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ARTICLE · 23 JUNE 2022

Restructuring & Insolvency Monthly Update | June 2022

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Vide lease deed dated July 30, 2010, New Okhla Industrial Development Authority (NOIDA/Appellant) leased a plot to Shubhkamna Buildtech Pvt Ltd (Corporate Debtor) for a period of 90 years.

IndiaInsolvency/Bankruptcy/Re-Structuring
Abhirup Dasgupta
Abhirup Dasgupta
Pratik Ghose
Pratik Ghose
Ishaan Duggal
Ishaan Duggal
Avishek Roy
Avishek Roy
Bhawana Sharma
Bhawana Sharma
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RECENT JUDGMENTS

New Okhla Industrial Development Authority v. Anand Sonbhadra

Supreme Court of India | Civil Appeal No. 2222 of 2021 with Civil Appeal No. 2367-2369 of 2021/2022 SCC OnLine SC 631 | Judgment dated May 17, 2022

Background facts

  • Vide lease deed dated July 30, 2010, New Okhla Industrial Development Authority (NOIDA/Appellant) leased a plot to Shubhkamna Buildtech Pvt Ltd (Corporate Debtor) for a period of 90 years.
  • Subsequently, the Corporate Insolvency Resolution Process (CIRP) of the Corporate Debtor was initiated and in terms of the provisions of the IBC, the claims of the creditors of the Corporate Debtor were invited. In view of the same, NOIDA also submitted its claim under Form-B as an Operational Creditor and attended meetings of Committee of Creditors (CoC).

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