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TMI Blog2024 (11) TMI 214X X X X Extracts X X X X X X X X Extracts X X X X ..... e amount was disbursed vide Demand Draft dated 22.10.2020 which has been received and accepted by the Appellant. Leading to the dismissal of the appeal vide impugned Judgment dated 14.02.2022. Having perused the record while bearing in mind the extensive observations made by 3-Judge Bench of this Court in COMMITTEE OF CREDITORS OF ESSAR STEEL INDIA LIMITED THROUGH AUTHORISED SIGNATORY VERSUS SATISH KUMAR GUPTA OTHERS [ 2019 (11) TMI 731 - SUPREME COURT ], and its reiteration by numerous subsequent decisions of this Court such as the EBIX SINGAPORE PRIVATE LIMITED VERSUS COMMITTEE OF CREDITORS OF EDUCOMP SOLUTIONS LIMITED ANR., KUNDAN CARE PRODUCTS LIMITED VERSUS MR AMIT GUPTA AND ORS. AND SEROCO LIGHTING INDUSTRIES PRIVATE LIMITED VERSUS RA ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... esolution Plan, stood rejected. 2. Briefly, the facts are that the Respondent No.02, i.e., Shree Bhoomika International Limited, being the Corporate Debtor (hereinafter referred to as Corporate Debtor ) was sub-leased the Plot bearing No. 59-I admeasuring 16,100 square meters at NOIDA Special Economic Zone (hereinafter referred to as NSEZ ) by the Appellant, in capacity of lessee of the said land from the NOIDA Authority, vide Lease Deed dated 26.10.1995, and it was valid for a period of 15 years, i.e., up to 31.05.2010. It is the case of the Appellant that the Corporate Debtor had begun defaulting on lease payments in 1999, and moreover, there was no performance or activity on the said land since the year 2003-2004 leading to financial los ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... The Appellant had put forth that the valuers had also observed that the valuations derived by them could be realised, subject to fulfilment of the rules of NSEZ and procedure of approval thereof. 5. The Resolution Plan dated 24.11.2019 (hereinafter referred to as Resolution Plan ), which was prepared by the Respondent No. 03 M/s Commodities Trading, being the Resolution Applicant (hereinafter referred to as Resolution Applicant ) was put before the Committee of Creditors, which approved it in its 4th Meeting dated 06.01.2020. 6. An application was then filed under Sections 31(1) and 60(5) of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as IBC 2016 ) before the NCLT by the RP, seeking an approval of the Resolution Plan o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Plan, the said amount should have been disbursed to the Appellant prior to the claim of the other claimants, including the sole Financial Creditor. 10. Another aspect which has been pressed into service is with regard to Clause 10.9 of the Resolution Plan, as regards the exemptions from the NSEZ, asserted to be in direct contravention and contradiction to their established rules and principles of the functioning of the NSEZ. The Appellant, which works under the guidance of the Ministry of Commerce and Industry, Government of India, could not have been commanded relating to its functions by the RP, especially with regard to the charges or penalties relatable to the change in any business model for transfer of units by the original allottee. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is Court in Duncans Industries Ltd. v. State of U.P. and Others (2000) 1 SCC 633 held that the question of valuation is basically a question of facts, which does not call for any interference if it is based on relevant material on record. As stated above, the average of the two closest estimates given by the valuers were taken into consideration as fair value and liquidation value respectively, which were found to be just and reasonable. This would be, keeping in view Section 35C of IBC 2016, where the powers and duties of the liquidator have been laid down. Since due process appears to have been followed no fault is found requiring interference. 15. Sections 30 and 31 of IBC 2016, which deal with the submission of the Resolution Plan has r ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... referred to above of this Court, the Resolution Plan as approved by the Committee of Creditors, and the same having been accepted deserves and has rightly been left untouched. Fundamentally, the financial decisions as have been taken by Committee of Creditors, especially with regard to viability or otherwise, while evaluating the plan would thus prevail. 17. As far as the submission of the Learned Senior Counsel that exemptions from NSEZ payments, including any type of fees or penalty for renewal of sub-lease and/or for transfer charges due with regard to the change of directorship or shareholding in favour of the Resolution Applicant has to be dealt with as per Clause 10.9 of the Resolution Plan cannot be accepted in the light of Section ..... X X X X Extracts X X X X X X X X Extracts X X X X
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