Greater Noida Industrial Development ... vs Prabhjit Singh Soni
Case Significance
Greater Noida Industrial Development ... vs Prabhjit Singh Soni is a Supreme Court of India decision dated February 12, 2024 (citation: insc-2024-102). The Supreme Court allowed the appeal by Greater Noida Industrial Development Authority (GNIDA) challenging the approval of a resolution plan under the Insolvency and Bankruptcy Code. The Court found that GNIDA, a secured creditor by operation of law, was not served notice of COC meetings, the entire CIRP proceedings were ex parte to it, and the resolution plan did not meet the parameters under Section 30(2) of the IBC. The resolution plan was set aside and sent back to the COC for re-submissi The bench comprised Justices Dhananjaya Y Chandrachud, J.B. Pardiwala and Manoj Misra. The judgment was delivered by Justice Manoj Misra.
Summary
The Supreme Court allowed the appeal by Greater Noida Industrial Development Authority (GNIDA) challenging the approval of a resolution plan under the Insolvency and Bankruptcy Code. The Court found that GNIDA, a secured creditor by operation of law, was not served notice of COC meetings, the entire CIRP proceedings were ex parte to it, and the resolution plan did not meet the parameters under Section 30(2) of the IBC. The resolution plan was set aside and sent back to the COC for re-submission.
What was the outcome of Greater Noida Industrial Development ... vs Prabhjit Singh Soni?
The Supreme Court allowed the appeal by Greater Noida Industrial Development Authority (GNIDA) challenging the approval of a resolution plan under the Insolvency and Bankruptcy Code. The Court found t...
Judgment
Read the full judgment on the official India Courts portal.
Read on Indian KanoonSource: Indian Kanoon (insc-2024-102)