Case Details

Case Name: Company Appeal (AT) (Insolvency) No. 322 of 2025

Parties: Greater Noida Industrial Development Authority (Appellant) vs Mr. Pawan Kumar Goyal (Resolution Professional) & Consortium of Mr. Sandeep Gupta, Ms. Shalini Gupta & Mr. Anoop Kumar Mittal (Respondents)

Court/Authority: National Company Law Appellate Tribunal, Principal Bench, New Delhi

Date of Order: May 29, 2026

Underlying Case: Arising from Order dated 03.10.2024 in I.A. No. 3918/2024 in C.P (IB) No. 1035/2020

Period of Dispute: Relates to CIRP initiated on 04.03.2022 and resolution plan approved on 24.08.2023

Parties Involved

Petitioner/Appellant: Greater Noida Industrial Development Authority (GNIDA)

Respondents:

  • Mr. Pawan Kumar Goyal (Resolution Professional for Swati Health and Education Services Private Limited)
  • Consortium of Mr. Sandeep Gupta, Ms. Shalini Gupta & Mr. Anoop Kumar Mittal (Successful Resolution Applicant)

Financial Creditor: Eclear Leasing and Finance Private Limited (initiated Section 7 petition)

Corporate Debtor: Swati Health and Education Services Private Limited

Legal Representatives: Mr. U.N. Singh and Ms. Sandhya Chaturvedi for Appellant; Mr. Iswar Mohapatra for R-1; Mr. Arpit Singh Arora and Mr. Rishi Singhal for R-2; Mr. Arihant Sagar Jain for Financial Creditor

Issues / Allegations / Violations

  • GNIDA claimed status as secured creditor under Section 3(30) and 3(31) of IBC 2016 and Section 13A of Uttar Pradesh Industrial Area Development Act, 1976
  • GNIDA allotted 20,000 sq. meters of land on lease basis to Corporate Debtor on 26.06.2013 for project development
  • Corporate Debtor defaulted on installment payments for premium, additional compensation, lease rent, and penalties
  • GNIDA submitted claim of Rs. 21,41,95,542/- in CIRP but Resolution Professional admitted only Rs. 18,24,96,973/-
  • Resolution plan treated GNIDA as operational creditor and allotted Rs. 6.79 crore instead of secured creditor status
  • GNIDA alleged violation of Supreme Court precedent in Greater Noida Industrial Development Authority Vs Prabhjit Singh Soni & Anr. (Civil Appeal Nos. 7590-7591 of 2023)

Findings & Observations

  • The Appellate Tribunal found that the resolution plan approval dated 24.08.2023 had attained finality
  • Previous challenges by GNIDA were dismissed: CA (AT) (Ins.) No.284/2024 dismissed on limitation grounds (21.02.2024); CA (AT) (Ins.) No.320/2025 dismissed on merits (10/03/2025); Civil Appeal No.7473/2024 dismissed by Supreme Court
  • The Tribunal noted that the Supreme Court judgment in Greater Noida Authority v. Prabhjit Singh Soni was delivered on 12.02.2024, after the resolution plan approval on 24.08.2023
  • The Tribunal observed that GNIDA was not cooperating in implementation and was "derailing the successful implementation of the approved resolution plan"
  • The SRA had deposited Rs. 6.79 crore in escrow account, incurred CIRP costs of ~Rs. 1 crore, and furnished bank guarantee of Rs. 2.55 crores

Penalties / Settlements / Directions

  • GNIDA imposed with cost of Rs. 1 lakh to be deposited in PM Care fund
  • GNIDA directed to accept resolution plan amount of Rs. 6.79 crore from escrow account
  • GNIDA directed to issue requisite No Objection Certificate and assist in implementation
  • SRA directed to make payments to financial creditor and monitoring committee within stipulated timelines
  • All pending IAs disposed of, including IA No. 2364 of 2026 filed by SRA

Corrective Actions & Future Obligations

  • GNIDA must comply with directions to ensure resolution plan implementation
  • SRA must make outstanding payments: to financial creditor within agreed timeline and monitoring committee dues of Rs. 47,16,010
  • Monitoring committee to facilitate transfer of corporate debtor to SRA
  • GNIDA must withdraw amount from escrow account with accrued interest upon furnishing challan

Final Ruling & Enforcement

  • Appeal CA (AT) (Ins.) No. 322 of 2025 dismissed
  • IA No. 2364 of 2026 filed by SRA dismissed
  • Resolution plan dated 15.11.2022 (approved 24.08.2023) upheld and declared final
  • All directions to be implemented immediately as per approved resolution plan timelines