ALPHA CORP DEVELOPMENT PRIVATE LIMITED Vs. GREATER NOIDA INDUSTRIAL DEVELOPMENT AUTHORITY

JUDGEMENT

(1.) By judgment dtd. 30/1/2023, the National Company Law Appellate Tribunal, Principal Bench, New Delhi [For short, 'the NCLAT'], disposed of three company appeals filed by Greater Noida Industrial Development Authority (GNIDA), viz., Company Appeal (AT) (Ins) Nos. 180, 629 and 630 of 2022, and set aside the orders dtd. 5/4/2021, 8/6/2021 and 7/12/2021 passed by the National Company Law Tribunal, Bench III, New Delhi [For short, 'the NCLT'].

(2.) By the order dtd. 5/4/2021 passed in C.A. No. 751 of 2019 in CP(IB)-401(ND)/2017, the NCLT had approved the resolution plan submitted by Roma Unicon Designex Consortium (Roma). This order was challenged by GNIDA in Company Appeal (AT) (Ins) No. 630 of 2022. By its order dtd. 8/6/2021 in IA No. 05 of 2020 in CP(IB)-401(ND)/2017, the NCLT had approved the resolution plan submitted by Alpha Corp Development Private Limited (Alpha). This order was assailed by GNIDA in Company Appeal (AT) (Ins) No. 629 of 2022. By the order dtd. 7/12/2021 in IA No. 4235 of 2021 filed by Roma in CP(IB)-401(ND)/2017, the NCLT directed GNIDA to give effect to the resolution plan approved by it by the order dtd. 5/4/2021. This order was challenged before the NCLAT by GNIDA in Company Appeal (AT) (Ins) No. 180 of 2022.

(3.) Aggrieved by the NCLAT's judgment dtd. 30/1/2023, the present appeals were filed under Sec. 62 of the Insolvency and Bankruptcy Code, 2016 [For short, 'the Code']. We may now note the details of these appeals. Civil Appeal Nos. 1526 and 1743 of 2023 were filed by Alpha and one Sanjay Bhalla respectively in so far as the judgment pertained to Company Appeal (AT) (Ins) No. 629 of 2022. Roma and Earth Towne Flat Buyers Welfare Association filed Civil Appeal Nos. 2491 and 2466 of 2023 respectively against the judgment in the context of Company Appeal (AT) (Ins) No. 630 of 2022. Civil Appeal Nos. 2406-2407 of 2023 were filed by Earth Infrastructures Limited, the corporate debtor (CD), against the judgment in the context of Company Appeal (AT) (Ins) Nos. 629 and 630 of 2022. Civil Appeal No. 3438 of 2023 was filed by Earth Copia Owners Society in relation to Company Appeal No. (AT) (Ins) No. 629 of 2022. Civil Appeal Nos. 3435-3437 of 2023 were filed by Earth United Consumer Association assailing the judgment apropos all three appeals. Civil Appeal No. 2756 of 2023 was filed by GNIDA aggrieved by denial of certain reliefs by the NCLAT in Company Appeal (AT) (Ins) No. 629 of 2022. Civil Appeal No. 2763 was also filed by GNIDA on similar grounds in relation to Company Appeal (AT) (Ins) No. 630 of 2022. Civil Appeal No. 4619 of 2023 was filed by Unific TechOne Patrons Independent Association (UTOPIA) against the judgment insofar as it pertained to Company Appeal (AT) (Ins) No. 629 of 2022. Lastly, Earth Property Buyers Association filed Civil Appeal (Diary) No. 19132 of 2023 in relation to all three appeals.