# In the matter of The Authorised Representative for Granite Gate Properties Pvt. Ltd. vs. Devendra Singh and Ors.

> NCLAT judgment dated 2025-07-17. Citation: TCN-2025-NCLAT-00317. The case involves appeals against an order dated 24.07.2024 passed by the Adjudicating…

- **Court:** NCLAT
- **Order date:** 17 Jul 2025
- **Citation:** TCN-2025-NCLAT-00317
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/the-authorised-representative-for-granite-gate-properties-pvt-ltd-vs-devendra-si-ba2562b6

## Summary

### Background

The case involves appeals against an order dated 24.07.2024 passed by the Adjudicating Authority (National Company Law Tribunal), New Delhi Bench, Court-II in Company Petition No. (IB)-1248(PB)/2018. The appeals challenge directions issued on various applications, including one for approval of a resolution plan submitted by M/s SMV Agencies Private Limited, which was approved by the Committee of Creditors (CoC) on 22.07.2020.

## Facts

Company Appeal (AT) (Ins.) No.1479 of 2024 was filed by the Authorised Representative for M/s Granite Gate Properties Private Limited, representing the CoC consisting of 100% homebuyers.

The CoC approved the Resolution Plan of M/s SMV Agencies Private Limited on 22.07.2020.

New Okhla Industrial Development Authority (NOIDA) filed Company Appeal (AT) (Ins.) No.1713 of 2024, claiming as an Operational Creditor of M/s Granite Gate Properties Private Limited.

NOIDA executed lease deeds for GH plots in Sectors 100 and 110, launching projects named Lotus Bolevard and Lotus Panache.

NOIDA was initially accepted as a Financial Creditor but later categorized as an Operational Creditor after a Supreme Court judgment.

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## Issues and analysis

### Issue 1: Whether two instalments i.e. 19th and 20th instalment, which fell due after commencement of CIRP …

**Ratio:** The Tribunal relied on a previous judgment, Sunil Kumar Agrawal Vs. New Okhla Industrial

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**Reasoning:** The Tribunal considered arguments from both sides, including NOIDA's reliance on

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**Interpretation:** The Tribunal interpreted the relevant provisions of the I&B Code and CIRP

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**Application:** The Tribunal modified the Adjudicating Authority's direction, stating that the

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## Parties

- **Judges:** Ashok Bh…; Barun M…
- **Appellants:** Rakesh…; New Okhla…; +2 more
- **Respondents:** Granite Gate…; Devendra…; +3 more
- **Other parties:** Committee of…; Homebu…; +1 more
- **Advocates:** Kunal T…; Ravinder…; +17 more

## Timeline

- **2024-07-24 — Order Da…**: Order passed by the Adjudicating Authority (National Company Law Tribunal), New Delhi…
- **2020-07-22 — CoC Appr…**: Resolution plan approved by the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 27 — Replacement of resolution professional by…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-27)

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