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of <h1>Tribunal Recognizes NOIDA Authority as Secured Operational Creditor, Orders Adjudicating Authority to Proceed with Resolution Plan.</h1> <h3>New Okhla Industrial Development Authority Versus Kashi Vishwanathan Sivaraman & Anr.</h3> New Okhla Industrial Development Authority Versus Kashi Vishwanathan Sivaraman & Anr. - TMI Issues involved: The appeal against the order passed by the Adjudicating Authority dated 22.12.2023 in I.A. No.827 of 2023, filed by the Appellant seeking declaration as a Secured Creditor and raising objections to the Resolution Plan.Summary:Issue 1: Secured Creditor StatusThe Appellant, NOIDA Authority, filed an appeal against the Adjudicating Authority's order rejecting their application to be recognized as a Secured Creditor. The Tribunal considered the facts and legal provisions, noting that the dues of the NOIDA Authority had not been paid by the Corporate Debtor. Despite NOIDA Authority not filing a claim, the Tribunal held that they were entitled to object to the Resolution Plan. The Tribunal emphasized that the Resolution Professional must consider the debt even if not formally claimed, as per the records of the Corporate Debtor.Issue 2: Treatment as Operational CreditorThe Resolution Professional argued that the NOIDA Authority was treated as an Operational Creditor in the plan, with an amount earmarked. However, the Tribunal observed that NOIDA Authority, as the lease holder, should have had their claim reflected in the Information Memorandum. Relying on previous judgments, the Tribunal concluded that NOIDA Authority should be recognized as a Secured Operational Creditor, setting aside the Adjudicating Authority's order and directing further proceedings in accordance with the law.Key Points:- The Tribunal referred to relevant legal precedents, including judgments of the Hon'ble Supreme Court and previous Tribunal decisions.- Emphasized the importance of recognizing the NOIDA Authority as a Secured Operational Creditor based on the lease agreement and unpaid dues.- Directed the Adjudicating Authority to proceed expeditiously with the approval of the Resolution Plan, allowing parties to raise additional issues before the Authority.Conclusion:The Tribunal held that the NOIDA Authority should be recognized as a Secured Operational Creditor, overturning the Adjudicating Authority's decision and instructing further proceedings to be conducted in accordance with the law.
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