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. The New Okhla Industrial Development Authority sought a direction to the Resolution Professional (RP) to make payments towards outstanding dues that accrued during the Corporate Insolvency Resolution Process (CIRP). The Authority and M/s GSS Procon Pvt. Ltd. (Corporate Debtor) had entered into a lease deed on 19.08.2011 for a plot of land. The Authority claimed dues related to lease premium and lease rent. The Adjudicating Authority allowed the application, leading to the present appeal.
On 19.08.2011, the New Okhla Industrial Development Authority (Authority) entered into a lease deed with M/s GSS Procon Pvt. Ltd. (Corporate Debtor) for a plot of land. The lessee was required to pay a lease premium of Rs. 24,29,66,779.00, with 10% paid upfront and the balance to be paid in installments. The lessee was also obligated to pay lease rent. An application under Section 7 of the Insolvency and Bankruptcy Code was admitted on 10.10.2019, initiating CIRP. The Authority filed a claim of Rs. 32,96,19,803/-. The resolution plan was approved by the CoC on 04.12.2020. The Authority submitted a letter on 04.06.2021, highlighting dues towards lease premium and rent. The Authority filed an application before the Adjudicating Authority on 27.09.2021, seeking payment of
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The New Okhla Industrial Development Authority…
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. The New Okhla Industrial Development Authority sought a direction to the Resolution Professional (RP) to make payments towards outstanding dues that accrued during the Corporate Insolvency Resolution Process (CIRP). The Authority and M/s GSS Procon Pvt. Ltd. (Corporate Debtor) had entered into a lease deed on 19.08.2011 for a plot of land. The Authority claimed dues related to lease premium and lease rent. The Adjudicating Authority allowed the application, leading to the present appeal.
On 19.08.2011, the New Okhla Industrial Development Authority (Authority) entered into a lease deed with M/s GSS Procon Pvt. Ltd. (Corporate Debtor) for a plot of land. The lessee was required to pay a lease premium of Rs. 24,29,66,779.00, with 10% paid upfront and the balance to be paid in installments. The lessee was also obligated to pay lease rent. An application under Section 7 of the Insolvency and Bankruptcy Code was admitted on 10.10.2019, initiating CIRP. The Authority filed a claim of Rs. 32,96,19,803/-. The resolution plan was approved by the CoC on 04.12.2020. The Authority submitted a letter on 04.06.2021, highlighting dues towards lease premium and rent. The Authority filed an application before the Adjudicating Authority on 27.09.2021, seeking payment of
…The New Okhla Industrial Development Authority…
Application under…