SC Directs Sending Back A Resolution Plan To The CoC For Resubmission After Satisfying Parameters Set Out Under IBC

The Supreme Court on February 12, 2024 in 'Greater Noida Industrial Development Authority v. Prabhjit Singh Soni' reported in 2024 SCC Online SC 122 sent back a resolution plan to the committee of creditors ("COC") for resubmission because parameters set out under the Insolvency and Bankruptcy Code, 2016 ("IBC") were not met.

Brief Facts:

The appellant is a statutory authority which acquired land for setting up an urban and industrial township. One of the plots which were acquired by the appellant was allotted by way of lease for 90 years to a company named M/s JNC Constructions ("Corporate Debtor"). The Corporate Debtor defaulted in payment of instalments and was served with a demand notice. This was followed by a company petition being filed against the Corporate Debtor for corporate insolvency resolution process ("CIRP"), which was admitted on May 30, 2019. Consequent thereto, the appellant submitted its claim to the RP, as a financial creditor ("FC") of