# In the matter of Sky Infra Logistics Private Limited

> NCLT judgment dated 2024-05-01. Citation: TCN-2024-NCLT-01503. SREI Equipment Finance Limited filed an application under Section 7 of the Insolvency and…

- **Court:** NCLT
- **Order date:** 1 May 2024
- **Citation:** TCN-2024-NCLT-01503
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/sky-infra-logistics-private-limited-a1ef725a

## Summary

### Background

SREI Equipment Finance Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against SKY Infra Logistics Private Limited, citing a default of Rs. 2,73,17,117/- as of December 15, 2019. The Corporate Debtor had approached the Financial Creditor for a loan of Rs. 1,15,00,000/-, and a loan agreement was executed between them. The Financial Creditor also invoked the SARFAESI Act, 2002 before the Debt Recovery Tribunal (DRT).

## Facts

SREI Equipment Finance Limited (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against SKY Infra Logistics Private Limited (Corporate Debtor). The Corporate Debtor approached the Financial Creditor for a loan of Rs. 1,15,00,000/-. A loan agreement was executed between the parties under contract No. 180869 dated September 15, 2019. The Corporate Debtor defaulted on the first installment due on December 15, 2019. The Financial Creditor recalled the loan and requested repayment of the principal and accrued interest. The Financial Creditor invoked the SARFAESI Act, 2002, before the Debt Recovery Tribunal (DRT). The Financial Creditor claimed a default of Rs.

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## Issues and analysis

### Issue 1: Whether the application under Section 7 of the IBC is maintainable given the pendency of …

**Ratio:** An application under Section 7 of IBC, 2016, is maintainable during the pendency of a

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**Reasoning:** The court relied on established legal principles that allow for the maintainability of an

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**Interpretation:** This interpretation clarifies that the IBC provides an independent remedy for

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**Application:** The court applied this principle to the present case, finding that the pendency

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## Parties

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

## Timeline

- **2019-09-15 — Loan Agre…**: Loan agreement executed between SREI Equipment Finance Limited and SKY Infra Logistics…
- **2019-12-15 — Date of D…**: SKY Infra Logistics Private Limited…

## 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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