COMPANY LAW2 Sept 2026
NCLAT Tackles Huge Claim and Land Issue in SEZ Insolvency
India's insolvency appellate tribunal disposed of appeals from the insolvency of Gujarat Hydrocarbons and Power SEZ. A financial creditor's claim of ₹1,885 crore was admitted, though the same debt had earlier been valued far lower in the guarantor's insolvency. The land authority also objected to a resolution plan depending on SEZ de-notification that hadn't happened. Creditors and resolution applicants should watch for such claim mismatches.
Key Statutory Highlights
- SREI's claim of ₹1,885.08 crore was admitted in GHPSL's insolvency, far above the ₹241.27 crore fixed for the same debt in the guarantor's earlier insolvency.
- ACIL, the corporate guarantor, was treated as an unsecured related-party creditor at nil value despite having paid ₹38.87 crore to SREI.
- GIDC, the land-owning regulator, challenged a resolution plan that depended on SEZ land de-notification which had not been completed.
Actionable Advice for Taxpayers / Founders:If you are a creditor or resolution applicant, verify that admitted claims align with earlier related proceedings and confirm land or regulatory approvals before relying on a resolution plan.
Statutory Disclaimer: TaxQue Shorts are AI-assisted editorial briefs for compliance awareness. This brief has not passed every source check; confirm the original notification before acting. This does not constitute formal legal or CA counsel.
TaxQue News Desk
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