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

> NCLT judgment dated 2018-11-02. Citation: TCN-2018-NCLT-00393. The case pertains to a petition filed by Allahabad Bank, the Financial Creditor, under Section…

- **Court:** NCLT
- **Order date:** 2 Nov 2018
- **Citation:** TCN-2018-NCLT-00393
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/skyhigh-infraland-pvt-ltd-cp-ib-no161-chd-hry-2018-ef3700be

## Summary

### Background

The case pertains to a petition filed by Allahabad Bank, the Financial Creditor, under Section 7 of the Insolvency and Bankruptcy Code, 2016, read with Rule 4 of the Insolvency & Bankruptcy (Application to Adjudicating) Rules, 2016, for initiating the insolvency resolution process against Skyhigh Infraland Pvt. Ltd., the Corporate Debtor. The petition was admitted on 2018-10-29.

## Facts

Allahabad Bank, the Financial Creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against Skyhigh Infraland Pvt. Ltd., the Corporate Debtor. The petition was filed due to the Corporate Debtor's alleged default on its financial obligations to the bank. The Adjudicating Authority admitted the petition on 2018-10-29. The court then proceeded to declare a moratorium, appoint an Interim Resolution Professional (IRP), and suspend the powers of the Board of Directors of the Corporate Debtor. Mr. Jalesh Kumar Grover was appointed as the IRP. The IRP was directed to take control of the Corporate Debtor's assets and affairs, make a public announcement, and constitute a

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## Issues and analysis

### Issue 1: Whether the petition filed by the Financial Creditor under Section 7 of the Insolvency and …

**Ratio:** Section 7 of the Insolvency and Bankruptcy Code, 2016, allows a Financial Creditor to

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**Reasoning:** The court admitted the petition after being satisfied that the requirements of Section 7

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**Interpretation:** Section 7 provides the mechanism for financial creditors to trigger the

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**Application:** The court applied Section 7 to the facts presented by Allahabad Bank, the

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## Parties

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

## Timeline

- **2018-10-29 — Admission of…**: The petition filed by the Financial Creditor…
- **2018-11-02 — Order Del…**: The court delivered the order declaring a moratorium and appointing an Interim Resolution…

## 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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