# 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-00667. 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-00667
- **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-2018-83cab69d

## 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, and Form G was published on 16.01.2019. Despite extensions, no resolution plans were received initially. Subsequently, Ms. Seema Rana's plan was considered but not approved due to dissent from Allahabad Bank. A revised plan was submitted, and another plan was received from INR Constructions. The COC's actions regarding these plans were questioned. CA No. 944/2019

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## Facts

Allahabad Bank initiated CIRP against Skyhigh Infraland Pvt. Ltd. under Section 60(5) of the Insolvency and Bankruptcy Code, 2016. The CIRP was initiated on 29.10.2018. Form G was published on 16.01.2019. The initial 270-day CIRP period was expiring on 29.07.2019. Extensions were granted, but no resolution plans were initially received. Ms. Seema Rana's resolution plan was considered but rejected by the COC due to dissent from Allahabad Bank (47% voting share). A revised plan was submitted by Ms. Rana. INR Constructions also submitted a resolution plan on 20.10.2019, which the COC did not consider, stating it was submitted beyond the last date. The COC meetings were convened after the initial CIRP period expired. CA No. 569/2019 was filed seeking exclusion of time and

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## Issues and analysis

### Issue 1: Whether the Committee of Creditors (COC) acted appropriately in handling the resolution plans …

**Ratio:** The COC has a fiduciary duty to act in the best interests of all stakeholders while

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**Reasoning:** The court noted that the COC rejected INR Constructions' plan as being submitted late but

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**Interpretation:** The IBC mandates a time-bound resolution process. The COC must balance the need

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**Application:** The court directed the COC to reconsider both plans, ensuring that both

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## Parties

- **Judges:** Ajay Kumar…; Pradeep R.…
- **Appellants:** Allahabad…
- **Respondents:** Skyhigh Infraland…

## Timeline

- **2018-10-29 — CIRP Init…**: Corporate Insolvency Resolution Process (CIRP) against Skyhigh Infraland Pvt. Ltd. was…
- **2019-01-16 — Publication o…**: Form G for Expression of Interest (EOI)…

## 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)

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