The Supreme Court heard Unnati Fortune Industries’ appeal against an NCLAT ruling that had dismissed its application on technical grounds, and adjourned the matter after finding that senior counsel appearing for Greater Noida Industrial Development Authority (GNIDA) was not fully cognizant of the Insolvency and Bankruptcy Code (IBC) framework.

The case stemmed from demands raised by GNIDA after Unnati Fortune’s resolution plan had been approved in July 2020. GNIDA had not filed any claim during the CIRP. Two years after the completion of CIRP, in July 2022, it issued fresh demands for lease rent and related charges, prompting the company to seek directions from the NCLT.

In March 2023, the NCLT directed GNIDA to decide Unnati’s representation within 60 days. GNIDA did not act within the prescribed timeline. When the company returned to the NCLT in September 2023, the Tribunal issued notice to GNIDA. Instead of filing its reply, GNIDA passed a fresh “Second Demand Order” on January 19, 2024. GNIDA then filed its reply on May 4, 2024, relying on this new demand order to contend that the company’s pending application had become infructuous. Subsequently, the NCLT dismissed the application solely on the ground that the January 2024 order had not been challenged.

The NCLAT upheld the NCLT’s order, prompting the appellant to approach the Supreme Court under Section 62 of the IBC seeking a stay of the impugned order. The Appellant submitted that the appeal was ‘erroneously dismissed by NCLAT on hyper-technical grounds.’

The Bench of Justice Sanjay Kumar and Justice Alok Aradhe, however, adjourned the hearing after noting that senior counsel appearing for the GNIDA was ‘not fully cognizant with the legal regime obtaining under the Insolvency and Bankruptcy Code, 2016.’

The Court accordingly adjourned the matter to enable the senior counsel appearing for GNIDA to look up the law and then advance arguments. The matter is now listed for further hearing on February 17, 2026.

Appearances

Appellant- Mr. Nikhil Goel, Sr. Adv. Ms. Anuja Pethia, AOR Mr. Noor Shergill, Adv. Mr. Rishabh Govila, Adv. Mr. Rishabh Nigam, Adv. Ms. Kshirja Agarwal, Adv. Ms. Riddhi Jain, Adv.

Respondents- Mr. Ravindra Kumar, Sr. Adv. Mr. Binay Kumar Das, AOR Ms. Priyanka Das, Adv. Ms. Neha Das, Adv. Mr. Shivam Saksena, Adv. Mr. Rishabh Nangia, Adv. Mr. Nishant Verma, AOR Mr. Amitabh Ranjan, Adv. Ms. Samiksha Sharma, Adv.