$YEIDA withdraws appeal against Ace Infracity's Three C Homes bid$

YEIDA withdraws appeal against Ace Infracity's Three C Homes bid

08 Jul 2024 CW Team

On July 4, 2024, YEIDA presented a proposal to compensate farmers, which Ace Infracity accepted during the NCLAT hearing. NCLAT noted, "In view of the acceptance of the proposal by the SRA (Ace Infracity), the appellant (YEIDA) is not to proceed with its appeal subject to compliance with the conditions as indicated in the communication dated July 4, 2024, which has been given to counsel for the SRA." NCLAT further stated, "Recording the aforesaid, we are of the view that no useful purpose shall be served in continuing with the appeals. The appeal is permitted to be withdrawn with liberty to revive."

As per the settlement, Ace Infracity will pay compensation to the farmers. The allotment of land was initially cancelled by YEIDA in January 2021, which was challenged by Three C Homes' resolution professional Gaurav Katiyar before NCLT. NCLT restored the land allotment in January 2023 and subsequently approved Ace Infracity's resolution plan in June 2023. While approving Ace Infracity's bid, NCLT did not entertain YEIDA's objections and deemed the Rs 670 million being brought in by the corporate debtor sufficient to settle their dues. YEIDA then challenged this NCLT order at NCLAT.

The Corporate Insolvency Resolution Process (CIRP) against Three C Homes began in September 2019. On June 13, 2023, NCLT approved Ace Infracity's Rs 1.4 billion resolution plan. The fair value of the Corporate Debtor (Three C Homes) was Rs 6 billion, and the liquidation value was Rs 4.8 billion as per Form-H filed with the application. NCLT highlighted that Ace Infracity's bid had been approved by the Committee of Creditors (CoC) with 100% votes, emphasising that it could not "interfere with the commercial wisdom" of the lenders. However, this decision was contested by YEIDA at NCLAT.

(Source: ET & PTI)

The Yamuna Expressway Industrial Development Authority (YEIDA) has withdrawn its appeal before the National Company Law Appellate Tribunal (NCLAT) against an NCLT order approving Ace Infracity's bid for Three C Homes. This decision follows YEIDA's acceptance of Ace Infracity Developers' proposal to compensate farmers and the subsequent request to NCLAT to withdraw the appeal. Both YEIDA and Ace Infracity were in talks for a settlement while the matter was pending before NCLAT. On July 4, 2024, YEIDA presented a proposal to compensate farmers, which Ace Infracity accepted during the NCLAT hearing. NCLAT noted, In view of the acceptance of the proposal by the SRA (Ace Infracity), the appellant (YEIDA) is not to proceed with its appeal subject to compliance with the conditions as indicated in the communication dated July 4, 2024, which has been given to counsel for the SRA. NCLAT further stated, Recording the aforesaid, we are of the view that no useful purpose shall be served in continuing with the appeals. The appeal is permitted to be withdrawn with liberty to revive. As per the settlement, Ace Infracity will pay compensation to the farmers. The allotment of land was initially cancelled by YEIDA in January 2021, which was challenged by Three C Homes' resolution professional Gaurav Katiyar before NCLT. NCLT restored the land allotment in January 2023 and subsequently approved Ace Infracity's resolution plan in June 2023. While approving Ace Infracity's bid, NCLT did not entertain YEIDA's objections and deemed the Rs 670 million being brought in by the corporate debtor sufficient to settle their dues. YEIDA then challenged this NCLT order at NCLAT. The Corporate Insolvency Resolution Process (CIRP) against Three C Homes began in September 2019. On June 13, 2023, NCLT approved Ace Infracity's Rs 1.4 billion resolution plan. The fair value of the Corporate Debtor (Three C Homes) was Rs 6 billion, and the liquidation value was Rs 4.8 billion as per Form-H filed with the application. NCLT highlighted that Ace Infracity's bid had been approved by the Committee of Creditors (CoC) with 100% votes, emphasising that it could not interfere with the commercial wisdom of the lenders. However, this decision was contested by YEIDA at NCLAT. (Source: ET & PTI)

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