# In the matter of Skyhigh Infraland Private Limited

> NCLT judgment dated 2023-08-28. Citation: TCN-2023-NCLT-01892. The application was filed by the Director appointed in M/s Skyhigh Infraland Private Limited,…

- **Court:** NCLT
- **Order date:** 28 Aug 2023
- **Citation:** TCN-2023-NCLT-01892
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/skyhigh-infraland-private-limited-178dadbe

## Summary

### Background

The application was filed by the Director appointed in M/s Skyhigh Infraland Private Limited, concerning the resolution plan of M/s INR Constructions. Allahabad Bank, a financial creditor, initiated CIRP against Skyhigh Infraland Private Limited. The Adjudicating Authority admitted the CP to CIRP and declared a moratorium. An Interim Resolution Professional was appointed. After initial failures in receiving resolution plans, one plan was received, and later, four plans were submitted. The Resolution Plan of INR Constructions was approved by the Committee of Creditors with 100% voting rights. The Tribunal approved the resolution plan on 06.10.2021.

## Facts

Allahabad Bank initiated CIRP against Skyhigh Infraland Private Limited under Section 7 of the IBC. The CIRP was admitted on 29.10.2018, and a moratorium was declared. Jalesh Kumar Grover was appointed as the Interim Resolution Professional. The RP published Form G to invite resolution plans, initially without success. Eventually, a resolution plan by INR Constructions was approved by the CoC with 100% voting rights. The Tribunal approved the resolution plan on 06.10.2021. The successful resolution applicant faced difficulties in statutory compliances, particularly with filing Form INC-22A, due to defaults by the previous management. The applicant sought directions to address these issues. The resolution plan implementation was extended to 31.03.2022.

## Issues and analysis

### Issue 1: Whether the present management of the corporate debtor can be held accountable for the defaults …

**Ratio:** The management of the corporate debtor could not be held liable and responsible for

…

**Reasoning:** The court relied on the decision of the Hon'ble Apex Court in Committee of Creditor of

…

**Interpretation:** This principle clarifies that the new management taking over after the approval

…

**Application:** The court directed the ROC not to hold the present management of the corporate

…

## Parties

- **Judges:** Harnam Singh…; SUBRATA KUM…
- **Appellants:** Allahabad…
- **Respondents:** Skyhigh Infraland…; M/s. Skyhigh…

## Timeline

- **2018-01-01 — CP (IB)…**: Allahabad Bank filed CP (IB) No.…
- **2018-10-29 — CIRP Admi…**: The Adjudicating Authority admitted the…

## 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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