# In the matter of Today Homes and Infrastructure Private Limited

> NCLT judgment dated 2023-12-05. Citation: TCN-2023-NCLT-00455. The case involves multiple applications (IA-4445/2023, IA-3356/2020, IA-3629/2020,…

- **Court:** NCLT
- **Order date:** 5 Dec 2023
- **Citation:** TCN-2023-NCLT-00455
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/today-homes-and-infrastructure-private-limited-6903abfc

## Summary

### Background

The case involves multiple applications (IA-4445/2023, IA-3356/2020, IA-3629/2020, IA-5001/2021, IA-4096/2022) filed in the National Company Law Tribunal (NCLT), New Delhi, concerning the Corporate Insolvency Resolution Process (CIRP) of M/s. Today Homes & Infrastructure Private Limited. These applications address issues related to the status of Greater Noida Industrial Development Authority (GNIDA) as a secured creditor, the possession of land intended for a housing project ('Canary Greens'), and objections to the resolution plan submitted by the Consortium of Canary Greens Buyers Welfare Association. The CIRP was initiated following an application by Dynacon Projects Private Limited under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016.

## Facts

M/s. Dynacon Projects Private Limited initiated CIRP against M/s. Today Homes & Infrastructure Private Limited. GNIDA claimed to be a secured creditor based on a lease deed and statutory provisions. GNIDA filed an application (IA-4445/2023) seeking directions to the Resolution Professional to recognize it as a secured creditor. The Resolution Professional argued that GNIDA's claim was filed late and that GNIDA is an operational creditor as per the Supreme Court's judgment in 'New Okhla Industrial Development Authority Vs. Anand Sonbhadra'. The land for the 'Canary Greens' project is disputed, with original landowners claiming possession and revoking a Power of Attorney granted to the Corporate Debtor. The Resolution Professional filed applications (IA-3356/2020,

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## Issues and analysis

### Issue 1: Whether Greater Noida Industrial Development Authority (GNIDA) can be considered a secured creditor …

**Ratio:** The Supreme Court in 'New Okhla Industrial Development Authority Vs. Anand Sonbhadra' has

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**Reasoning:** The NCLT relied on the Supreme Court's judgment, which clarified that GNIDA's claim

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**Interpretation:** The interpretation of the Supreme Court's ruling is that statutory charges

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**Application:** The NCLT applied the Supreme Court's ratio to the facts of the case, concluding

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## Parties

- **Judges:** ATUL CHAT…; BACHU VENKAT…
- **Appellants:** Greater Noida…
- **Respondents:** M/s. Today Homes…; Nilesh S…

## Timeline

- **2019-10-31 — CIRP Init…**: Adjudicating Authority admitted the application and initiated CIRP of the Corporate…
- **2019-10-31 — Moratorium D…**: Moratorium in terms of Section 14 of IBC was declared with respect to the Corporate…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

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