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TMI Blog2021 (7) TMI 715X X X X Extracts X X X X X X X X Extracts X X X X ..... ision taken by the CoC in its 6th meeting dated 17.12.2019, by which the applicant i.e. Greater Noida Authority was declared as an Operational Creditor instead of Financial Creditor - this Adjudicating Authority, after considering the submissions of the applicant as well as RP and the decisions referred by the parties, passed a detailed order and confirmed the decision of the RP, to treat the applicant as an Operational Creditor instead of Financial Creditor. Since the similar issue raised earlier by the applicant has already been decided by this Bench, hence, the present application is not maintainable - application dismissed. - Company Application No. 812/2020 in Company Petition No. IB-995(ND)/2018 - - - Dated:- 2-7-2021 - Abni ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... et out in the said enactment. The applicant was also impleaded as respondent No. 2 in the above Company Application No. 1511/2019, in Company Petition No. IB-995(ND)/2018. ii. The applicant has submitted that it is the owner of the land. The applicant through a sealed Two-bid system had awarded/allotted the land to a Consortium consisting of M/s. Pratham Expo Fab Pvt. Ltd. (Lead Member), M/s. PSA Impex Pvt. Ltd. (Relevant Member), M/s. Earthcon Constructions Pvt. Ltd. (Relevant Member) and M/s. Ajay Kumar Garg, Plot No. GH-06, SECTOR CHI-V, Greater Noida, vide Reservation/Acceptance Letter No. PROP/BRS-05/2010-11/443 dated 25.03.2011 and Allotment Letter No. PROP./BRS-05/2010-11/456 dated 30.03.2011 for development and marketing of Gro ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d allotted is on lease hold basis for a consideration, part whereof has been paid and part is deferred with the rider that the delay in payment of instalments, which is the consideration for the allotment on lease basis invites payments of interest, therefore, the dues payable against the allotment are in the nature of a Financial Debt, which is secured by lease. Therefore, the applicant/GNIDA (Authority) falls in the definition of a Secured Creditor. It is further contended by the Applicant that since the delay in payment of instalments attracts interest, which is payable to the Authority, the Authority is a Secured Financial Creditor both in respect of the premium i.e. cost of the land allotted on lease basis and the lease rent. v. I ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lso referred to the order dated 10.06.2019 passed by this Tribunal in CA No. 1046(PB)/2019 in Company Petition No. IB1248(PB)/2018 titled Shinoj Koshy vs. M/s. Granite Gate Properties Pvt. Ltd. . However, against that order, an Appeal being Company Appeal (AT)(Insolvency) No. 775/2019 in the matter of Sunil Kumar Aggarwal vs. New Okhla Industrial Development Authority Ors. is pending before the Hon'ble National Company Law Appellate Tribunal, New Delhi. 3. We have heard the Ld. Counsel for the applicant as well as Resolution Professional (hereinafter referred as 'RP') and perused the averments made in the application as well as written submissions filed on behalf of both the parties. 4. In the course of hearing, Ld. Co ..... X X X X Extracts X X X X X X X X Extracts X X X X
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