Bulland Realtors Private Limited Vs State of U.P. And 4 Others (Allahabad High Court)
Summary : The Allahabad High Court in Bulland Realtors Private Limited v. State of U.P. & 4 Others addressed a writ petition filed by Bulland Realtors Pvt. Ltd., a real estate company under the Corporate Insolvency Resolution Process (CIRP), seeking quashing of orders canceling its sub-lease and directions for recalculating dues in line with the 2014 lease deed and the Uttar Pradesh Government’s policy for stalled real estate projects.
The petitioner was allotted Plot No. GH-02B-1, Sector 10, Greater Noida, under a tripartite sub-lease dated 1 July 2014 executed between Greater Noida Industrial Development Authority (GNIDA), Bulland Realtors Pvt. Ltd., and M/s Echo Green Buildtech Pvt. Ltd. The company received possession on 27 May 2015 for developing a group housing project. However, due to defaults in lease rent payments and subsequent financial difficulties, the GNIDA canceled the sub-lease by order dated 31 January 2023.
Subsequently, a financial creditor, Nimble Credit Cooperative Society Ltd., initiated insolvency proceedings under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, before the National Company Law Tribunal (NCLT), New Delhi. The NCLT admitted the petition on 31 July 2023 and appointed an Interim Resolution Professional (IRP). The Committee of Creditors (CoC) was constituted on 1 September 2023 and approved the IRP as Resolution Professional (RP). The RP invited resolution plans and, on 28 March 2024, the CoC approved the plan submitted by respondent no.4, later placed before NCLT for final approval under Section 31 of the IBC.
