Mumbai: The National Company Law Tribunal (NCLT) has dismissed an application filed by the interim resolution professional (IRP) of SKIL Infrastructure seeking withdrawal of the corporate insolvency resolution process (CIRP) against the company.
The listed infrastructure firm, promoted by brothers Bhavesh and Nikhil Gandhi, was admitted under the CIRP on an application filed by its financial creditor, Amluckie Investment Company.
"We are of the considered view that the withdrawal does not deserve to be allowed," an NCLT Mumbai division bench of judicial member Saji Kumar and technical member Anil Raj Chellan said in its order dated August 13. "The applicant/IRP is directed to constitute the committee of creditors (CoC) forthwith and conduct the process as per law."
The move to exit the insolvency proceedings came after the company settled with its original financial creditor, Amluckie Investment. The company's IRP, through counsel Nausher Kohli, approached the tribunal to withdraw the CIRP against the company.
However, the company's other financial creditors, including Bank of India, UCO Bank and Edelweiss Asset Reconstruction Company (ARC), objected to the withdrawal of the CIRP. The lenders informed the tribunal that the IRP has received total claims of ₹13,715.15 crore, of which ₹12,504.74 crore have been admitted.
Edelweiss ARC, through counsel Rohan Agarwal, challenged the maintainability of the withdrawal application and argued that in February 2022 it had also approached the tribunal to admit SKIL Infrastructure under the CIRP.
However, that application was disposed of since the company was already admitted under the application filed by Amluckie Investment. The ARC also informed the tribunal that the IRP has confirmed admission of its claim of ₹1,294 crore.
Bank of India informed the tribunal that it is one of the 19 lenders of Reliance Naval & Engineering (formerly Pipavav Defence & Offshore Engineering Company and Reliance Defence & Engineering), which is the principal borrower, with SKIL Infrastructure as its corporate guarantor. The lender argued that SKIL Infrastructure, being the promoter and corporate guarantor of the principal borrower, is liable for its claims to the extent of ₹908.26 crore.
The listed infrastructure firm, promoted by brothers Bhavesh and Nikhil Gandhi, was admitted under the CIRP on an application filed by its financial creditor, Amluckie Investment Company.
"We are of the considered view that the withdrawal does not deserve to be allowed," an NCLT Mumbai division bench of judicial member Saji Kumar and technical member Anil Raj Chellan said in its order dated August 13. "The applicant/IRP is directed to constitute the committee of creditors (CoC) forthwith and conduct the process as per law."
The move to exit the insolvency proceedings came after the company settled with its original financial creditor, Amluckie Investment. The company's IRP, through counsel Nausher Kohli, approached the tribunal to withdraw the CIRP against the company.
However, the company's other financial creditors, including Bank of India, UCO Bank and Edelweiss Asset Reconstruction Company (ARC), objected to the withdrawal of the CIRP. The lenders informed the tribunal that the IRP has received total claims of ₹13,715.15 crore, of which ₹12,504.74 crore have been admitted.
Edelweiss ARC, through counsel Rohan Agarwal, challenged the maintainability of the withdrawal application and argued that in February 2022 it had also approached the tribunal to admit SKIL Infrastructure under the CIRP.
However, that application was disposed of since the company was already admitted under the application filed by Amluckie Investment. The ARC also informed the tribunal that the IRP has confirmed admission of its claim of ₹1,294 crore.
Bank of India informed the tribunal that it is one of the 19 lenders of Reliance Naval & Engineering (formerly Pipavav Defence & Offshore Engineering Company and Reliance Defence & Engineering), which is the principal borrower, with SKIL Infrastructure as its corporate guarantor. The lender argued that SKIL Infrastructure, being the promoter and corporate guarantor of the principal borrower, is liable for its claims to the extent of ₹908.26 crore.
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