TaxTMI 
TaxTMI 
2021 (7) TMI 754
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....as been filed by Greater Noida Industrial Development Authority being aggrieved by impugned order dated 28th February, 2020 filed by one of the Suspended Directors (Respondent No. 1) of the Corporate Debtor - 'M/s Primrose Infratech Pvt. Ltd.'. While passing the impugned order, the Adjudicating Authority (National Company Law Tribunal), New Delhi Bench held that the Greater Noida Industrial Development Authority cannot be treated as having a financial claim and being aggrieved of such impugned order, the present appeal has been filed. It is claimed in the appeal and it is argued that the Appellant had leased the land by Registered Lease Deed dated 29.09.2011 in favour of the Corporate Debtor. The Lease Deed is at page 141 of the Appeal. The....
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....their behalf. Let affidavit of service be filed." 2. The grievance of Learned Counsel for the Appellant is that as per this order the Resolution Professional was directed to place the matter before the CoC. The Learned Counsel then referred to the 6th CoC Meeting (page 295 of the Appeal) Agenda Item 7 where the order dated 25.11.2019 was noticed and Resolution Professional conveyed that Appellant's claim could not be treated as Financial Creditor considering the Indian Accounting Standards and judicial orders referred. 3. The grievance of the Learned Counsel for the Appellant is that the Appellant had been excluded from CoC on that day and was not allowed to participate. The Learned Counsel for the Appellant submits that serious prejudice....
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....ile passing orders in CA-1511/2021 and passing the impugned order. It is stated that there were arguments raised by both the parties and their appearances have been marked in the impugned order and after fully hearing the parties the impugned order has been passed. 6. We have heard learned counsel for the Appellant even with regard to the Lease Deed which is at page 141 of the Appeal. Learned Counsel for the Appellant has submitted that the recitals for the Lease Deed show that the land has been leased for 99 years with recitals showing that rights incidental to ownership have been given to the Corporate Debtor and it is argued that as per the 'Indian Accounting Standard' the Lease Deed is required to be categorized as financial lease. It ....
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....tion Plan approved is indeed already before the Adjudicating Authority. 10. Having heard Learned Counsel for both the sides and having gone through the matter, we record that we have already examined a similar Lease Deed in the matter of "New Okhla Industrial Development Authority vs. Mr. Anand Sonbhadra (RP)", Company Appeal (AT) (Ins.) No. 1183/2019 dated 16.04.2021 and such Lease Deed was threadbare discussed by us in that matter. We have already in that matter held that such Lease Deed (as in the present one) does not constitute the Financial Lease. For similar reasons we do not find that Appellant is able to show Financial Lease in its favour. Rewards incidental to ownership of the underlying asset-land were not transferred, in the Le....