Insolvency and Bankruptcy Code, 2016 (IBC) – Sections 30, 31, 61, 238; Special Economic Zone Act, 2005 – Section 34(2)(d) – This case involves an appeal against the National Company Law Appellate Tribunal’s (NCLAT) judgment, which upheld the approval of a Resolution Plan for Shree Bhoomika International Limited (Corporate Debtor). NOIDA Special Economic Zone Authority (Appellant), an operational creditor, challenged the plan, arguing that it unfairly allocated only INR 50 Lakhs against its admitted claim of INR 6.29 Crores.
The Appellant contended that it was not informed about auction proceedings, that Clause 10.9 of the Resolution Plan contradicted Special Economic Zone (SEZ) rules, and that the valuation of the Corporate Debtor was flawed due to lack of physical inspection. The Appellant also emphasized on the non-payment of statutory dues, transfer fees etc.