# In the matter of Skyhigh Infraprojects Pvt. Ltd. IA No. 134-2020 in CP No. (IB)358-ALD-2019

> NCLT judgment dated 2020-06-15. Citation: TCN-2020-NCLT-01168. The case involves an application for withdrawal of the Corporate Insolvency Resolution Process…

- **Court:** NCLT
- **Order date:** 15 Jun 2020
- **Citation:** TCN-2020-NCLT-01168
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/skyhigh-infraprojects-pvt-ltd-ia-no-134-2020-in-cp-no-ib358-ald-2019-e1f9e9b4

## Summary

### Background

The case involves an application for withdrawal of the Corporate Insolvency Resolution Process (CIRP) initiated against M/s Skyhigh Infraprojects Private Limited. M/s Orion Infrabuild Pvt Ltd, the financial creditor, had filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, which was admitted by the court on 07.01.2020. CIRP was initiated, and Mr. Amar Pal was appointed as the Interim Resolution Professional. Subsequently, CA. Amit Agarwal replaced Mr. Amar Pal as the Resolution Professional (RP) on 02.03.2020. The RP then moved an application for withdrawal of the CIRP based on a settlement agreement.

## Facts

M/s Orion Infrabuild Pvt Ltd (Financial Creditor) initiated Corporate Insolvency Resolution Process (CIRP) against M/s Skyhigh Infraprojects Private Limited (Corporate Debtor) under Section 7 of the Insolvency and Bankruptcy Code, 2016. The application was admitted on 07.01.2020, and CIRP was initiated. Mr. Amar Pal was appointed as the Interim Resolution Professional, later replaced by CA. Amit Agarwal. The Resolution Professional (RP) filed an application (IA No. 134/2020) under section 12A of I&B code, 2016 r/w Regulation 30A of the I&B Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, praying for withdrawal of application no. CP (IB) NO. 358/ALD/2019. Before the last date of submission of the Resolution Plan

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## Issues and analysis

### Issue 1: Whether the application for withdrawal of the Corporate Insolvency Resolution Process (CIRP) should …

**Ratio:** Section 12A of the Insolvency and Bankruptcy Code, 2016, read with Regulation 30A of the

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**Reasoning:** The court considered the settlement agreement between the parties, the approval of the

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**Interpretation:** Section 12A and Regulation 30A provide a mechanism for withdrawing CIRP when a

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**Application:** In this case, the settlement agreement, the COC's approval with 99.3% of votes,

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## Parties

- **Judges:** Rajesh Daya…
- **Appellants:** M/s Orion…
- **Respondents:** M/s Skyhigh…

## Timeline

- **2020-01-07 — Admission of Ap…**: The Court admitted the application under Section 7 of the Insolvency and Bankruptcy Code,…
- **2020-01-01 — Appointment of Interim…**: Mr. Amar Pal was appointed as the…

## 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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