# In the matter of Noida Special Economic Zone Authority vs. Manish Agarwal & Ors.

> SC judgment dated 2024-11-05. Citation: TCN-2024-SC-00017. The Appeals challenge the Judgment dated 14.02.2022 passed by the National Company Law Appellate…

- **Court:** SC
- **Order date:** 5 Nov 2024
- **Citation:** TCN-2024-SC-00017
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/supreme-court-of-india/noida-special-economic-zone-authority-vs-manish-agarwal-ors-50097d84

## Summary

### Background

The Appeals challenge the Judgment dated 14.02.2022 passed by the National Company Law Appellate Tribunal (NCLAT), Principal Bench, New Delhi. The appellant, NOIDA Special Economic Zone Authority, being the Operational Creditor, impugned the Order dated 05.10.2020 passed by the Adjudicating Authority of National Company Law Tribunal (NCLT), New Delhi Bench, approving the Resolution Plan. The appellant also challenged the Order dated 27.11.2020, which rejected an application preferred by the Appellant challenging the approval of the Resolution Plan.

## Facts

Shree Bhoomika International Limited, the Corporate Debtor, was sub-leased a plot by NOIDA Special Economic Zone Authority (NSEZ), the Appellant. The lease deed was dated 26.10.1995 and valid until 31.05.2010. The Appellant claimed the Corporate Debtor defaulted on lease payments from 1999, with no activity on the land since 2003-2004, causing financial losses. The Appellant initiated Corporate Insolvency Resolution Process (CIRP) before the NCLT after the Corporate Debtor defaulted. The Appellant filed a claim of INR 6,29,18,121, which was admitted by the Resolution Professional (RP). The Resolution Plan was approved by the Committee of Creditors (CoC) on 06.01.2020. The NCLT approved the Resolution Plan on 05.10.2020, granting only INR 50 Lakhs to the Appellant

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## Issues and analysis

### Issue 1: Whether the NCLAT's judgment dated …

**Ratio:** The Supreme Court held that the question of valuation is essentially a question of fact,

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**Reasoning:** The court found that the average of the two closest estimates given by the valuers was

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**Interpretation:** The court interpreted that the NCLAT had rightly evaluated and analyzed

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**Application:** The court applied the ratio by stating that the NCLAT's judgment did not call

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## Parties

- **Judges:** AUGUSTINE GEORGE…; ABHAY S…
- **Appellants:** Noida Special…
- **Respondents:** Shree Bhoomika…; Manish Agarwal &…
- **Other parties:** Affir…

## Timeline

- **1995-10-26 — Lease De…**: Lease Deed between NOIDA Authority and…
- **1999-01-01 — Default on Lease…**: Corporate Debtor began…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 61 — Appeals and Appellate Authority](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-61)

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