NCLAT dismissed appeals by GNIDA and NOIDA challenging their treatment as unsecured operational creditors in Shubhkamna Buildtech's resolution plan.
The authorities claimed secured creditor status based on lease deeds, but the tribunal found no general charge clause existed in their contracts.
The 2026 IBC Amendment, which excludes statutory charges from 'security interest', was held to be retrospectively applicable to these cases.
The approved resolution plan provided ₹25 crore to NOIDA and ₹18.5 crore to GNIDA against claims of ₹99.33 crore and ₹60.65 crore respectively.