LATEST UPDATE ON CASE

As per the latest update it is to inform you all that:

A resolution plan of Alpha Corp Development Pvt Ltd was passed by CoC in 2019 for the Project.

This plan was approved by NCLT in 2021.

As there were dues of Greater Noida Authority so Greater Noida Authority had challenged this plan in NCLAT in 2022.

This plan was having some provisions against Insolvency code so it was rejected by NCLAT on 30 January 2023 and ordered for inviting fresh resolution plans from builders for the project.

Now the plan rejection order has been challenged by Alpha Corp in the Supreme Court on 1st March 2023 which was listed on 17th March 2023.

17/03/2023: Supreme Court has not granted any stay on current process for invitation of new resolution plans. Next date given is 14 April, 2023.

14/04/2023: Supreme Court ordered to complete the pleadings in the case and list the matter on 9th May, 2023 with status quo.

09/05/2023: The Case was listed today but due to hearing in Constitutional Bench, the matter was adjourned to 11th July, 2023

11/07/2023: The case was called but GNIDA lawyers requested for adjournment due to change in CEO of GNIDA. Next date given is 12/09/2023.

17/07/2023:

Our Supreme Court Appeal was listed separately. Our legal team represented the Techone Project Association-UTOPIA & Sapphire Project Association-SPICA. Find the detailed update of hearing in points below:

1.       Hon’ble Supreme Court heard the arguments and scolded the GNIDA for not taking serious actions against the developer in time.

2.       Hon’ble Court also clearly noted that for all these years GNIDA was sleeping and not taking any actions against the developer so they are not eligible for any Interest or penalty on the dues.

3.       It was also noted that GNIDA is not eligible to charge any dues after the appointment of IRP on the developer.

4.       Hon’ble Court especially mentioned that protecting the interests of they buyers is the ultimate responsibility of GNIDA/UP Government and they have done nothing till now in this direction.

5.       Hon’ble Court also directed GNIDA to file an affidavit stating the reasons that why this project is not being taken over and developed by GNIDA themselves.

6.       After hearing all the arguments, Hon’ble Supreme Court allowed the appeal filed by our Association and condoned the delay of over a month.

7.    Kindly note that after a detailed research, We did not find a single case where Hon'ble Supreme Court had condoned a delay in filing an appeal under Insolvency and Bankruptcy Code. So it may be the first time where a delayed appeal is allowed by the Hon’ble Supreme Court under Insolvency and Bankruptcy Code. It shows that due to seriousness of the issues raised by our Associations in this matter, Hon'ble Supreme Court condoned the delay and allowed our appeal to be heard in detail in upcoming hearings.

8.       Hon’ble Court directed to list our appeal with all other appeals on 12/09/2023.

9. Case was not heard on 12/09/2023, Next date given in Supreme court is 31/10/2023.

10. The Tentative date of 31/10/2023 was changed to 07/11/2023 and again changed to 05/12/2023.

11. The case was listed for 05/12/2023 but not heard and new date given is 09/01/2024.

No hearing took place on 09/01/2024, Next date given 23/01/2024

No hearing took place on 23/01/2024, Next date given 13/02/2024

No hearing took place on 13/02/2024, Next date given 19/02/2024

No hearing took place on 19/02/2024, Next date given 08/05/2024