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2022 (11) TMI 1125 - AT - Insolvency and BankruptcyMaintainability of application preferred by the Appellant/Greater Noida Industrial Development Authority - application dismissed on the ground that Noida has not taken any action for seven long months when it is their case that the RP had not taken any decision over the ‘Claim Application’ filed by them and that the CoC had already approved the Plan and only subsequent to the approval, G. Noida has approached the Adjudicating Authority belatedly on 06.10.2020, whereas the CIRP had been initiated way back on 30.01.2020. HELD THAT:- There was an email which was sent by the Resolution Professional on 06.02.2020 informing the Appellant that they had been treated as an ‘Operational Creditor’ and to send their claim in Form-‘B’ and calculate their interest after the date of Admission of the CRP. There are no reasons given regarding the delay by G. Noida in filing the ‘Claim Application’ as a ‘Financial Creditor’. On perusal of New Okhla Industrial Development Authority’ Vs. ‘Anand Sonbhadra’ and ‘New Okhla Industrial Development Authority’ Vs. ‘Manish Gupta & Anr.’ [2022 (5) TMI 875 - SUPREME COURT], it is clear that the amount due to Noida be treated as an ‘Operational Debt’ and therefore the Noida is an ‘Operational Creditor’ and not a ‘Financial Creditor’. This issue has since attained finality. Noida did not exercise its right in filing its ‘Claim’ on time and has belatedly challenged the rejection after the approval of the Resolution Plan. On a query from the Bench, as to whether any provision was made in the Resolution Plan for the dues of Noida, the Counsel for the SRA submitted that the outstanding amount is reflected in the Books of Accounts of the ‘Corporate Debtor’ and shown in the Information Memorandum and were dealt with as per the provisions of the Code. It is also significant to mention that the cancellation Notice sent by Noida is dated 07.06.2019 which is subsequent to the commencement of the CIRP date 31.05.2019. In the instant case, there are no material irregularity in the approval of the provisions of the Resolution Plan and hence find no legal or substantial grounds to interfere with the decision of the CoC. Appeal dismissed.
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