Greater Noida Industrial Development Authority Vs Anand Sonbhadra (NCLAT Delhi)
Summary :The NCLAT, Delhi dismissed appeals filed by Greater Noida Industrial Development Authority (GNIDA) and New Okhla Industrial Development Authority (NOIDA) challenging their treatment under the resolution plan of Shubhkamna Buildtech Private Limited. The appeals arose from the NCLT’s order dated 12.09.2022 approving the plan. By agreement recorded during the appellate proceedings, the surviving issue was confined to whether the authorities qualified as secured creditors and what consequential benefits followed. The revised resolution plan dated 12.10.2019 provided approximately Rs. 18.5 crore for GNIDA and Rs. 25 crore for NOIDA under statutory/government operational dues.
The authorities argued that their lease premium, rent and other dues were protected by statutory charges and proprietary rights over the leased land. They relied on State Tax Officer v. Rainbow Papers Ltd., Greater Noida Industrial Development Authority v. Prabhjit Singh Soni & Ors., and Assets Care & Reconstruction Enterprise Limited v. Mr. Viswanadha Sarma. The resolution professional and successful resolution applicants defended the approved distribution, referring to the statutory minimum for operational creditors, the Committee of Creditors’ commercial wisdom and a provision requiring homebuyers to contribute proportionately towards any additional court-directed liability. The homebuyers opposed changing the authorities’ classification; 95.6% of participating homebuyers rejected the proposal to treat them as secured operational creditors.
