Sunil Kumar Agarwal & Anr. Vs Anand Sonbhadra (NCLAT Delhi)
NCLAT Delhi held that explanation is not applicable because the premium amount or lease rent is not part of Section 14(1)(d) of the Insolvency and Bankruptcy Code, 2016. Thus, appeal is allowed and order is set aside.
Facts- M/s Concord Infrastructure Pvt. Ltd. (Operational Creditor) filed an application u/s. 9 of the Insolvency and Bankruptcy Code, 2016 before the Adjudicating Authority against M/s Shubhkamna Buildtech Pvt. Ltd. (Corporate Debtor) which was admitted on 26.11.2018.
The resolution plan submitted by the Appellants was approved by the CoC in its 6th meeting held on 09.10.2019 by an affirmative vote share of 87.57 % on 17.10.2019.
After approval of the resolution plan by the CoC, the RP filed application u/s. 30(6) and 31 of the Code read with Regulation 39(4) of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 for approval of the resolution plan.
During the pendency of the application filed by the RP, New Okhla Industrial Development Authority/Respondent No. 2 (objector no. 3) and Greater Noida Industrial Development Authority/Respondent No. 3 (GNIDA) (objector no. 4) raised objections. The Adjudicating Authority (AA) while allowing the application filed by RP dealt with the objections.
