The New Okhla Industrial Development Authority (Applicant) filed an application against the Resolution Professional (Respondent) of GSS Procon (Corporate Debtor) under Section 60(5)(c) of the IBC, 2016, seeking payment of outstanding dues. The Applicant had allotted a plot to the Corporate Debtor, and a lease deed was executed. The Corporate Debtor defaulted on payments, leading to rescheduling requests and subsequent initiation of CIRP. The Applicant claimed dues that accrued after the commencement of CIRP, which the Respondent argued were barred by the moratorium under Section 14 of the IBC.
The New Okhla Industrial Development Authority (NOIDA) allotted Plot No. GH-01/C, Sector 143B Noida to GSS Procon (Corporate Debtor) on 2011-02-25. A lease deed was executed on 2011-08-19 for 90 years with a total premium of Rs. 24,29,66,779.00. 10% of the premium was paid at the time of execution, with the balance to be paid within 8 years with 14% compounded half-yearly interest in case of default. The Corporate Debtor requested rescheduling of overdue payments in 2015, and NOIDA replied stating that a sum of Rs. 2,40,19,885.00 needed to be deposited for rescheduling. The Corporate Debtor deposited an upfront amount on 2016-12-26, and NOIDA issued a rescheduling letter dated 2017-05-01. CIRP was initiated against the Corporate Debtor on 2019-10-10. NOIDA submitted a
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NOIDA allotted Plot No.…
A lease deed was…
The New Okhla Industrial Development Authority (Applicant) filed an application against the Resolution Professional (Respondent) of GSS Procon (Corporate Debtor) under Section 60(5)(c) of the IBC, 2016, seeking payment of outstanding dues. The Applicant had allotted a plot to the Corporate Debtor, and a lease deed was executed. The Corporate Debtor defaulted on payments, leading to rescheduling requests and subsequent initiation of CIRP. The Applicant claimed dues that accrued after the commencement of CIRP, which the Respondent argued were barred by the moratorium under Section 14 of the IBC.
The New Okhla Industrial Development Authority (NOIDA) allotted Plot No. GH-01/C, Sector 143B Noida to GSS Procon (Corporate Debtor) on 2011-02-25. A lease deed was executed on 2011-08-19 for 90 years with a total premium of Rs. 24,29,66,779.00. 10% of the premium was paid at the time of execution, with the balance to be paid within 8 years with 14% compounded half-yearly interest in case of default. The Corporate Debtor requested rescheduling of overdue payments in 2015, and NOIDA replied stating that a sum of Rs. 2,40,19,885.00 needed to be deposited for rescheduling. The Corporate Debtor deposited an upfront amount on 2016-12-26, and NOIDA issued a rescheduling letter dated 2017-05-01. CIRP was initiated against the Corporate Debtor on 2019-10-10. NOIDA submitted a
…NOIDA allotted Plot No.…
A lease deed was…