NOIDA SPECIAL ECONOMIC ZONE AUTHORITY Vs. MANISH AGARWAL

JUDGEMENT

(1.) In the present Appeals challenge is to the Judgment dtd. 14/2/2022 passed by the National Company Law Appellate Tribunal, Principal Bench, New Delhi (hereinafter referred to as "NCLAT") which were preferred by the Appellant, i.e., NOIDA Special Economic Zone Authority, being the Operational Creditor (hereinafter referred to as "Appellant") impugning the Order dtd. 5/10/2020 passed by the Adjudicating Authority of National Company Law Tribunal, New Delhi Bench (hereinafter referred to as "NCLT") approving the Resolution Plan as presented on the approval by the Committee of Creditors, and also the Order dtd. 27/11/2020 vide which an application preferred by the Appellant, challenging the approval of the Resolution Plan, stood rejected.

(2.) Briefly, the facts are that the Respondent No.02, i.e., Shree Bhoomika International Limited, being the Corporate Debtor (hereinafter referred to as "Corporate Debtor") was sub-leased the Plot bearing No. 59-I admeasuring 16,100 square meters at NOIDA Special Economic Zone (hereinafter referred to as "NSEZ") by the Appellant, in capacity of lessee of the said land from the NOIDA Authority, vide Lease Deed dtd. 26/10/1995, and it was valid for a period of 15 years, i.e., up to 31/5/2010. 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 dtd. 6/2/2018 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.

(3.) In the light of the defaults committed by the Corporate Debtor, Corporate Insolvency Resolution Process (hereinafter referred to as "CIRP") was initiated by the Appellant before the NCLT. While admitting the said application on 11/7/2019, an Interim Resolution Professional (hereinafter referred to as "IRP") was appointed. The Committee of Creditors, which comprised of the Sole Financial Creditor, being the Stressed Assets Stabilization Fund - IDBI Bank Limited (hereinafter referred to as "sole Financial Creditor") was constituted by the IRP after making a public announcement on 17/7/2019 as per the prescribed procedure.