2025 (11) TMI 1714

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....he Respondents : Mr. Sumant Batra, Mr. Sarthak Bhnadari and Ms. Riya Kaur Arora, Advocates for RP/ R1. Ms. Anuja Pethia and Mr. Rishabh Govila, Advocates for SRA. ORDER CA (AT)(Ins) No. 2136 of 2024 This appeal has been filed by the Greater Noida Industrial Development Authority challenging the order dated 09.07.2024 passed by the Adjudicating Authority in IA No. 1449/2022. Ld. Counsel for the appellant submits that he is challenging by this appeal the order dated 09.07.2025 passed by the Adjudicating Authority in IA No. 2439/2024 which was IA filed by the appellant objecting to the resolution plan. 2. The brief facts necessary for deciding the appeal are; the CIRP against the Corporate Debtor commenced by the order of the Ad....

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....ubmitted that under the plan the proceeds of Section 66 application has been assigned to the SRA whereas the said amount ought to come to creditors. Ld. Counsel for the appellant further submitted that the Adjudicating Authority has not accepted the premiums as CIRP costs during the CIRP period to which appellant was entitled. 5. Ld. Counsel for the RP submits that the plan submitted was in compliance of Section 30(2) and the pay out to the appellant has been given as secured creditors and actually the amount paid to the appellant is more than the financial creditors. Hence the appellant cannot have any grievance with regard to payout under the plan. 6. We have considered the submissions made by counsel for the parties and perused the....

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....an have been submitted relying on the said valuation. The issue of valuation cannot be allowed to be considered at the time of approval of the resolution plan. In so far as submission of the appellant that premium became due during the CIRP period he was entitled to receive the same as CIRP cost, the issue is fully covered by in recent judgment of this Tribunal dated 17.07.2025 in The Authorised Representative of Granite Gate Properties Pvt. Ltd. Ms. Rakesh Verma Vs. Mr. Devender Singh in CA (AT)(Ins) No. 1479 of 2024 and judgment of this Tribunal in Sunil Kumar Agarwal & Anr. vs. Annad Sonbhadra RP of Shubhkamna Buildtech Pvt. Ltd. & Ors. in CA (AT)(Ins) No. 1351 of 2022. This Tribunal in The Authorised Representative of Granite Gate Prope....