Noida Special Economic Zone Authority Vs Manish Agarwal & Ors. (Supreme Court of India)
Supreme Court held that the financial decisions as have been taken by Committee of Creditors, especially with regard to viability or otherwise, while evaluating the resolution plan would prevail.
Facts- The Respondent No.02, i.e., Shree Bhoomika International Limited, being the Corporate Debtor was sub-leased the Plot bearing No. 59-I admeasuring 16,100 square meters at NOIDA Special Economic Zone by the Appellant, in capacity of lessee of the said land from the NOIDA Authority, vide Lease Deed dated 26.10.1995, and it was valid for a period of 15 years, i.e., up to 31.05.2010.
It is the case of the Appellant that the Corporate Debtor had begun defaulting on lease payments in 1999, and moreover, there was no performance or activity on the said land since the year 2003-2004 leading to financial losses to the Government Exchequer, and same also being violative of the Special Economic Zone Rules and guidelines framed therein. Appellant has also made a reference to a Public Notice dated 06.02.2018 by the Stressed Assets Stabilization Fund for sale of immovable and movable assets of the Corporate Debtor through an e-auction, fixing the total reserved price at INR 09.18 Crores.
