2024 (11) TMI 1289 - SCH - IBC

Entitlement to raise an objection to the Resolution Plan - Whether the appellant, GNOIDA, is to be treated as a financial creditor? - HELD THAT - The appellant, GNOIDA, will be entitled to raise all claims in this regard in accordance with law and in terms of the provisions of the Insolvency and Bankruptcy Code, 2016. Recording the aforesaid, the appeal is dismissed.

Summary

The Supreme Court dismissed the appeal by Greater Noida Industrial Development Authority (GNOIDA), holding that GNOIDA cannot be treated as a financial creditor. The Court allowed GNOIDA to raise objections to the Resolution Plan as an operational creditor or secured operational creditor under the Insolvency and Bankruptcy Code, 2016.