The Greater Noida Industrial Development Authority (appellant) filed appeals against the judgment and order of the National Company Law Appellate Tribunal (NCLAT), Principal Bench, New Delhi, which dismissed the appellant's appeal against the order of the National Company Law Tribunal (NCLT), New Delhi. The NCLT had dismissed two applications filed by the appellant under Section 60(5) of the Insolvency and Bankruptcy Code (IBC). The appellant, a statutory authority, had allotted a plot of land to M/s. JNC Construction (P) Ltd (corporate debtor) on lease for 90 years. The corporate debtor defaulted on payment of installments, leading to the initiation of Corporate Insolvency Resolution Process (CIRP). The appellant submitted a claim as a financial creditor, but the
…The Greater Noida Industrial Development Authority (appellant), a statutory body, allotted a plot of land to M/s. JNC Construction (P) Ltd (corporate debtor) on a 90-year lease. The corporate debtor defaulted on installment payments, leading the appellant to serve a demand cum pre-cancellation notice. Subsequently, a Company Petition was filed against the corporate debtor, initiating the Corporate Insolvency Resolution Process (CIRP). The appellant submitted a claim of Rs. 43,40,31,951 as unpaid installments, asserting its status as a financial creditor. However, the Resolution Professional (RP) treated the appellant as an operational creditor and requested the claim in Form B. The appellant did not resubmit the claim. The Committee of Creditors (COC) approved a
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Plot No. 01-C, Sector 16C, Greater Noida, was…
Premium installments payable by JNC…
The Greater Noida Industrial Development Authority (appellant) filed appeals against the judgment and order of the National Company Law Appellate Tribunal (NCLAT), Principal Bench, New Delhi, which dismissed the appellant's appeal against the order of the National Company Law Tribunal (NCLT), New Delhi. The NCLT had dismissed two applications filed by the appellant under Section 60(5) of the Insolvency and Bankruptcy Code (IBC). The appellant, a statutory authority, had allotted a plot of land to M/s. JNC Construction (P) Ltd (corporate debtor) on lease for 90 years. The corporate debtor defaulted on payment of installments, leading to the initiation of Corporate Insolvency Resolution Process (CIRP). The appellant submitted a claim as a financial creditor, but the
…The Greater Noida Industrial Development Authority (appellant), a statutory body, allotted a plot of land to M/s. JNC Construction (P) Ltd (corporate debtor) on a 90-year lease. The corporate debtor defaulted on installment payments, leading the appellant to serve a demand cum pre-cancellation notice. Subsequently, a Company Petition was filed against the corporate debtor, initiating the Corporate Insolvency Resolution Process (CIRP). The appellant submitted a claim of Rs. 43,40,31,951 as unpaid installments, asserting its status as a financial creditor. However, the Resolution Professional (RP) treated the appellant as an operational creditor and requested the claim in Form B. The appellant did not resubmit the claim. The Committee of Creditors (COC) approved a
…Plot No. 01-C, Sector 16C, Greater Noida, was…
Premium installments payable by JNC…