Greater Noida Industrial Development Authority Vs Pawan Kumar Goyal (NCLAT Delhi)
The appeal was filed by the Greater Noida Industrial Development Authority (GNIDA) against an order of the National Company Law Tribunal (NCLT) dated 03.10.2024, which had dismissed GNIDA’s application seeking recall of an earlier order dated 02.04.2024 passed in the Corporate Insolvency Resolution Process (CIRP) of M/s Swati Health and Education Services Private Limited.
GNIDA had allotted land to the corporate debtor under a lease deed dated 26.06.2013. Following defaults in payment of instalments and other dues, GNIDA raised demands against the corporate debtor. Subsequently, CIRP commenced against the corporate debtor on 04.03.2022 pursuant to a Section 7 application filed by a financial creditor.
GNIDA submitted its claim before the Resolution Professional (RP). While GNIDA claimed a higher amount, the RP admitted only ₹18.25 crore. GNIDA asserted that it was a secured operational creditor by virtue of statutory provisions and claimed that its dues should have been treated on par with secured creditors. It relied on the Supreme Court’s judgment in Greater Noida Industrial Development Authority v. Prabhjit Singh Soni & Anr. to contend that its status as a secured operational creditor stood recognized.
The record showed that the resolution plan had been approved by the Committee of Creditors and thereafter by the NCLT on 24.08.2023. GNIDA challenged the approval order, but its appeal was dismissed on limitation. Various subsequent applications and appeals were also filed by GNIDA challenging implementation of the resolution plan and seeking reconsideration of its claim. These challenges were rejected by the NCLT, NCLAT, and eventually by the Supreme Court.
