Insolvency proceedings against Sikka Infra quashed by Law Tribunal

The National Company Law Tribunal (NCLT) has set aside the insolvency proceedings against Sikka Infrastructure Pvt Ltd, noting that no order was ever passed against the group and all other companies and projects except Sikka Karnam Greens under the Sikka Group remain untouched and unaffected by the issue. The insolvency case was 'disposed off' by the two judges bench at the NCLT ordering inception of the committee of creditors within 30 days of the verdict.

The two judges bench comprising Retired Chief Justice MM Kumar and Judicial Member Deepti Kumar passed the order citing, "The order dated 23.01.2019 initiating corporate insolvency resolution process against the corporate debtors is closed and naturally the order would not be given effect any further."

See Zee Business video below:

#TataMotors पर हिट रही हमारी राय, हमरा मकसद बस पैसा बनना चाहिए आपका..@AnilSinghviZEE @dkalra81 pic.twitter.com/H4j7jDTIdn

— Zee Business (@ZeeBusiness) February 8, 2019

Elaborating on the issue, Harvinder Sikka, Managing Director, Sikka Group, “Now with NCLT’s decision of quashing the insolvency proceedings, we are really thankful to the court for once again making us believe in truth and true victory. We would also like to thank our entire esteemed customers, lenders & vendors for their un-conditional support, trust & faith during this time period.”

“Also, any of your fears with respect to the project "Sikka Karnam Greens" and its development are completely unfounded as the project development work is undergoing day & night to complete balance Phase-2 & Phase-3. Occupancy Certificate has been already applied with Noida Authority and we expect to receive it very soon." 

The action taken against the only Company of the Group i.e. Sikka Infrastructure Pvt. Ltd. has been dismissed by the Tribunal. The tribunal also set aside the order of NCLT appointing a resolution professional to run the company, declaring a moratorium, freezing of accounts and other orders.