# In the matter of Greater Noida Industrial Development Authority vs. Roma Unicon Designex Consortium Company Appeal (AT) (Insolvency) No. 180, 629 & 630 of 2022

> NCLAT judgment dated 2023-01-30. Citation: TCN-2023-NCLAT-00756. The case involves three appeals challenging orders passed by the National Company Law…

- **Court:** NCLAT
- **Order date:** 30 Jan 2023
- **Citation:** TCN-2023-NCLAT-00756
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/greater-noida-industrial-development-authority-vs-roma-unicon-designex-consortiu-978b0954

## Summary

### Background

The case involves three appeals challenging orders passed by the National Company Law Tribunal (NCLT), Delhi Bench III, related to the Corporate Insolvency Resolution Process (CIRP) of Earth Infrastructures Limited. Greater Noida Industrial Development Authority (GNIDA) filed these appeals against orders approving resolution plans for Earth Towne Project, Earth Sapphire Court, and Earth Techone. GNIDA, as the lessor, claimed dues from Earth Towne Infrastructure Pvt. Ltd., a subsidiary of Earth Infrastructures Limited, and challenged the resolution plans that sought to transfer leasehold rights without settling GNIDA's dues. The appeals question whether the assets of subsidiary companies can be included in the CIRP of the parent company and whether GNIDA should have

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## Facts

Greater Noida Industrial Development Authority (GNIDA) allotted land to a consortium including Earth Infrastructures Limited for development. A Special Purpose Company (SPC), Earth Towne Infrastructure Pvt. Ltd., was formed for the project. GNIDA executed a lease deed in favor of Earth Towne. Earth Towne entered into a Development Agreement with Earth Infrastructures, granting development rights. Earth Infrastructures started three projects: Earth Towne, Earth Techone, and Earth Sapphire Court. Many homebuyers booked flats and paid substantial amounts. Earth Infrastructures faced financial difficulties, leading to CIRP initiation. GNIDA claimed dues from Earth Towne, a subsidiary of Earth Infrastructures. Resolution Plans were submitted, and the Adjudicating Authority

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## Issues and analysis

### Issue 1: Whether in the CIRP proceedings of the Corporate Debtor, i.e. Earth Infrastructures Limited, the …

**Ratio:** The assets of a subsidiary company are distinct from the assets of the holding company.

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**Reasoning:** The court relied on the judgment of the Hon'ble Supreme Court in Embassy Property

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**Interpretation:** The interpretation of Section 18 of the IBC and related precedents establishes

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**Application:** In this case, the land was leased to Earth Towne Infrastructure Pvt. Ltd., a

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## Parties

- **Judges:** Ashok Bh…; Alok Sriv…; +1 more
- **Appellants:** Greater Noida…
- **Respondents:** Earth Infrastructu…; Roma Unicon…

## Timeline

- **1976-01-01 — Uttar Pradesh…**: The Uttar Pradesh Industrial Area Development Act, 1976 was enacted to provide for the…
- **2008-02-04 — Lease De…**: Another Lease Deed dated 04.02.2008 was also executed by the Appellant in favour of M/s…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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