Noida Special Economic Zone Authority VS Manish Agarwal
Insolvency and Bankruptcy Code (31 of 2016) , S.31(1), S.60(5)— C I R P – Approval of Resolution Plan – Challenge by operational creditor – Due process was followed by taking into consideration , average of the two closest estimates given by the valuers , as fair value and liquidation value respectively, which were found to be just and reasonable – In respect of statutory dues and claims relatable to the areas of lease, NCLAT had rightly concluded that all the dues, including statutory dues owned by the Central Government, State Government and local authority, which were not the part of the Resolution Plan stood extinguished and no proceedings in respect of same for the period prior to the date on which the Adjudicating Authority had approved the Resolution Plan could be pressed into service or continued – Financial decisions taken by Committee of Creditors, especially with regard to viability or otherwise, while evaluating the plan would prevail – Provisions of IBC would have an overriding effect over provisions contained in the SEZ Act 2005 – Challenge to approval of resolution plan was not sustainable
AIR 2019 SC (Supp) 1598-Relied on(Paras14161718)
