# In the matter of Sky Infra Logistics Private Limited

> NCLT judgment dated 2024-11-27. Citation: TCN-2024-NCLT-00156. The case involves an application under Section 33(2) of the Insolvency and Bankruptcy Code,…

- **Court:** NCLT
- **Order date:** 27 Nov 2024
- **Citation:** TCN-2024-NCLT-00156
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/sky-infra-logistics-private-limited-4288e9b2

## Summary

### Background

The case involves an application under Section 33(2) of the Insolvency and Bankruptcy Code, 2016, regarding Sky Infra Logistics Private Limited. Srei Equipment Finance Limited initiated Corporate Insolvency Resolution Process (CIRP) against Sky Infra Logistics Private Limited under Section 7 of IBC, 2016. The CIRP commenced on May 1, 2024. The Resolution Professional (RP) was appointed. The RP faced non-cooperation from the suspended directors, leading to difficulties in obtaining necessary information and documents. The RP also filed applications for recovery of assets and for fraudulent transactions.

## Facts

Srei Equipment Finance Limited initiated CIRP against Sky Infra Logistics Private Limited under Section 7 of IBC, 2016. CIRP commenced on May 1, 2024, and an Interim Resolution Professional (IRP) was appointed. The IRP faced non-cooperation from the suspended directors, hindering the CIRP process. The registered office of the Corporate Debtor is the only asset. The Financial Creditor was the only one to file their claim. The Committee of Creditors (CoC) was constituted with the Financial Creditor as the sole member. The CoC approved the liquidation of the Corporate Debtor with 100% voting share. Two attempts to solicit Expressions of Interest (EOIs) from prospective resolution applicants failed. The liquidation value of the Corporate Debtor was determined by two

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## Issues and analysis

### Issue 1: Whether the application for liquidation of …

**Ratio:** Section 33(2) of the Code enjoins the Adjudicating Authority to pass an order for

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**Reasoning:** The CoC approved the liquidation of the Corporate Debtor with 100% voting share. The

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**Interpretation:** Section 33(2) mandates the Adjudicating Authority to order liquidation if the

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**Application:** The CoC approved the liquidation with 100% voting share, satisfying the

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## Parties

- **Judges:** BIDISHA BA…; D. Ar…
- **Appellants:** SREI Equipment…
- **Respondents:** Sky Infra…

## Timeline

- **2024-05-01 — CIRP Commen…**: Corporate Insolvency Resolution Process (CIRP) commenced against Sky Infra Logistics…
- **2024-05-04 — Public Annou…**: Public announcement made as per…

## 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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