PALIKA TOWNS LLP Vs. STATE OF U.P.

JUDGEMENT

(1.) Heard Sri Navin Sinha, learned Senior Counsel assisted by Sri Manu Khare, learned counsel for the petitioner, Sri Ramendra Pratap Singh, learned counsel for the respondent no. 2 (Greater Noida Industrial Development Authority) and Smt. Subhash Rathi, learned Standing Counsel who appears for the State.

(2.) Factual matrix of the case as worded in the present petition are that the petitioner claims itself to be a Partnership firm registered u/s 12 (I) of Limited Liability Partnership Act 2008 with Government of India Ministry of Corporate Affairs having its registered office at D.S.C.- 319 DLF South Court Saket New Delhi 110017. As per the pleadings set forth in the petition one Moser Baer India Private Ltd. (hereinafter referred as Corporate Debtor) was allotted a commercial plot no. 66 admeasuring 2,70,201 square meters at Udyog Vihar Greater NOIDA, District Gautam Budh Nagar by the respondent no. 2 Greater NOIDA Industrial Development Authority (hereinafter referred as GNIDA) for a period 90 years. Record further reveals that initially the lease deed was executed on 26.06.2001 between GNIDA on one part and Corporate Debtor on the other part setting out the terms and the conditions (covenants) of the leased land in question. It is further pleaded in the petition that an application purported to be u/s 7 of the Insolvency and Bankruptcy Code 2016 (hereinafter referred to as IBC Code) was instituted by a Financial Creditor being M/s Alchemist Assets Reconstruction Company Limited bearing no. I.B.378 (P.B.) 2017 for initiating Insolvency Resolution Process against Carporate Debtor. The said application was admitted on 14.11.2017 by National Company Law Tribunal (NCLT) and one Mr. Debendra Singh was appointed as Interim Resolution Professional (hereinafter referred to as IRP).

(3.) Eventually, NCLT by virtue of its order dated 20.09.2018 allowed the application preferred by IRP u/s 33(2) IBC Code while orderding Liquidation of Coroprate Debtor. In furthrance thereof the Liquidator made a public announcement on 24.09.2018 under Regulation 12 of the Insolvency and Bankruptcy (Lilquidation Process) Regulation 2016 (hereinafter referred as to 2016 Regulation) inviting claims owed and due to Corporate Debtor giving details and description of the assets of Corporate Debtor such as location of the land and buildings so constructed thereon along with the plant and machinery embodied thereon. An advertisement/sale notice of the assets of the Corporate Debtor was published on 08.03.2019 by the Liquidator wherein not only details and description of the assets including the land and the buildings was mentioned which was put to auction but reserve price of auction being bieng 145.67 crores and the earnest money to be deposited being 14.57 crores was also reflected. The petitioner as per its own showing, participated in the auction so conducted and the bid of the petitioner was found to be commensurate to the expectation of the Liquidator. Consequently, the NCLT accepted the offer of the petitioner on 16.07.2019 and the petitioner thereafter received the acceptance letter dated 16.07.2019 of the Liquidator. According to the petitioner, full and final payment of Rs. 145.75 crores was made by it and on 11.09.2019 and a Certificate of Sale under Regulation 33 of 2016 Regulation was issued in favour of the petitioner. Consequent to the issuence of the sale certificate on 11.09.2019 the petitioner approached GNIDA on 30.01.2020 followed on 11.09.2020 for issuance of Transfer Memorandum. It has come on record that on 11.09.2020 GNIDA corresponded with the Liquidator claming arrears of past lease rentals of Rs. 4,71,40,620/- as principal dues and interest towards lease rentals of Rs. 6,26,86,769/-. Record further reveals that the liquidator replied to the said letter on 08.10.2020 coming with the stand that as the demised land had already been subject matter of public auction as per the IBC Code- 2016, objections were invited to file claims for getting registered by the creditors and as GNIDA did not get registered its claim so, the auction proceedings were concluded and the same was also confirmed by NCLT hence the request so acceded by the GNIDA cannot be accepted. It has been further averred in para 14 of the writ petition that the petitioner wanted to start with its project and thus under extreme pressure of the GNIDA, the petitioner deposited the arrears of lease rent and interest thereon beng Rs. 5,80,28,025/- for issuance of Transfer Memorandum on 27.10.2020 under protest. In support of the said contention petitioner has appended as annexure- 10 a letter sent by it addressed to GNIDA which is being termed as protest letter along with details of the deposits so sought to be made by it.