JUDGEMENT

ASHOK BHUSHAN, J. This Appeal under Section 61 of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as the “IB Code”) has been filed against the order dated 14.10.2021 passed by National Company Law Tribunal, New Delhi (Bench-VI) in I.A. No.1612/(ND)/2021 in (IB)-260/(ND)/2017. By the impugned order the Adjudicating Authority has allowed the Application filed by the Liquidator by issuing direction to the Respondent (New Okhla Industrial Development Authority) to transfer the plot in question in the name of auction purchaser and in event the Respondent Authority intends to recover any of its prior dues, it may prefer its claim in appropriate Form before the Liquidator. The Adjudicating Authority further directed that auction purchaser shall be liable to pay the ground rent and interest thereon and other charges, if any, to the Respondent arising after the date of auction of the purchase of the said institutional property.

2. The facts and sequence of events giving rise to this Appeal are:

(i) The Appellant had allotted the Plot No.02/2 admeasuring 4615.13 sq. mtrs located at Sector 154, Gautam Buddh Nagar, Noida in favour of Corporate Debtor M/S Mega Soft Infrastructure Pvt. Ltd. (ii) The Adjudicating Authority in Company Petition filed by Neelam Singh against the Corporate Debtor initiated the Corporate Insolvency Resolution Process (“CIRP”) by an order dated 23.08.2017. The Adjudicating Authority vide order dated 28.02.2018 ordered the liquidation of the Corporate Debtor and appointed the Respondent as Liquidator.

(iii) Liquidator issued an E-Auction Sale Notice of the Plot. The Appellant had sent letter to the Liquidator that its total pending dues are Rs.20,50,000/- and also informed about the pendency of the Original Suit No.184/2018 titled M/s. Mahavir Hanuman Developers Private Limited vs. M/s. Mega Soft Infrastructure Pvt. Ltd. Before the Court of Ld. Civil Judge (Senior Division) Gauttam Budh Nagar.

(iv) Liquidator vide its letter dated 13.02.2021 informed the Appellant that Plot No.02/2 at Sector 154, Gautam Buddh Nagar, which was leased to the Corporate Debtor vide lease deed dated 22.07.2015 has been put to E-Auction on 04.01.2021 in which M/s. Groovy Structures LLP was ranked H1. The Appellant on 05.03.2021 again wrote to the Liquidator that amount due against the Plot No.02/2 is Rs.40,50,108/-. (v) The Liquidator filed an Application being I.A. No.1612 of 2021 before the Adjudicating Authority praying for following relief:

“a.

Direct the Respondent to transfer the Plot No.02/2 at Sector 154, Gautam Buddha Nagar, Uttar Pradesh-201310 (“Noida Property”) in favour of Groovy Structures LLP, the Highest Bidder;

b.

Issue directions to the Respondent to file Claim Form for payment of pending dues towards lease rent and interest as per provisions of the Insolvency and Bankruptcy Code, 2016;

c.

Pass such other order/s as this Hon’ble Tribunal may deem fit and proper in the facts and circumstances of the instant case.” (vi) The Application was objected by the Appellant. In the reply, the Appellant stated that there is policy for transfer of the institutional property, which also contemplate payment of transfer charges to the extent of 10% of the current allotment premium of the Plot and there are several other conditions of transfer. In the reply, however, it was stated that Respondent (Appellant before us) has no objection in transferring Plot No.02/2, Sector 154 Noida, in case the Applicant makes an Application in compliance with the terms and conditions of the Policy of the Respondent after adopting the procedure to be followed as per the Policy.

(vii) The Adjudicating Authority heard the parties on the Application and disposed of the Application by issuing following direction in paragraph 8:

“a.

Respondent shall transfer the said plot in the name of the auction purchaser in terms of provisions of IB Code, 2016 and the IBBI (LP) Regulations.

b.

Respondent authority if