J U D G M E N T

(18th September, 2024)

Ashok Bhushan, J.

These two Appeals have been filed against the same order dated

11.01.2024 passed by the Adjudicating Authority (National Company Law Tribunal), New Delhi Bench, Court II in IA No. 1592 of 2019 filed by the New Okhla Industrial Development Authority (hereinafter referred to as “NOIDA”)- Respondent No.1 herein. By the application, the Adjudicating Authority vide impugned order has allowed IA No. 1592 of 2019 and excluded the Plot No. SC-01/ D1, Sector 79 Noida from Resolution Plan submitted in the CIRP of the Corporate Debtor.

2. Brief facts of the case necessary to be noticed for deciding these Appeals are:-

2.1. NOIDA executed a Lease Deed dated 24.10.2011 in favour of Kindle Developers Pvt. Ltd., the Corporate Debtor herein allotting Plot No. SC-01/ D1, Sector 79 Noida. A Correction Deed dated 19.10.2012 was issued correcting the lease area. Allotment was made on premium of Rs.120.75 Cr. out of which 10% was paid and balance 90% was to be paid by lessee in the manner provided in the Lease Deed along with the interest @ 11% per annum. By Correction Deed, the area of plot SC-01/ D1 was to be read as 40,000 sq. mtr. The Corporate Deb