# 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-00461. 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-00461
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/skyhigh-infraland-pvt-ltd-cp-ib-no-161-chd-hry-2018-ee9d5972

## 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 corporate debtor. The bank claimed that the corporate debtor had defaulted on a term loan of ₹180,000,000/- 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 sought to initiate the Corporate Insolvency Resolution Process (CIRP) against the corporate debtor.

## 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 was stated to be 01.10.2016. The bank attempted to serve notice to the corporate debtor at its registered

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## Issues and analysis

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

**Ratio:** Section 7 of the Insolvency & Bankruptcy Code, 2016, outlines the procedure for

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

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**Interpretation:** Section 7 requires the financial creditor to provide evidence of debt and

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**Application:** The court found that the application was complete based on the documents

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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…

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