# In the matter of Skyhigh Infraland Pvt. Ltd. CP (IB) No. 161-Chd-Hry-2018

> NCLT judgment dated 2018-10-29. Citation: TCN-2018-NCLT-00455. Allahabad Bank filed a petition under Section 7 of the Insolvency & Bankruptcy Code, 2016, to…

- **Court:** NCLT
- **Order date:** 29 Oct 2018
- **Citation:** TCN-2018-NCLT-00455
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/skyhigh-infraland-pvt-ltd-cp-ib-no-161-chd-hry-2018-5b7174f7

## Summary

### Background

Allahabad Bank filed a petition under Section 7 of the Insolvency & Bankruptcy Code, 2016, to initiate the insolvency resolution process against Skyhigh Infraland Pvt. Ltd. The bank claimed that the corporate debtor had defaulted on a term loan of ₹180,000,000 sanctioned on 27.06.2013. The account was declared NPA on 29.12.2016. The bank sought to recover the outstanding amount of ₹17,38,38,115 as of 30.12.2016, as per the notice issued under Section 13(2) of the SARFAESI Act.

## Facts

Allahabad Bank, a financial creditor, filed a petition under Section 7 of the Insolvency & Bankruptcy Code, 2016, against Skyhigh Infraland Pvt. Ltd., the corporate debtor. The corporate debtor was incorporated on 16.02.2011 with an authorized and paid-up share capital of ₹50,000,000. The corporate debtor availed a term loan of ₹180,000,000 from the bank, sanctioned on 27.06.2013. The corporate debtor failed to adhere to the financial discipline, and the account was declared NPA on 29.12.2016. The bank issued a notice under Section 13(2) of the SARFAESI Act on 31.12.2016, with an outstanding amount of ₹17,38,38,115 as of 30.12.2016. The date of default is stated to be 01.10.2016. Notices were issued to the corporate debtor, but there were issues with delivery at

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## Issues and analysis

### Issue 1: Whether the application filed by Allahabad Bank under Section 7 of the Insolvency & Bankruptcy …

**Ratio:** Section 7 of the Insolvency & Bankruptcy Code, 2016, allows a financial creditor to

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**Reasoning:** The court perused the application in Form 1 and found it complete in all respects. The

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**Interpretation:** Section 7 of the IBC provides the mechanism for a financial creditor to

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**Application:** In this case, Allahabad Bank provided sufficient evidence of the debt and

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## Parties

- **Judges:** R.P.Nag…; Pradeep R.…
- **Appellants:** Allahabad…
- **Respondents:** Skyhigh Infraland…; M/s Skyhigh…

## Timeline

- **2011-02-16 — Incorporation of…**: Skyhigh Infraland Pvt. Ltd. was…
- **2013-06-27 — Sanction of T…**: Allahabad Bank sanctioned a term loan of…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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