Greater Noida: The Greater Noida Industrial Development Authority (GNIDA) has decided that all the allottees, except the residential category, will have to compulsorily make up the fee in their favor and update the same with the Registrar of Companies.
A charge is a right created by a registered company in favor of a financial institution or lender on their assets and assets to meet their immediate or long-term financial needs. Experts say that it will be difficult to implement the latest decision of GNIDA on the existing allottees and defaulters.
“While creation of powers before the Registrar of Companies for potential allottees will certainly help GNIDA, existing allottees or those in default of payment may not be able to do so,” said Abhishek Yadav of DY Law Office.
Yadav pointed out that while taking loan for setting up the units, the allottees must have already mentioned the name of the agency which holds the first charge on their property.
He said changing the position now would be a difficult process as the agency already having the first right over the company’s assets would obviously not want to give it up.
The charges created on a particular company are available on the portal of the Union Ministry of Corporate Affairs. It helps financial institutions to find out the current debt on a company and the assets mortgaged against it.
GNIDA officials said the setback they suffered before the National Company Law Tribunal while fighting cases with companies under the Insolvency and Bankruptcy Code had compelled them to take the decision. The legal team of GNIDA is handling 21 cases under the Insolvency Code and an amount between Rs 1,800 crore and Rs 2,000 crore is at stake.
GNIDA additional chief executive officer Amandeep Duli said a copy of the order would be sent to all the allottees (other than residential), who are paying six monthly installments or are in dues.
If any allottee fails to comply, GNIDA may impose penalty. Also, while approving maps, revalidation, additional floor area, occupancy certificates, and any other such services, the authorities will check whether the allottee has made up the fee. “Otherwise, we would reject or withhold such approval,” Dulli said.
Officials said that at the time of allotment of land, GNIDA has clearly mentioned in its lease deed that it will have the first charge on the assets of the company.
However, the authority’s status as a financial creditor has not been accepted by the NCLT or the NCLAT (Appellate Tribunal) as its lease deed has failed to qualify as a financial document under the provisions of the Indian Accounting Standards.
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