The case involves a dispute regarding the approval of a resolution plan for Brys International Pvt Ltd. The NOIDA (New Okhla Industrial Development Authority) filed an application seeking to prevent the acceptance of a resolution plan that included a composite scheme for the Corporate Debtor and M/s. Neo Infrastructure Pvt Ltd. NOIDA contended that as owners of the leased property, their consent was necessary for any such plan. The Tribunal had previously allowed NOIDA's application, leading to appeals before the NCLAT (National Company Law Appellate Tribunal). The NCLAT dismissed the appeals, upholding the Tribunal's order in favor of NOIDA.
Bank of Baroda initiated insolvency proceedings against Brys International Pvt Ltd under Section 7 of the Insolvency and Bankruptcy Code (IBC). NOIDA, as the owner of the leased property, objected to the resolution plan, arguing that it included a composite scheme involving Neo Infrastructure Pvt Ltd without their consent. NOIDA contended that the resolution plan violated the terms of the Lease Deed and Sub-Lease Deed, which required their prior permission for any transfer of interest in the property. The Tribunal initially ruled in favor of NOIDA, leading to appeals by the Resolution Professional, the Successful Resolution Applicant, and a group of Homebuyers. The NCLAT dismissed these appeals, upholding the Tribunal's order. The core issue revolves around whether a
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The case involves a dispute regarding the approval of a resolution plan for Brys International Pvt Ltd. The NOIDA (New Okhla Industrial Development Authority) filed an application seeking to prevent the acceptance of a resolution plan that included a composite scheme for the Corporate Debtor and M/s. Neo Infrastructure Pvt Ltd. NOIDA contended that as owners of the leased property, their consent was necessary for any such plan. The Tribunal had previously allowed NOIDA's application, leading to appeals before the NCLAT (National Company Law Appellate Tribunal). The NCLAT dismissed the appeals, upholding the Tribunal's order in favor of NOIDA.
Bank of Baroda initiated insolvency proceedings against Brys International Pvt Ltd under Section 7 of the Insolvency and Bankruptcy Code (IBC). NOIDA, as the owner of the leased property, objected to the resolution plan, arguing that it included a composite scheme involving Neo Infrastructure Pvt Ltd without their consent. NOIDA contended that the resolution plan violated the terms of the Lease Deed and Sub-Lease Deed, which required their prior permission for any transfer of interest in the property. The Tribunal initially ruled in favor of NOIDA, leading to appeals by the Resolution Professional, the Successful Resolution Applicant, and a group of Homebuyers. The NCLAT dismissed these appeals, upholding the Tribunal's order. The core issue revolves around whether a
…Tribunal passed an…
Hon'ble NCLAT passed a common order dismissing…
Sign in to view related legal provisions.