Facts & Background:

• Special Economic Zone Authority, the Operational Creditor was the Appellant.
• The Respondents in the case were:

1. The Resolution Professional was the Respondent No. 1.
2. Shree Bhoomika International Limited, the Corporate Debtor was the Respondent No.2
3. M/s Commodities Trading, the Resolution Applicant was the Respondent No. 03

• The Appellant sub-leased Plot No. 59-I at NSEZ to Respondent No. 2 under a Lease Deed dated 26.10.1995. The Corporate Debtor defaulted on lease payments from 1999 and ceased operations by 2003-2004, contravening SEZ regulations.
• On 06.02.2018, the Stressed Assets Stabilization Fund issued a Public Notice announcing an e-auction of the Corporate Debtor’s assets, setting a reserved price of INR 9.18 Crores.
• The Appellant initiated CIRP before National Company Law Tribunal, New Delhi, which admitted the application on 11.07.2019 and appointed an Interim Resolution Professional. The IRP constituted a Committee of Creditors which admitted the Appellant’s INR 6.29 Crore claim and assessed liquidation value at INR 4.25 Crores.
• Respondent No. 3 submitted a Resolution Plan, which the Committee of Creditors approved on 06.01.2020. The NCLT, invoking Sections 31(1) and 60(5) of the IBC, sanctioned the plan on 05.10.2020 and allocated INR 50 Lakhs against the Appellant’s admitted claim of INR 6.29 Crores.
• The Appellant, seeking full payment of INR 6.29 Crores, raised objections before the Resolution Professional. The NCLT dismissed the objections on the ground of absence of jurisdiction and directed the Appellant to pursue recourse before the Appellate Tribunal.
• Aggrieved by the NCLT order, the Appellant preferred appeals under Section 61 of the IBC 2016 before the NCLAT challenged both orders, which the NCLAT dismissed vide judgment dated 14.02.2022.
• Hence, the present appeal.
  
  

Main Issue:

• Whether the National Company Law Appellate Tribunal was justified in affirming the National Company Law Tribunal’s order approving the Resolution Plan? (Paragraph 1)