IBC Application Dismissed: Resolution Plan Approved, Insolvency Issues Irrelevant

The Tribunal found the application under Section 60(5) of IBC, 2016 not maintainable as the Resolution Plan had been approved, rendering insolvency-related issues irrelevant. The request for GNIDA's sanction was denied, but the Applicant could pursue GNIDA independently. The Tribunal emphasized the Resolution Plan's approval and absence of ongoing insolvency proceedings, dismissing the application.

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Issues:
- Approval of the sanction plan by GNIDA for Project Maple Realcon Pvt. Ltd.
- Obligations of GNIDA as a stakeholder under the Resolution Plan.
- Dispute over ownership rights and financial obligations.
- Application's maintainability under Section 60(5) of IBC, 2016.

Analysis:
1. The Applicant sought directions for GNIDA to approve the sanction plan for Project Maple Realcon Pvt. Ltd. as per the Resolution Plan. The Resolution Applicant contended that GNIDA had outstanding dues, and the Resolution Plan included provisions for repayment. Payments were made as per the plan, but GNIDA did not respond to requests for approval.

2. GNIDA argued its right to retain ownership over the land due to the lease granted to the Corporate Debtor. It claimed entitlement to dues as a Financial Creditor and cited legal precedents to support its position.

3. The Tribunal considered the Applicant's plea under Section 60(5) of IBC, 2016. The section grants jurisdiction to the NCLT for matters related to corporate debtors, including claims and insolvency resolution proceedings. The Tribunal analyzed the provision's applicability to the current case.

4. The Tribunal concluded that since the Resolution Plan had been approved, questions of priorities or law arising from insolvency resolution were not relevant at that stage. The insolvency resolution process period was defined, and it was noted that no pending proceedings existed before the Adjudicating Authority.

5. As a result, the Tribunal deemed the application under Section 60(5) of IBC, 2016 as not maintainable. The request for GNIDA's sanction was rejected, but the Applicant was allowed to approach GNIDA separately without prejudice from the Tribunal's decision. The application was dismissed, emphasizing the Resolution Plan's approval and the lack of ongoing insolvency proceedings.

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