GREATER NOIDA INDUSTRIAL DEVELOPMENT AUTHORITY Vs. PRABHJIT SINGH SONI

JUDGEMENT

(1.) These appeals under Sec. 62 of the Insolvency and Bankruptcy Code, 2016 (IBC) are directed against the judgment and order (Order dtd. 24/11/2022) of the National Company Law Appellate Tribunal, Principal Bench, New Delhi (NCLAT) passed in Company Appeal (AT) (Ins.) No. 867 of 2021 and I.A. No. 2315 of 2021, whereby the appellant's appeal against the order of the National Company Law Tribunal, New Delhi (NCLT) dtd. 5/4/2021 has been dismissed.

(2.) By the order dtd. 5/4/2021, NCLT had dismissed two applications filed by the appellant under Sec. 60(5) of the IBC, namely:

(3.) The appellant being a statutory authority constituted under Sec. 3 of the U.P. Industrial Area Development Act, 1976 (1976 Act) acquired land for setting up an urban and industrial township. On 28/10/2010, one of the plots of land acquired by it, namely, Plot No. 01-C, Sector 16C, Greater Noida, District Gautam Budh Nagar, U.P., was allotted, by way of lease for 90 years, to M/s. JNC Construction (P) Ltd (the Corporate Debtor (CD)) for a residential project, by charging premium, payable in instalments starting from 29/10/2012 up to 29/4/2020, after initial moratorium of 24 months, albeit subject to payment of interest as well as penal interest, while reserving right to cancel the lease and resume the demised land, subject to certain conditions. The CD committed default in payment of instalments and was served with demand cum pre-cancellation notice.