The case involves a writ petition filed by Palika Towns LLP against the State of Uttar Pradesh and others, concerning a dispute over lease rentals for a commercial plot in Greater Noida. The plot was originally allotted to Moser Baer India Private Ltd. (Corporate Debtor), which later faced insolvency proceedings. Palika Towns LLP purchased the leasehold rights in an auction conducted under the Insolvency and Bankruptcy Code (IBC). After the sale, GNIDA (Greater Noida Industrial Development Authority) demanded arrears of lease rentals from Palika Towns LLP, which the petitioner deposited under protest. The petitioner then sought a refund of this amount, leading to the writ petition.
Moser Baer India Private Ltd. (Corporate Debtor) was allotted a commercial plot in Greater Noida by GNIDA. The Corporate Debtor defaulted on lease rentals, leading to insolvency proceedings under the IBC. Alchemist Assets Reconstruction Company Limited initiated the Insolvency Resolution Process against the Corporate Debtor, which was admitted by NCLT on 2017-11-14. NCLT ordered liquidation of the Corporate Debtor on 2018-09-20. A public announcement was made on 2018-09-24, inviting claims owed to the Corporate Debtor. GNIDA did not register its claim for lease rental arrears. Palika Towns LLP participated in the auction of the Corporate Debtor's assets and was declared the successful bidder. The NCLT accepted the petitioner's offer on 2019-07-16. Palika Towns LLP made
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Application for initiating Insolvency…
NCLT allowed the…
The case involves a writ petition filed by Palika Towns LLP against the State of Uttar Pradesh and others, concerning a dispute over lease rentals for a commercial plot in Greater Noida. The plot was originally allotted to Moser Baer India Private Ltd. (Corporate Debtor), which later faced insolvency proceedings. Palika Towns LLP purchased the leasehold rights in an auction conducted under the Insolvency and Bankruptcy Code (IBC). After the sale, GNIDA (Greater Noida Industrial Development Authority) demanded arrears of lease rentals from Palika Towns LLP, which the petitioner deposited under protest. The petitioner then sought a refund of this amount, leading to the writ petition.
Moser Baer India Private Ltd. (Corporate Debtor) was allotted a commercial plot in Greater Noida by GNIDA. The Corporate Debtor defaulted on lease rentals, leading to insolvency proceedings under the IBC. Alchemist Assets Reconstruction Company Limited initiated the Insolvency Resolution Process against the Corporate Debtor, which was admitted by NCLT on 2017-11-14. NCLT ordered liquidation of the Corporate Debtor on 2018-09-20. A public announcement was made on 2018-09-24, inviting claims owed to the Corporate Debtor. GNIDA did not register its claim for lease rental arrears. Palika Towns LLP participated in the auction of the Corporate Debtor's assets and was declared the successful bidder. The NCLT accepted the petitioner's offer on 2019-07-16. Palika Towns LLP made
…Application for initiating Insolvency…
NCLT allowed the…