9911796707
TMI Blog2024 (8) TMI 1490X X X X Extracts X X X X X X X X Extracts X X X X ..... an operational creditor, claiming the same relief on the basis of the lease deed, the Appellant, namely, GNIDA cannot be held to be a Financial Creditor on the same facts and has rightly been held to be an operational creditor. There is hardly any merit in this appeal for the interference and hence, the same is hereby dismissed. - [ Justice Rakesh Kumar Jain ] Member ( Judicial ) And [ Mr. Indevar Pandey ] Member ( Technical ) For the Appellants : Mr. U. N Singh, Adv. For the Respondent : Mr. Abhishek Anand, Mr. Nipun Gautam with RP in person for R1 JUDGMENT Per : Justice Rakesh Kumar Jain : This appeal is filed by the Greater Noida Industrial Development Authority (GNIDA), a statutory Authority, constituted under the provisions of the U. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d considering the status of the applicant GNIDA from financial creditor to operational creditor, without adjudication, reasons and justification, resulting in financial loss to a Govt. Authority GNIDA and dealing with the owner of the land to its detriment and resulting in unlawful financial gain to the corporate debtor and other creditor at the expenses of the applicant. (e) Any other relief or order(s) which this Hon'ble Tribunal may deems fit and proper be also passed in favour of the applicant/ GNIDA. 3. The Tribunal has rejected the application with the following observations:- 28. We have perused the relevant documents and submissions made by the counsels and find force in the contention of the Respondent. The similar application ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... approval passed under sub-section (1) of Section 31 of the IBC?. (ii) Whether the application for recall of the order was barred by time? (iii) Whether the resolution plan put forth by the resolution applicant did not meet the requirements of sub-section (2) of Section 30 of the IBC read with Regulations 37 and 38 of the CIRP Regulations, 2016? (iv) As to what relief, if any, the appellant is entitled to? and granted the following relief which read as under:- 55. As we have found that neither NCLT nor NCLAT while deciding the application /appeal of the appellant took note of the fact that,- (a) the appellant had not been served notice of the meeting of the COC; (b) the entire proceedings up to the stage of approval of the resolution plan w ..... X X X X Extracts X X X X X X X X Extracts X X X X
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