# In the matter of IVR Prime IT.SEZ Pvt. Ltd.

> NCLT judgment dated 2023-12-22. Citation: TCN-2023-NCLT-00045. The New Okhla Industrial Development Authority (Applicant) filed an application objecting to…

- **Court:** NCLT
- **Order date:** 22 Dec 2023
- **Citation:** TCN-2023-NCLT-00045
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/ivr-prime-itsez-pvt-ltd-a37658b4

## Summary

### Background

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.

## Facts

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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## Issues and analysis

### Issue 1: Whether the Applicant/NOIDA should be treated as a Secured Creditor in the Corporate Insolvency …

**Ratio:** The expression "charge" in the

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**Reasoning:** The Adjudicating Authority relied on a recent order and a Supreme Court judgment, which

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**Interpretation:** The term "charge" in the context of the U.P. Act does not

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**Application:** Based on the precedents and the specific wording of the U.P. Act, the

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## Parties

- **Judges:** BACHU VENKAT…; ATUL CHAT…
- **Appellants:** New Okhla…
- **Respondents:** IVR Prime IT SEZ…; Kashi Vishwanathan…
- **Advocates:** Abdhesh Cha…; Geetanjali…; +8 more

## Timeline

- **2006-11-13 — Allotment Lett…**: NOIDA authority issued an allotment letter to the Corporate Debtor for a plot measuring…
- **2007-12-07 — Lease Deed E…**: The Applicant and the Corporate…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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