# In the matter of Sky Blue Papers Pvt. Ltd. CA No. 02-2018 IN CP (IB) No. 09-Chd-CHD-2017

> NCLT judgment dated 2018-05-17. Citation: TCN-2018-NCLT-01389. The case pertains to the corporate insolvency resolution process (CIRP) initiated against Sky…

- **Court:** NCLT
- **Order date:** 17 May 2018
- **Citation:** TCN-2018-NCLT-01389
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/sky-blue-papers-pvt-ltd-ca-no-02-2018-in-cp-ib-no-09-chd-chd-2017-a22e04e8

## Summary

### Background

The case pertains to the corporate insolvency resolution process (CIRP) initiated against Sky Blue Papers Pvt. Ltd. The petition was admitted on 07.04.2017, and a moratorium was declared under Section 14 of the Insolvency and Bankruptcy Code (IBC), 2016. Jalesh Kumar Grover was initially appointed as the Interim Resolution Professional and later as the Resolution Professional. Punjab National Bank (PNB) filed CA No.151/2017 under Section 27 of the Code for the replacement of the Resolution Professional. Prem Kumar Garg was appointed as Resolution Professional on 27.09.2017. CA No.154/2017 was filed for seeking an extension of time for completion of the CIRP. Ashwani Soni, a promoter director of the corporate debtor, submitted a resolution plan which was considered but

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## Facts

Sky Blue Papers Pvt. Ltd. underwent a corporate insolvency resolution process (CIRP) initiated under Section 10 of the Insolvency and Bankruptcy Code (IBC), 2016. The petition was admitted on 07.04.2017, leading to a moratorium under Section 14 of the Code. Jalesh Kumar Grover was initially appointed as the Interim Resolution Professional and later as the Resolution Professional. Punjab National Bank (PNB) sought the replacement of the Resolution Professional, leading to the appointment of Prem Kumar Garg. An extension of time for CIRP completion was sought. Ashwani Soni, a promoter director, submitted a resolution plan, which was rejected by the Committee of Creditors (COC). Soni also challenged the IBC (Amendment) Ordinance 2017 in the High Court. The COC, with PNB

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## Issues and analysis

### Issue 1: Whether the corporate debtor, Sky Blue Papers (P) Ltd., should be liquidated in the absence of an …

**Ratio:** Section 33(1)(a) of the Insolvency and Bankruptcy Code (IBC) states that where the

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**Reasoning:** The Adjudicating Authority noted that the extended period of CIRP of 270 days expired on

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**Interpretation:** Section 33(1)(a) mandates liquidation when no resolution plan is approved

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**Application:** Since no resolution plan was received within the extended CIRP period, and the

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## Parties

- **Judges:** R.P.Nag…; Pradeep R.…
- **Respondents:** Sky Blue Papers…; Sky blue Papers…

## Timeline

- **2017-04-07 — Petition Ad…**: The petition for corporate insolvency resolution process was admitted, and a moratorium…
- **2017-05-04 — First COC M…**: First meeting of the Committee…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 14 — Moratorium](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-14)

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