Scheme for Allotment of Industrial Plots in Greater Noida 2024
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3.11.4 In case allowed, the Allottee / lessee expressly agrees that in the event any application for transfer
is made and the Authority grants permission therefor, then the same by itself shall not result in any
extension of time for completion of the project. The approved transferee shall have to complete
the project within the time prescribed by the Lease Deed.
3.11.5 Allottee can transfer the allotted plot for industrial activities/production of the product permitted
to set up in Greater Noida Industrial Development. Area only, and not for any other
product/purposes only after declaration of unit functional by the Authority.
3.11.6 For reference of the Applicant, the current transfer charges are as follows: Transfer charges @5%
of the prevailing rate of allotment in the area, is chargeable for granting permission of transfer.
3.12 Role of GNIDA as per IBC 2016
3.12.1 Under the provisions of IBC (Insolvency and Bankruptcy Code) 2016, GNIDA will be treated a Secure
Financial Creditor and this lease deed shall be a Financial / Capital Lease Deed.
3.12.2 Under the circumstances, where the Lessee/Allottee is declared Bankrupt and the liquidation
process through CIRP (Corporate Insolvency Resolution Process) begins, Lessor will be treated as
Secure Financial Creditor and the dues (including penalties) of the Lessee/Allottee shall be
recovered through this procedure, treating Lessor/GNIDA as a Secure Financial Creditor.
3.12.3 All amounts that are payable by the Lessee/Allottee to the Lessor/GNIDA under the Lease Deed,
whether towards the outstanding premium shall constitute a financial debt within the meaning of
the IBC, 2016 AND the same shall constitute a charge on the leased property within the meaning of
T.P. Act and / or IBC, 2016.
3.12.4 The Lessee/Allottee expressly agrees that till such time all dues payable to the Lessor/GNIDA under
these presents, whether on account of unpaid premium or lease rent or any other account are duly
paid and so acknowledged by the Lessor/GNIDA, the leased premises shall remain a valuable
security in the hands of the Lessor/GNIDA so as to secure due payment under Lease Deed. The
premium and lease rent and all other amounts payable under this lease is deferred payment with
interest and constitute time value of money within the meaning of IBC, 2016. The Lessee/Allottee
agrees that possession of lease land is given, which premium and lease rent remain pending,
therefore, every amount outstanding and or raised by the Lessee/Allottee from its allottees shall
be deemed to be an amount having the same effect as that for commercial borrowing etc. within
the meaning of IBC.
3.12.5 The Lessor/GNIDA shall always have first charge over the leased premise in contrast to every
financial institution or Bank from whom the Lessee/Allottee may borrow funds for completion of
the project on the leased premise or any allottee of the Lessee/Allottee.
3.12.6 The lessee shall be bound to disclose to Allottees/buyers (If applicable), prior to confirmation of
allotment of any unit/built-up space/Industrial space to be constructed or already constructed,
about the outstanding towards the Lessor/GNIDA and that such outstanding constitute a priority
compared to the allottees in the construction or to be constructed flat space.