GREATER NOIDA INDUSTRIAL DEVELOPMENT AUTHORITY vs PRABHJIT SINGH SONI

The Supreme Court upheld the decision of the National Company Law Appellate Tribunal, affirming the dismissal of the appellant's appeal against the National Company Law Tribunal's order under Section 60(5) of the Insolvency and Bankruptcy Code, 2016. The Court clarified that the appellant, a statutory authority, was correctly treated as an operational creditor rather than a financial creditor, as the claims arose from lease agreements rather than financial transactions. The Court emphasized the importance of proper classification of creditors in insolvency proceedings, thereby reinforcing the procedural integrity of the Corporate Insolvency Resolution Process.