TaxTMI 
TaxTMI 
2026 (9) TMI 357
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....haradwaj, Adv., Ms. Nishita Kushwaha, Adv., Ms. Nishi, Adv., Ms. Garima Jain, AOR. For the Respondent(s): Ms. Garima Jain, AOR, Mr. Dhruv Mehta, Sr. Adv., Mr. Ravinder Singh, Adv., Mr. Ritvik Bharadwaj, Adv., Ms. Nishita Kushwaha, Adv., Ms. Nishi, Adv., Ms. Garima Jain, Adv., Mr. Rachit Mittal, AOR, Mr. Yashraj Singh, Adv., Mr. Parish Mishra, Adv., Mr. Kanishk Raj, Adv., Ms. Srishti Agrawaal, Adv., Ms. Aayushi Kiran, Adv., Mr. Shivansh Bansal, Adv., Mr. Som Raj Choudhury, AOR, Mr. Sumant Batra, Adv., Mr. Sanyam Saxena, Adv., Mr. Sahil Sethi, Adv., Ms. Shrutee Aradhana, Adv., Mr. Samridh Bindal, Adv., Ms. Devika Tiwari, Adv., Ms. Aditi Bhushan, Adv., Mr. Prashant Kumar Nair, AOR. JUDGMENT PER K. VINOD CHANDRAN, J. 1. Yet another ....
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....ferred to as AR), NOIDA too filed an appeal. 6. In the appeal before us, the AR is concerned with the order of the NCLAT which directed the time extension charges with regard to both the lease deeds to be treated as CIRP costs for the maximum period of three years provided in the lease deed, for completion of the project. Insofar as NOIDA is concerned, they assert that the time extension charges are sought, not for three years alone, but for the further period as introduced by office order dated 18.10.2019, which are also to be included as CIRP costs. 7. Mr. Dhruv Mehta, learned Senior Counsel appearing for the AR submitted that during the CIRP, the home buyers pooled their own resources as advance payment of the balance sale consider....
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....the lease deed that the lease would be governed by the provisions of the UP Industrial Area Development Act, 1976 as also by the Rules/Regulations made or directions issued under this Act. NOIDA has come out with an office order dated 18.10.2019, as per the prevailing policy which, read with earlier office order dated 18.06.2015 has stipulated time extension, even beyond three years upto the 10th year. As per the new policy 7, 8, 9 and 10 percentage respectively for the first four years and thereafter at 1% of the total premium per year upto the 10th year and cancellation after that, which too has to be included as CIRP costs. 10. The SRA appears through Mr. Krishnendu Datta, learned Senior Counsel who adopts the arguments of the AR but ....
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....he lease itself is to provide adequate infrastructure for the development of industries and commercial establishments as also to provide housing by utilisation of lands, both as a welfare measure and revenue generation to the local authority. When the development fructifies, by virtue of the taxes and duties imposed on the various activities as also housing there is considerable generation of money, which is pumped into development activities again. The authority surely is involved in a commercial venture, but it cannot be divorced from the essential purpose which every local authority pursues and advances, i.e.: welfare measures without a mere profit motive. Development brings within its wake infrastructure challenges and these are to be m....