TaxTMI 
TaxTMI 
TaxTMI 
2025 (7) TMI 1268
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....rection contained in paragraph 79(a) of the impugned order. 2. Brief facts of the case necessary to be noticed for deciding the Appeal are : - 2.1. New Okhla Industrial Development Authority (NOIDA) (Respondent No.3 herein) granted a Lease Deed dated 29.12.2009 for land measuring 1,64,120 sq. mtrs. situated at Plot No. GH-005, Sector 110 Noida. Another Lease Deed dated 30.12.2008 was also granted in favour of the Corporate Debtor in Sector 100 Noida admeasuring 1,20,009 sq. mtrs. The Corporate Debtor launched a Group Housing Project in the lease land on an application filed by an allottee of the project. Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor commenced vide order dated 10.01.2019. In pursuance of the publication made by the Interim Resolution Professional (IRP), claims were filed including the claim by NOIDA who have submitted a claim of Rs.889 Crores. IRP issued Form G inviting Expression of Interest on 05.07.2019 and 30.09.2019. IRP was replaced by one Mr. Chandra Prakash as Resolution Professional by order dated 27.11.2019. The Resolution Professional decided to issue fresh Form G on 09.03.2020. In pursuance of fresh Form G, Resolution Plan....
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....ortunity to submit revised Resolution Plan after Forensic Audit and proper fresh valuation of the assets of the CD. b) The present IP who is functioning as RP qua the CD is replaced with the IPE- ARCK Resolution Professionals LLP (IBBI/IPE-0030/IPA-1/2022- 23/50013) and henceforth the said Insolvency Professional Entity would act as RP to conduct CIRP qua the CD c) The present RP would extend all assistance to IPE as a professional. d) The Insolvency Professional Entity would first get the transaction/ forensic audit be conducted qua the CD and then would get the valuation of its assets done in accordance with Regulation 27 read with Regulation 35 of IBBI (CIRP) Regulations, 2016. e) The 'I-Ring' project would be treated as asset of the CD. Nevertheless it would be open to SRA to deal with the same in accordance with the provisions of regulation 37 (1) a of IBBI (CIRP) regulations 2016 and in the process the SRA may deal with Shomit Finance Limited. f) The plea regarding replacement of AR stands nixed. g) The NOIDA would be treated as Secured Creditor with all consequences. h) The NOIDA would be entitled to two instalments of premium and the amount which is payable towa....
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....of the Appellant was approved by 80.13% of the CoC and Appellant has already deposited Performance Bank Guarantee of Rs.5 Crore which was renewed for the last five years. It is submitted that the Hon'ble Supreme Court in "Greater Noida Industrial Development Authority vs. Prabhjit Singh Soni & Anr.- Civil Appeal Nos.7590-7591 of 2023" has held that although the commercial wisdom of the CoC is non-justiciable, the Adjudicating Authority remit the Resolution Plan back to the CoC for removal of shortcomings in terms of Section 30(2) of the Code and applicable Regulations. It is submitted that the CIRP commenced on 10.01.2019 and it has already run beyond 6 years. Adjudicating Authority, thus, committed error in giving liberty to the CoC to initiate CIRP from the stage of preparation of Information Memorandum or any other stage which is not sustainable. 5. Counsel for the Resolution Professional submitted that NOIDA was earlier classified as Financial Creditor but after judgment of the Hon'ble Supreme Court in "New Okhla Industrial Development Authority vs. Anand Sonbhadra- Civil Appeal No.222 of 2021" decided on 17.05.2022 classifying NOIDA as an Operational Creditor. The NOIDA has a....
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....IDA has filed objection to the Resolution Plan as well as further objection by IA No.3067 of 2022 for rejection of the plan. The breaches were noticed by the Adjudicating Authority itself in its hearing on 29.08.2023 which is recorded in the order dated 29.08.2023 which is as follows:- "IA-3255/2020, IA-3067/2022, IA-3243/2023, IA-3588/2023, IA3596/2023, IA-3926/2023 & IA-4179/2023 During the course of hearing, two breaches of law have been mainly raised by Adv. Rachit Mittal for NOIDA which are disclosure of liquidation value in the Information Memorandum and also the value which has been determined by the IRP in the CIRP Proceedings was only from one valuer whereas the regulation provided for two valuation reports. On the above two breaches of law and the effect of the same on the ongoing proceedings before this Adjudicating Authority, we would like to hear Mr. Sumant Batra, Ld. Counsel for the RP as to the implications of these breaches of the laid down law and the impact thereof on the CIRP Proceedings. We would like the Ld. Counsels for the parties to address this Tribunal on 25.09.2023. Accordingly, list the matter on 25.09.2023. New IA-4491/2023 & New IA-4498/2023 ....
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....ity in facts of the present case ought not to have given liberty to the CoC to resume CIRP from the stage of preparation of Information Memorandum or any other stage. The CIRP against the Corporate Debtor commenced on 10.01.2019 and the CIRP period came to an end even before approval of the Resolution Plan. In the application which has been filed by the Resolution Professional for approval of the Resolution Plan i.e. IA No.3255 of 2020, Resolution Professional has given the facts regarding extension of CIRP for period of 60 days from 19.06.2020. It is useful to notice pleadings in paragraph 29 of the IA No.3255 of 2020 where following has been pleaded:- "29. In view of the incumbent lockdown/curfews imposed by the Central as well as State Governments due to the outbreak of COVID-19 pandemic, the Applicant/ Resolution Professional filed an application in terms of the decision taken by the CoC in its Seventeenth Meeting seeking extension of time for CIRP of the Corporate Debtor. It is pertinent to mention that although the registered office of the Corporate Debtor is in Delhi, the business activities / operations of the Corporate Debtor primarily take place in Noida only. As the he....