The case involves an application (IA No. 4869/ND/2022) filed by Greater Noida Industrial Development Authority (GNIDA) in a corporate insolvency resolution process (CIRP) against Primrose Infratech Private Limited. The CIRP was initiated based on a petition filed by VMS Equipment Pvt. Ltd. GNIDA, as the applicant/objector, sought rejection of the resolution plan and directions for serving a copy of the resolution plan application to them. GNIDA claimed to be a secured creditor due to unpaid dues related to land allotment and lease premium, additional compensation, and time extension penalties. The Resolution Professional (RP) and Committee of Creditors (CoC) categorized GNIDA's claim as an operational debt, which GNIDA challenged. The core dispute revolves around
…VMS Equipment Pvt. Ltd. initiated CIRP against Primrose Infratech Pvt. Ltd. GNIDA, the Greater Noida Industrial Development Authority, filed IA No. 4869/ND/2022, seeking to be recognized as a secured creditor, objecting to the resolution plan. GNIDA claimed dues related to land allotment, lease premium, and penalties. GNIDA asserted a security interest under Section 13 and 13A of the Uttar Pradesh Industrial Area Development Act, 1976. The RP and CoC classified GNIDA's claim as an operational debt. GNIDA challenged this classification, arguing it should be a secured creditor. GNIDA allotted Plot No. GH-06, Sector CHI-V, Greater Noida, to a consortium including Primrose Infratech, executing a lease deed on 2011-11-29. GNIDA claimed Rs. 55,96,80,208 as of 2019-01-04.
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Company Petition No.…
Order admitting the petition and initiating…
The case involves an application (IA No. 4869/ND/2022) filed by Greater Noida Industrial Development Authority (GNIDA) in a corporate insolvency resolution process (CIRP) against Primrose Infratech Private Limited. The CIRP was initiated based on a petition filed by VMS Equipment Pvt. Ltd. GNIDA, as the applicant/objector, sought rejection of the resolution plan and directions for serving a copy of the resolution plan application to them. GNIDA claimed to be a secured creditor due to unpaid dues related to land allotment and lease premium, additional compensation, and time extension penalties. The Resolution Professional (RP) and Committee of Creditors (CoC) categorized GNIDA's claim as an operational debt, which GNIDA challenged. The core dispute revolves around
…VMS Equipment Pvt. Ltd. initiated CIRP against Primrose Infratech Pvt. Ltd. GNIDA, the Greater Noida Industrial Development Authority, filed IA No. 4869/ND/2022, seeking to be recognized as a secured creditor, objecting to the resolution plan. GNIDA claimed dues related to land allotment, lease premium, and penalties. GNIDA asserted a security interest under Section 13 and 13A of the Uttar Pradesh Industrial Area Development Act, 1976. The RP and CoC classified GNIDA's claim as an operational debt. GNIDA challenged this classification, arguing it should be a secured creditor. GNIDA allotted Plot No. GH-06, Sector CHI-V, Greater Noida, to a consortium including Primrose Infratech, executing a lease deed on 2011-11-29. GNIDA claimed Rs. 55,96,80,208 as of 2019-01-04.
…Company Petition No.…
Order admitting the petition and initiating…