This is a review application (R.A.No.02 of 2020) filed in C.P.(IB)No.389/BB/2019 under Rule 11 of the NCLT Rules, 2016 and Section 60 (5) (C) of the IBC, 2016, read with Section 420 (2) of the Companies Act, 2013. The application seeks to review the order dated 07.02.2020 in C.P.(IB)No.389/BB/2019, which initiated Corporate Insolvency Resolution Process (CIRP) against M/s.Skylark Mansions Private Ltd. The applicant argues that the order was passed unilaterally without considering facts that the Corporate Debtor is solvent and that there is no privity of contract between the applicant and the respondent. The CIRP was initiated based on a petition filed by M/s.Skylark Ithaka Buyers Welfare Association under Section 7 of the IBC, 2016.
M/s.Skylark Ithaka Buyers Welfare Association filed C.P.(IB)No.389/BB/2019 under Section 7 of the IBC, 2016, which was admitted on February 7th, 2020, initiating CIRP against M/s.Skylark Mansions Private Ltd. An Interim Resolution Professional (IRP) was appointed, and a public announcement was made on February 20/21, 2020, calling for claims from creditors. The IRP constituted a Committee of Creditors (CoC) on March 10th, 2020. The CoC primarily consists of home buyers (97.17%) and HDFC Ltd. (2.83%). M/s.Skylark Mansions Private Ltd. filed a review application (R.A.No.02 of 2020) seeking to review the order admitting the CIRP. The applicant argued that the order was unilateral, that the Corporate Debtor is solvent, and that there is no privity of contract between the
…Sign in to view the parties.
The main Company…
The Company Petition…
This is a review application (R.A.No.02 of 2020) filed in C.P.(IB)No.389/BB/2019 under Rule 11 of the NCLT Rules, 2016 and Section 60 (5) (C) of the IBC, 2016, read with Section 420 (2) of the Companies Act, 2013. The application seeks to review the order dated 07.02.2020 in C.P.(IB)No.389/BB/2019, which initiated Corporate Insolvency Resolution Process (CIRP) against M/s.Skylark Mansions Private Ltd. The applicant argues that the order was passed unilaterally without considering facts that the Corporate Debtor is solvent and that there is no privity of contract between the applicant and the respondent. The CIRP was initiated based on a petition filed by M/s.Skylark Ithaka Buyers Welfare Association under Section 7 of the IBC, 2016.
M/s.Skylark Ithaka Buyers Welfare Association filed C.P.(IB)No.389/BB/2019 under Section 7 of the IBC, 2016, which was admitted on February 7th, 2020, initiating CIRP against M/s.Skylark Mansions Private Ltd. An Interim Resolution Professional (IRP) was appointed, and a public announcement was made on February 20/21, 2020, calling for claims from creditors. The IRP constituted a Committee of Creditors (CoC) on March 10th, 2020. The CoC primarily consists of home buyers (97.17%) and HDFC Ltd. (2.83%). M/s.Skylark Mansions Private Ltd. filed a review application (R.A.No.02 of 2020) seeking to review the order admitting the CIRP. The applicant argued that the order was unilateral, that the Corporate Debtor is solvent, and that there is no privity of contract between the
…The main Company…
The Company Petition…