NCLAT Delhi Rules Statutory Dues of GNIDA and NOIDA Lack Secured Creditor Status Under IBC Following 2026 Amendment
In a significant appellate ruling that clarifies the hierarchy of creditor claims under the Insolvency and Bankruptcy Code, 2016, the National Company Law Appellate Tribunal (NCLAT) in New Delhi has delivered a comprehensive judgment regarding the classification of statutory authorities. The consolidated order, dated 16/09/2026, addressed two connected appeals: Company Appeal (AT) (Ins) No. 184 of 2023 filed by the Greater Noida Industrial Development Authority (GNIDA) and Company Appeal (AT) (INS) No. 1107 of 2023 filed by the New Okhla Industrial Development Authority (NOIDA).
The primary respondent in these matters was Mr. Anand Sonbhadra, the Resolution Professional for the corporate debtor, Shubhkamna Buildtech Private Limited. The core legal dispute revolved around whether the appellant authorities could rightfully demand classification as "secured creditors" under the corporate insolvency resolution process (CIRP), relying on statutory charges and the terms of their respective lease deeds. The NCLAT ultimately dismissed both appeals, affirming the Adjudicating Authority's earlier decision to treat the authorities' claims as unsecured statutory or operational dues.
Factual Matrix and Background of the Corporate Debtor
The genesis of the dispute traces back to land allotments made by the statutory authorities for the development of integrated urban and industrial townships. GNIDA, functioning under the U.P. Industrial Area Development Act, 1976, had originally allotted Plot No. GH-02, Sector-01, spanning 81,800 square meters, to a consortium that included Shubhkamna Buildtech Private Limited on 18.08.2010. Through a series of subdivisions, the corporate debtor secured leasehold rights over specific parcels for constructing residential units. The total premium for the GNIDA plot was fixed at Rs. 37,38,26,200/-, payable in installments. Following payment defaults, GNIDA issued a Recovery Certificate on 20.11.2018 for an outstanding sum of Rs. 37,83,48,790/-.
Similarly, NOIDA had allotted Plot No. GH-05/B, Sector-137, measuring 22,565.77 square meters, to the corporate debtor via a registered lease deed dated 30.07.2010. When the CIRP commenced, NOIDA submitted a claim amounting to Rs. 99,32,55,183/-.
The Resolution Plan and Creditor Allocations
The CIRP culminated in a Revised Resolution Plan dated 12.10.2019, which received the approval of the Committee of Creditors (CoC) and was subsequently sanctioned by the National Company Law Tribunal (NCLT) on 12.09.2022. Under this approved framework, the claims of both GNIDA and NOIDA were categorized under "Statutory/Government Operational Dues."
The financial distribution outlined in the plan allocated Rs. 18.5 crore to GNIDA (against a claimed amount of approximately Rs. 60.64 crore, resulting in a 69.47% haircut) and Rs. 25 crore to NOIDA (against its claim of Rs. 99,32,55,183/-, translating to a 74.84% haircut). Notably, the resolution process was heavily driven by homebuyers, who constituted a massive class of financial creditors with admitted claims exceeding Rs. 537 Crores. The homebuyers themselves absorbed a substantial haircut of 75.70% under the plan, agreeing to waive significant interest components and contribute additional escalation costs to ensure project completion.