TMI Blog2020 (10) TMI 385X X X X Extracts X X X X X X X X Extracts X X X X ..... onal debt . Accordingly, the CoC which has been reconstituted upon amending the aforesaid claim, consisting of home buyers as financial creditors along with other Financial Creditors, if any, would be vested with the voting rights to the exclusion of Greater Noida Authority. As the pending objections have been dismissed, arguments on the Resolution Plan be addressed on the next date. To come up on 11th March, 2020. - (IB)-995(ND)/2018 and CA No. 1511/2019 - - - Dated:- 28-2-2020 - Ina Malhotra, Member (J) and L.N. Gupta, Member (T) For the Appellant : A.S. Kindra, PCS, Anil Matta, U.N. Singh For the Respondent : Mrinal Harshvardhan, Advocates ORDER Ina Malhotra, Member (J) 1. An Objection has been raised by the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... RP to reconsider his decision and to rectify their claim as a financial one, vesting them voting rights in proportion to their share. 4. The said proposition has been duly considered by a coordinate Bench of this Tribunal in IB-1059/2019, in the matter of M/s. Concord infrastructure Pvt Ltd. Vs. M/s. Shubhkamna Buildtech Pvt. Ltd. and the in the matter of Greater Noida Industrial Development Authority Vs. Mr. Anand Sonbhyadra, Resolution Professional. After going through various citations and the general terms of allotment under the Lease Deed, the Hon'ble Bench has adjudicated that the land given on lease to the Corporate Debtor for developing a Real Estate Project could not be considered as a Financial lease, leading to the conclu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s or commerce, wholly or partly, would amount to a supply of service. In the present circumstances, grant of a long-term lease is nothing but providing services. Section 5(21) of the Insolvency Bankruptcy Code defines is debt as a claim. Licence fees/ Lease Rent would fall within the purview of providing services and the consideration i.e. receivable, becomes an operational debt. 6. It would also be relevant to place reliance on that decision of the Hon'ble Apex Court and Writ Petition (Civil) No. 940/2017 in the matter of Bikram Chatterji Ors. Vs. Union of India Ors. The facts of the present case are similar. The rights of the Noida Authority were considered subservient to the rights of the home buyers. Matter also came up for ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
