# In the matter of Skylark Mansions Ltd. R.A. No. 02 of 2020 in C.P.(IB) No. 389-BB-2019

> NCLT judgment dated 2020-04-23. Citation: TCN-2020-NCLT-01407. This is a review application (R.A.No.02 of 2020) filed in C.P.(IB)No.389/BB/2019 under Rule 11…

- **Court:** NCLT
- **Order date:** 23 Apr 2020
- **Citation:** TCN-2020-NCLT-01407
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/skylark-mansions-ltd-ra-no-02-of-2020-in-cpib-no-389-bb-2019-9e740cb7

## Summary

### Background

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.

## Facts

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

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## Issues and analysis

### Issue 1: Whether the instant Review Application is maintainable under Section 60 (5) of the IBC, 2016, read …

**Ratio:** Once a case is admitted under the provisions of the Code, the Adjudicating Authority

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**Reasoning:** The court reasons that the provisions of Section 60(5) of the IBC and Section 420(2) of

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**Interpretation:** Section 60(5) of the IBC provides the NCLT with jurisdiction to entertain or

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**Application:** In this case, the applicant is questioning the very admission order passed by

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## Parties

- **Judges:** Rajeswara Rao…; Ashutosh C…
- **Respondents:** M/s.Skylark…; M/s.Skylark…

## Timeline

- **2019-09-25 — Filing of Company…**: The main Company Petition…
- **2020-02-07 — Admission of Company…**: The Company Petition was admitted on…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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