# In the matter of Sky Infrastructures private Limited

> NCLT judgment dated 2025-02-25. Citation: TCN-2025-NCLT-00437. The petition was filed by Giridhar Infracon Private Limited and RCA Softtech Private Limited,…

- **Court:** NCLT
- **Order date:** 25 Feb 2025
- **Citation:** TCN-2025-NCLT-00437
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/sky-infrastructures-private-limited-62891b21

## Summary

### Background

The petition was filed by Giridhar Infracon Private Limited and RCA Softtech Private Limited, financial creditors, under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Sky Infrastructure Private Limited, the corporate debtor. The petitioners claimed that the corporate debtor defaulted on loan repayments. The loans were advanced in February-March 2018 with an interest rate of 24% per annum, repayable on demand but not later than 24 months from the date of disbursal. The petitioners advanced a total of Rs. 1,00,00,000/- to the corporate debtor. The date of default was mentioned as 19.03.2020, which is the date on which the amount of Rs. 12,50,000/- fell due i.e. 24 months from the date of

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## Facts

Giridhar Infracon Private Limited and RCA Softtech Private Limited (Financial Creditors) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Sky Infrastructure Private Limited (Corporate Debtor). The Financial Creditors advanced loans to the Corporate Debtor in February-March 2018, totaling Rs. 1,00,00,000/- at an interest rate of 24% per annum. The loans were to be repaid on demand but not later than 24 months from the date of disbursal. The last tranche of Rs. 12,50,000/- was advanced on 20.03.2018. The Corporate Debtor made a lumpsum payment of Rs. 15,00,000/- on 01.01.2019, which was adjusted against the interest due. As of 31.08.2022, an amount of Rs. 1,67,29,324/- was

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## Issues and analysis

### Issue 1: Whether the present application …

**Ratio:** Section 7 of the Insolvency and Bankruptcy Code, 2016, read with the Limitation Act,

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**Reasoning:** The court observed that the date of default was 19.03.2020, and the petition was filed on

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**Interpretation:** The court interpreted that the limitation period starts from the date of

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**Application:** The court applied the ratio to the facts of the case and found that the

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## Parties

- **Judges:** Harnam Singh…; Ashish…
- **Appellants:** Giridhar Infracon…
- **Respondents:** Sky Infrastructure…

## Timeline

- **2018-02-01 — Loan Disb…**: Loans advanced to the Corporate…
- **2019-01-01 — Lumpsum P…**: Corporate Debtor made a lumpsum…

## 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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