The New Okhla Industrial Development Authority (Applicant) filed an application objecting to the resolution plan for IVR Prime IT SEZ Private Limited (Corporate Debtor). The Applicant had leased land to the Corporate Debtor, and disputes arose regarding payments and project completion. The Applicant sought to be treated as a secured creditor to recover outstanding dues. The Resolution Professional (RP) and the Successful Resolution Applicant (SRA), Vasu Buildcon, opposed the application.
The New Okhla Industrial Development Authority (NOIDA) leased a plot of land to IVR Prime IT SEZ Private Limited (Corporate Debtor) for a period of 90 years. The lease deed, dated 07.12.2007, outlined the terms and conditions, including payment obligations and construction timelines. The Corporate Debtor failed to meet these obligations, leading to outstanding dues. NOIDA issued an allotment letter on 13.11.2006. The Corporate Debtor underwent Corporate Insolvency Resolution Process (CIRP) as per the order dated 19.09.2019. NOIDA filed a claim in the CIRP, seeking to be treated as a secured creditor based on Section 13 of the Uttar Pradesh Industrial Area Development Act, 1976, which they argued created a statutory charge over the leased property. The Resolution
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NOIDA authority issued an allotment letter to…
The Applicant and the…
The New Okhla Industrial Development Authority (Applicant) filed an application objecting to the resolution plan for IVR Prime IT SEZ Private Limited (Corporate Debtor). The Applicant had leased land to the Corporate Debtor, and disputes arose regarding payments and project completion. The Applicant sought to be treated as a secured creditor to recover outstanding dues. The Resolution Professional (RP) and the Successful Resolution Applicant (SRA), Vasu Buildcon, opposed the application.
The New Okhla Industrial Development Authority (NOIDA) leased a plot of land to IVR Prime IT SEZ Private Limited (Corporate Debtor) for a period of 90 years. The lease deed, dated 07.12.2007, outlined the terms and conditions, including payment obligations and construction timelines. The Corporate Debtor failed to meet these obligations, leading to outstanding dues. NOIDA issued an allotment letter on 13.11.2006. The Corporate Debtor underwent Corporate Insolvency Resolution Process (CIRP) as per the order dated 19.09.2019. NOIDA filed a claim in the CIRP, seeking to be treated as a secured creditor based on Section 13 of the Uttar Pradesh Industrial Area Development Act, 1976, which they argued created a statutory charge over the leased property. The Resolution
…NOIDA authority issued an allotment letter to…
The Applicant and the…