# In the matter of Greater Noida Industrial Development Authority vs. Anand Sonbhadra

> NCLAT judgment dated 2024-08-08. Citation: TCN-2024-NCLAT-00272. The Greater Noida Industrial Development Authority (GNIDA) filed an appeal against an order…

- **Court:** NCLAT
- **Order date:** 8 Aug 2024
- **Citation:** TCN-2024-NCLAT-00272
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/greater-noida-industrial-development-authority-vs-anand-sonbhadra-d6591022

## Summary

### Background

The Greater Noida Industrial Development Authority (GNIDA) filed an appeal against an order dated 09.03.2021, which dismissed its application (I.A. No. 2002 of 2020) in CP (IB) No. 1059/ND/2018. GNIDA sought to be recognized as a Financial Creditor under Section 60(5)(c) of the Insolvency and Bankruptcy Code, 2016. The Tribunal rejected GNIDA's application, observing that the lease deed, the basis of GNIDA's claim, did not qualify as a financial lease. GNIDA argued that it should be treated as a Financial Creditor, relying on a Supreme Court decision in GNIDA Vs. Prabhjit Singh Soni & Anr.

## Facts

The Greater Noida Industrial Development Authority (GNIDA) filed an appeal against an order that dismissed its application to be recognized as a Financial Creditor. The application was filed under Section 60(5)(c) of the Insolvency and Bankruptcy Code, 2016. GNIDA's claim was based on a lease deed. The Tribunal rejected the application, stating that the lease deed did not qualify as a financial lease. GNIDA argued that it should be treated as a Financial Creditor, relying on a Supreme Court decision in GNIDA Vs. Prabhjit Singh Soni & Anr. The Respondent's counsel submitted that a similar case (Noida Vs. Anand Sonbhadra) was decided on the same grounds, where the Noida Authority raised the same issues. The Supreme Court had held that the Noida authority is an

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## Issues and analysis

### Issue 1: Whether the Greater Noida Industrial Development Authority (GNIDA) can be declared as a Financial …

**Ratio:** A secured creditor can be both an operational creditor and a financial creditor, but a

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**Reasoning:** The court reasoned that since a similar authority, the Noida Authority, was held to be an

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**Interpretation:** The interpretation hinges on the distinction between financial and operational

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**Application:** The ratio and reasoning are applied to the specific facts of GNIDA's case,

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## Parties

- **Judges:** Rakesh Kuma…; Indevar P…
- **Appellants:** Greater Noida…
- **Respondents:** Anand Son…
- **Advocates:** U. N S…; Abhishek…; +1 more

## Timeline

- **2021-03-09 — Order Da…**: Order dated 09.03.2021 by which an application filed by the Appellant bearing I.A. No.…
- **2024-08-08 — Final Orde…**: The appeal is d…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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