The case involves an appeal against an order dated 12.04.2022, concerning an application (IB) 1896 (ND)/2019 filed under Section 60(5)(c) of the Insolvency and Bankruptcy Code, 2016, and Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulation, 2016, read with Rule 11 of the NCLT Rules, 2016. The New Okhla Industrial Development Authority sought a direction to the Resolution Professional (RP) (Appellant) to make payments towards outstanding dues that became due during the CIRP. The Adjudicating Authority allowed the application, leading to the current appeal.
The New Okhla Industrial Development Authority (Authority) and M/s GSS Procon Pvt. Ltd. (Corporate Debtor) entered into a lease deed on 19.08.2011 for a plot of land. The lessee (GSS Procon) was required to pay a lease premium and lease rent. An application under Section 7 of the Insolvency and Bankruptcy Code (IBC) was admitted on 10.10.2019, initiating the Corporate Insolvency Resolution Process (CIRP). The Authority submitted its claim of Rs. 32,96,19,803/- to the Resolution Professional (RP) on 31.12.2019. A resolution plan was approved by the CoC on 04.12.2020 with a 93.43% voting share. The RP filed an application for approval of the resolution plan, which is pending. The Authority sent a letter on 04.06.2021 to the RP highlighting outstanding dues towards lease
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The Authority entered into a lease deed with…
Application under…
The case involves an appeal against an order dated 12.04.2022, concerning an application (IB) 1896 (ND)/2019 filed under Section 60(5)(c) of the Insolvency and Bankruptcy Code, 2016, and Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulation, 2016, read with Rule 11 of the NCLT Rules, 2016. The New Okhla Industrial Development Authority sought a direction to the Resolution Professional (RP) (Appellant) to make payments towards outstanding dues that became due during the CIRP. The Adjudicating Authority allowed the application, leading to the current appeal.
The New Okhla Industrial Development Authority (Authority) and M/s GSS Procon Pvt. Ltd. (Corporate Debtor) entered into a lease deed on 19.08.2011 for a plot of land. The lessee (GSS Procon) was required to pay a lease premium and lease rent. An application under Section 7 of the Insolvency and Bankruptcy Code (IBC) was admitted on 10.10.2019, initiating the Corporate Insolvency Resolution Process (CIRP). The Authority submitted its claim of Rs. 32,96,19,803/- to the Resolution Professional (RP) on 31.12.2019. A resolution plan was approved by the CoC on 04.12.2020 with a 93.43% voting share. The RP filed an application for approval of the resolution plan, which is pending. The Authority sent a letter on 04.06.2021 to the RP highlighting outstanding dues towards lease
…The Authority entered into a lease deed with…
Application under…