# In the matter of Primrose Infratech Private Limited

> NCLT judgment dated 2023-07-24. Citation: TCN-2023-NCLT-02377. The case involves an application (IA No. 4869/ND/2022) filed by Greater Noida Industrial…

- **Court:** NCLT
- **Order date:** 24 Jul 2023
- **Citation:** TCN-2023-NCLT-02377
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/primrose-infratech-private-limited-60eff3ec

## Summary

### Background

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

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## Facts

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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## Issues and analysis

### Issue 1: Whether Greater Noida Industrial Development Authority (GNIDA) is a Secured Creditor in terms of …

**Ratio:** A 'secured creditor' is defined under Section 3(30) of the IBC as a creditor in whose

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**Reasoning:** The Adjudicating Authority reasoned that Sections 13 and 13A of the Uttar Pradesh

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**Interpretation:** The interpretation of Section 3(30) and 3(31) of the IBC, along with the

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**Application:** In this case, the Adjudicating Authority applied the ratio to the facts, noting

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## Parties

- **Judges:** Sh. Ashok Kumar…; L. N. G…
- **Appellants:** VMS Equi…
- **Respondents:** Primrose Infratech…

## Timeline

- **2018-01-01 — Company Petiti…**: Company Petition No. (IB)-995(ND)/2018 filed…
- **2018-12-21 — CIRP Init…**: Order admitting the petition and initiating Corporate Insolvency Resolution Process…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 3(30) — Definitions](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-3)

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