The New Okhla Industrial Development Authority (NOIDA) filed an application seeking direction to the IRP/RP to remove a plot of land from the Corporate Debtor's assets and a declaration that the Corporate Debtor has no right over the property. The dispute arises from a Lease Deed between NOIDA and IVRCL Limited, and a subsequent General Development Agreement (GDA) between IVRCL and Unnati Fortune Holdings Limited, transferring development rights.
A Lease Deed was executed on 23.03.2007 between NOIDA and IVRCL Limited for a plot of land in Sector 119, NOIDA.
IVRCL Limited executed a General Development Agreement (GDA) on 31.10.2011 with Unnati Fortune Holdings Limited, transferring development rights.
A Sub-Lease Deed was executed on 27.11.2015 between NOIDA, IVRCL Limited, and IVRCL Aranya Projects Private Limited, transferring payment obligations.
NOIDA claims the GDA is invalid as it was executed without their consent and violates the terms of the Lease Deed.
The Resolution Professional argues that NOIDA was aware of the GDA and has been accepting payments and granting approvals to the Corporate Debtor.
NOIDA participated in a meeting with homebuyers and the management of Unnati Fortune Group on 26.04.2017.
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Lease Deed executed…
GDA executed between…
The New Okhla Industrial Development Authority (NOIDA) filed an application seeking direction to the IRP/RP to remove a plot of land from the Corporate Debtor's assets and a declaration that the Corporate Debtor has no right over the property. The dispute arises from a Lease Deed between NOIDA and IVRCL Limited, and a subsequent General Development Agreement (GDA) between IVRCL and Unnati Fortune Holdings Limited, transferring development rights.
A Lease Deed was executed on 23.03.2007 between NOIDA and IVRCL Limited for a plot of land in Sector 119, NOIDA.
IVRCL Limited executed a General Development Agreement (GDA) on 31.10.2011 with Unnati Fortune Holdings Limited, transferring development rights.
A Sub-Lease Deed was executed on 27.11.2015 between NOIDA, IVRCL Limited, and IVRCL Aranya Projects Private Limited, transferring payment obligations.
NOIDA claims the GDA is invalid as it was executed without their consent and violates the terms of the Lease Deed.
The Resolution Professional argues that NOIDA was aware of the GDA and has been accepting payments and granting approvals to the Corporate Debtor.
NOIDA participated in a meeting with homebuyers and the management of Unnati Fortune Group on 26.04.2017.
…Lease Deed executed…
GDA executed between…