'IBC Prevails Over SEZ Act', Supreme Court Rejects Noida SEZ's Claim

The Supreme Court dismissed the Noida Special Economic Zone's (NSEZ) plea challenging the NCLAT's decision to approve a resolution plan that granted Rs. 50 Lacs against NSEZ's admitted claim of about Rs. 6 Crore.The NCLAT reduced the claim amount, partly due to penalties related to the renewal of the sub-lease and transfer charges.The bench comprising Justices Abhay S. Oka and Augustine...