9911796707
TMI Blog2024 (8) TMI 1490X X X X Extracts X X X X X X X X Extracts X X X X ..... Authority, constituted under the provisions of the U.P. Industrial Area Development Act, 1976, being aggrieved against the order dated 09.03.2021 by which an application filed by the Appellant bearing I.A. No. 2002 of 2020 in CP (IB) No. 1059/ND/2018, under Section 60(5)(c) of the Insolvency and Bankruptcy Code, 2016 for upholding the Applicant as Financial Creditor, has been dismissed. 2. The Appellant filed the application bearing I.A No. 2002 of 2020 seeking the following relief:- "(a) Call for the record of the case. (b) Pass appropriate orders against the impugned orders/ decision/ action of the Resolution professional for converting and considering the applicant/GNIDA as Operational Creditor and not informing for participating i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nd find force in the contention of the Respondent. The similar application filed by the Noida (New Okhla Industrial Development Authority) before the same bench raising the same issue was rejected with the observation that lease deed referred in that application is not a financial lease. The present applicant also contends that they should be declared as Financial Creditor as the debt is a financial debt. The lease deed which is the only document relied upon doesn't bring the applicant under the umbrella of financial creditors as the said document is not a financial lease. Moreover. the argument placed by the applicant is that the amount is recoverable as land revenue further substantiates that the dues fall under the category of dues o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... COC; (b) the entire proceedings up to the stage of approval of the resolution plan were ex parte to the appellant; (c) the appellant had submitted its claim, and was a secured creditor by operation of law, yet the resolution plan projected the appellant as one who did not submit its claim; and (d) the resolution plan did not meet all the parameters laid down in sub-section (2) of Section 30 of the IBC read with Regulations 37 and 38 of the CIRP Regulations, 2016, we are of the considered view that the appeals of the appellant are entitled to be allowed and are accordingly allowed. The impugned order dated 24.11.2022 is set aside. The order dated 04.08.2020 passed by the NCLT approving the resolution plan is set aside. The resolution plan s ..... X X X X Extracts X X X X X X X X Extracts X X X X
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