-ib-no-716-871-kb-2020-in-cp-ib-no-846-kb-2019-639c4f8e

## Summary

### Background

The case involves two Interlocutory Applications (IAs), IA (IB) No. 716/KB/2020 and IA (IB) No. 871/KB/2020, filed in connection with CP (IB) No. 846/KB/2019. The primary application, IA (IB) No. 716/KB/2020, was filed by the Resolution Professional (RP) of Skipper Homes Private Limited, seeking approval of a resolution plan under section 30(6) of the Insolvency and Bankruptcy Code (IBC), 2016. The underlying Company Petition, CP (IB) No. 846/KB/2019, was initiated by Orchid Barter Private Limited against Skipper Homes Private Limited, the Corporate Debtor, under section 7 of the IBC, and was admitted on 21.10.2019. IA (IB) No. 871/KB/2020 was filed by Aditya Birla Finance Limited, a secured financial creditor, objecting to certain clauses of the resolution plan,

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## Facts

Orchid Barter Private Limited initiated Corporate Insolvency Resolution Process (CIRP) against Skipper Homes Private Limited ('Corporate Debtor') under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC). The application was admitted on 21.10.2019. Mr. Mahesh Chand Gupta was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). Public announcement was made on 23.10.2019, inviting claims from creditors. Seven Committee of Creditors (CoC) meetings were held. Invitations for Expressions of Interest (EoI) were issued on 04.01.2020, with a deadline of 19.01.2020. Two EOIs were received, and one resolution plan was submitted by Curtainman Online Private Limited. The CoC decided to conduct e-voting on the

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## Issues and analysis

### Issue 1: Whether an approved Resolution Plan can extinguish personal liabilities in the teeth of the …

**Ratio:** The liability of the surety is co-extensive with that of the principal debtor unless it

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**Reasoning:** The NCLT considered the commercial wisdom of the Committee of Creditors (CoC) but

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**Interpretation:** The interpretation of Section 128 of the Indian Contract Act, 1872, specifies

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**Application:** In this specific case, the NCLT held that the commercial wisdom of the CoC

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## Parties

- **Judges:** Rajasekha…; Harish Chander…
- **Appellants:** ADITYA BIRLA…
- **Respondents:** Skipper Homes…; Mahesh Chand…

## Timeline

- **2019-10-21 — Admission of Company…**: The underlying Company Petition in CP…
- **2019-10-23 — Public Annou…**: The IRP made public announcement regarding initiation of Corporate Insolvency Resolution…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 30(6) — Submission of resolution plan](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-30)

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