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IN THE HIGH COURT OF ALLAHABAD
MAHESH CHANDRA TRIPATHI, PRASHANT KUMAR
Arena Superstructures Pvt Ltd – Appellant
Versus
State of U.P. – Respondent
| Table of Content |
|---|
| 1. background of the case and relevant facts. (Para 1 , 3 , 4 , 5 , 6 , 7 , 8 , 10 , 11 , 13 , 14 , 15 , 16 , 17 , 18) |
| 2. arguments presented by the petitioners. (Para 41 , 42 , 43 , 44 , 46 , 47 , 48 , 49 , 50 , 51 , 52 , 53 , 54 , 56 , 58) |
| 3. homebuyers' plight and arguments. (Para 60 , 61 , 62 , 63 , 64 , 66 , 67 , 68 , 69 , 70) |
| 4. arguments from noida authority. (Para 72 , 73 , 74 , 75 , 76 , 78 , 79 , 80 , 81) |
| 5. court's observations on facts and legal principles. (Para 124 , 125 , 126 , 128 , 129 , 130 , 132) |
| 6. legal conclusions drawn by the court. (Para 151 , 152 , 153 , 154 , 155 , 156 , 157 , 158) |
| 7. final conclusion and order. (Para 195 , 196) |
JUDGMENT :
TABLE OF CONTENTS
| S.N. | Heading | Page Nos. | Para Nos. |
| 1 | Factual Matrix of the Case | 03-08 | 03-19 |
| 2 | Insolvency Proceedings | 08-17 | 20-40 |
| 3 | Argument of the Petitioners (Writ-C No.6041 of 2024) | 18-22 | 41-59 |
| 4 | Argument of the Petitioners (Writ-C No.8447 of 2024) | 22-26 | 60-71 |
| 5 | Argument on behalf of Noida Authority | 27-36 | 72-101 |
| 6 | Insolvency Proceedings | 36-37 | 102-104 |
| 7 | Piercing of Corporate Veil | 37-40 | 105-116 |
| 8 | Non-Development of the Sports Facilities | 40-41 | 117-119 |
| 9 | Interest of Homebuyers | 41-41 | 120-120 |
| 10 | Notice for Payment of Instalments | 41-42 | 121-121 |
| 11 | Change in Share | ||
The court emphasized that insolvency proceedings should not be exploited to evade liabilities, confirming the necessity to protect homebuyers' interests and investigate corporate fraud.
The court emphasized that reverse CIRP cannot be used to evade liabilities, and the interests of homebuyers must be prioritized in insolvency proceedings.
The court emphasized the need to pierce the corporate veil to hold individuals accountable for fraud, asserting judicial authority to intervene in administrative decisions when public interest is com....
The court emphasized the need for accountability in public contracts, allowing judicial review to ensure fairness and public interest, while directing a CBI inquiry into irregularities in the Sports ....
A lead member of a consortium who opts out lacks locus standi to challenge the actions of the authority regarding project delays and cannot claim damages.
Resolution Plan – Inertia on part of GNIDA and its failure to protect interests of home/office space buyers, apart from its own interests, clearly disentitles it from levying penal interest/penal cha....
The court upheld the initiation of insolvency proceedings against two linked corporate debtors, affirming that the required threshold of financial creditors was satisfied at the time of the petition'....
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