# In the matter of Unnati fortune Holdings Limited

> NCLT judgment dated 2026-01-12. Citation: TCN-2026-NCLT-00071. The New Okhla Industrial Development Authority (NOIDA) filed an application seeking direction…

- **Court:** NCLT
- **Order date:** 12 Jan 2026
- **Citation:** TCN-2026-NCLT-00071
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-new-delhi/unnati-fortune-holdings-limited-eda1b9a4

## Summary

### Background

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.

## Facts

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.

…

## Issues and analysis

### Issue 1: Whether the General Development Agreement (GDA) dated 31.10.2011 is valid in light of the Lease …

**Ratio:** The tribunal found that NOIDA failed to point out any specific provision in the Lease

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**Reasoning:** The tribunal reasoned that the absence of a specific prohibition in the Lease Deed

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**Interpretation:** The tribunal interpreted the Lease Deed as not explicitly preventing the

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**Application:** The tribunal applied this interpretation to conclude that the GDA is not

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## Parties

- **Judges:** JYOTSNA S…; Anu Jagmoha…
- **Appellants:** Nupur Finvest…; New Okhla…; +1 more
- **Respondents:** Unnati Fortune…; Sanjay…
- **Advocates:** Abdhesh Cha…; Vinayak M…; +3 more

## Timeline

- **2007-03-23 — Lease De…**: Lease Deed executed between…
- **2011-10-31 — General Development…**: GDA executed between IVRCL Limited and…

## 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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