# In the matter of Skyhigh Infraland Pvt. Ltd. CA Nos. 569-2019 & 944-2019 in CP (IB) No. 161-Chd-Hry-2018

> NCLT judgment dated 2019-11-08. Citation: TCN-2019-NCLT-00661. The case involves CA Nos. 569/2019 and 944/2019 in CP (IB) No. 161/Chd/Hry/2018, concerning the…

- **Court:** NCLT
- **Order date:** 8 Nov 2019
- **Citation:** TCN-2019-NCLT-00661
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/skyhigh-infraland-pvt-ltd-ca-nos-569-2019-944-2019-in-cp-ib-no-161-chd-hry-2018-0240300f

## Summary

### Background

The case involves CA Nos. 569/2019 and 944/2019 in CP (IB) No. 161/Chd/Hry/2018, concerning the corporate insolvency resolution process (CIRP) of Skyhigh Infraland Pvt. Ltd. Allahabad Bank, the financial creditor, initiated the CIRP. The Committee of Creditors (COC) filed CA No. 569/2019 seeking exclusion of time due to litigation and further extension of the CIRP period. The CIRP was initiated on 29.10.2018. Form G was published on 16.01.2019, and republished on 05.03.2019 and 10.06.2019. The initial 180-day CIRP period was extended by 90 days on 02.05.2019. Ms. Seema Rana was selected as the H1 resolution applicant, but her plan was rejected by the COC due to dissent from Allahabad Bank. A revised plan was submitted on 26.09.2019. INR Constructions also submitted a

…

## Facts

Allahabad Bank initiated the Corporate Insolvency Resolution Process (CIRP) against Skyhigh Infraland Pvt. Ltd. The CIRP commencement date was 29.10.2018. Form G, inviting Expression of Interest (EOI), was published multiple times: initially on 16.01.2019, then on 05.03.2019, and again on 10.06.2019. The initial 180-day CIRP period was extended by 90 days on 02.05.2019. Ms. Seema Rana emerged as the H1 resolution applicant, but her initial resolution plan was rejected by the Committee of Creditors (COC) due to dissent from Allahabad Bank (47% voting share) despite approval from home buyers (52.7% voting share). Ms. Rana submitted a revised resolution plan on 26.09.2019. INR Constructions also submitted a resolution plan on 20.10.2019. CA No. 569/2019 was filed on

…

## Issues and analysis

### Issue 1: Whether the Committee of Creditors (COC) acted permissibly under the Insolvency and Bankruptcy Code …

**Ratio:** The legal principle is that the COC's actions must be in accordance with the provisions

…

**Reasoning:** The court reasoned that the COC's consideration of Ms. Seema Rana's revised plan after

…

**Interpretation:** The interpretation of the Code is that it provides a structured framework with

…

**Application:** In this case, the COC's consideration of the revised plan after the expiry of

…

## Parties

- **Judges:** Ajay Kumar…; Pradeep R.…
- **Appellants:** Allahabad…
- **Respondents:** Skyhigh Infraland…
- **Advocates:** Pooja Ma…; G.S. S…; +2 more

## Timeline

- **2018-10-29 — CIRP Commen…**: Corporate Insolvency Resolution Process (CIRP) against Skyhigh Infraland Pvt. Ltd. was…
- **2019-01-16 — Form G Publ…**: Form G (inviting Expression of…

## 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/skyhigh-infraland-pvt-ltd-ca-nos-569-2019-944-2019-in-cp-ib-no-161-chd-hry-2018-0240300f