# In the matter of Sunil Kumar Aggarwal vs. New Okhla Industrial Development Authority & Ors. Company Appeal (AT) (Insolvency) No. 775 of 2019

> NCLAT judgment dated 2019-07-31. Citation: TCN-2019-NCLAT-00397. This is an appeal preferred by Mr. Sunil Kumar Aggarwal, representing home buyers of M/s.…

- **Court:** NCLAT
- **Order date:** 31 Jul 2019
- **Citation:** TCN-2019-NCLAT-00397
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/sunil-kumar-aggarwal-vs-new-okhla-industrial-development-authority-ors-company-a-5e6a870c

## Summary

### Background

This is an appeal preferred by Mr. Sunil Kumar Aggarwal, representing home buyers of M/s. Granite Gate Properties Pvt. Ltd. (Corporate Debtor), against an order dated June 10, 2019, passed by the Adjudicating Authority (National Company Law Tribunal), Principal Bench, New Delhi. The core issue revolves around the claim filed by New Okhla Industrial Development Authority (NOIDA) before the Interim Resolution Professional (IRP) and whether NOIDA should be considered a 'Financial Creditor'.

## Facts

Mr. Sunil Kumar Aggarwal, representing home buyers of M/s. Granite Gate Properties Pvt. Ltd., filed an appeal against an order by the Adjudicating Authority. The New Okhla Industrial Development Authority (NOIDA) filed a claim before the Interim Resolution Professional (IRP). The IRP initially refused to consider NOIDA's claim. The Adjudicating Authority directed the IRP to examine NOIDA's claim. NOIDA argues it should be considered a 'Financial Creditor' under Section 5(8)(d) of the Code, citing that its lease agreement constitutes a finance of capital lease under Indian Accounting Standards. The Appellant argues that NOIDA has already been considered a 'Financial Creditor'. The Adjudicating Authority has not made a final decision on the matter.

## Issues and analysis

### Issue 1: Whether the Interim Resolution Professional (IRP) was correct in refusing to consider the claim of …

**Ratio:** The IRP is obligated to examine claims without adopting an adversarial attitude. The

…

**Reasoning:** The Adjudicating Authority's direction implies that the IRP's initial refusal was not

…

**Interpretation:** The IRP has a duty to assess claims fairly and objectively. The Adjudicating

…

**Application:** The IRP must now examine NOIDA's claim, considering the arguments presented and

…

## Parties

- **Judges:** S.J. Mukhop…; A.I.S. C…; +1 more
- **Appellants:** Sunil Kumar…
- **Respondents:** Granite Gate…; New Okhla…

## Timeline

- **2019-06-10 — Impugned…**: Order passed by the Adjudicating Authority (National Company Law Tribunal), Principal…
- **2019-07-31 — Appeal F…**: Mr. Sunil Kumar Aggarwal preferred an appeal against the order of the Adjudicating…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 5(8) — Definitions](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-5)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclat-new-delhi/sunil-kumar-aggarwal-vs-new-okhla-industrial-development-authority-ors-company-a-5e6a870c