SKIL Infrastructure admitted to CIRP after Rs 37 mn default

The Mumbai bench of the National Company Law Tribunal (NCLT) has granted admission to SKIL Infrastructure, a listed infrastructure development company, under the corporate insolvency resolution process (CIRP). This decision follows an application submitted by Amluckie Investment Company, the financial creditor of SKIL Infrastructure. Purusottam Behera has been appointed as the resolution professional for the case by the tribunal. The moratorium, effective from the date of the order, will remain in place until the completion of the CIRP or until the adjudicating authority approves the resolution plan or issues an order for the liquidation of the corporate debtor under section 33 of the Insolvency and Bankruptcy Code (IBC), as applicable. This information was outlined in the order issued by the division bench, composed of judicial member Kishore Vemulapalli and technical member Anu Jagmohan Singh, on February 1. SKIL Infrastructure, founded by brothers Nikhil and Bhavesh Gandhi, played a pivotal role in constructing India's inaugural private-sector seaport at Pipavav in Gujarat. Additionally, the company successfully undertook the construction of the country's first railway line under the public-private partnership model, connecting the port of Pipavav to the nearest broad gauge station, Surendranagar, spanning 286 kilometres. The financial creditor initiated the tribunal proceedings on February 20, 2020, citing a default amounting to approximately Rs 37 million.