Development Rights Constitute Property U/S 3(27) Of IBC, Can Be Included In Information Memorandum By RP U/S 29 Of Code: NCLAT
1 month, 3 weeks ago

Development Rights Constitute Property U/S 3(27) Of IBC, Can Be Included In Information Memorandum By RP U/S 29 Of Code: NCLAT

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The NCLAT New Delhi bench of Justice Ashok Bhushan and Barun Mitra affirmed that development rights are property within the meaning of section 3 of the IBC which can be included in the Information Memorandum by Resolution Professional under section 29 of the IBC. The Tribunal further observed that the Adjudicating Authority has jurisdiction to enter into as to whether property included in the IM is asset of the corporate debtor under section 60 of the IBC and for decision of the question, the parties are not required to be relegated to the Competent Civil Court having jurisdiction Brief Facts These two Appeals have been filed by the same Appellant challenging the order dated 30.04.2024 passed by the Adjudicating Authority.Company Appeal No.1117 of 2024 has been filed challenging the order dated 30.04.2024 passed in IA No. The Corporate Debtor retained its obligation of being responsible to perform the terms of the Collaboration Agreement in case of default or failure by 'Parinda Buildcon Private Limited' That the Arbitrator terminated the proceedings vide order dated 15.07.2015 without determining the rights of the corporate debtor as regards the scheduled property. We may refer to the judgment of the Hon'ble Supreme Court in Victory Iron Works Ltd. vs. Jitendra Lohia & Anr.- where the Hon'ble Supreme Court had held that the development rights created in favour of the corporate debtor constitute “property” within the meaning of Section 3 of the IBC, the tribunal noted. The tribunal further observed that the judgment of the Hon'ble Supreme Court in Victory Iron has already been noticed where it was held that the development rights is a property within the meaning of Section 3 and the Resolution Professional has every right to move to the NCLT to protect the interest of the corporate debtor in the land where corporate debtor claims development rights.

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Land Owners Entering Into Joint Development Agreements For Sharing Of Profit Do Not Come Within The Ambit Of Operational Creditors: NCLT New Delhi
1 year, 7 months ago

Land Owners Entering Into Joint Development Agreements For Sharing Of Profit Do Not Come Within The Ambit Of Operational Creditors: NCLT New Delhi

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The National Company Law Tribunal, New Delhi Bench, comprising Chief Justice Ramalingam Sudhakar and Shri Avinash K. Srivastava, while adjudicating an application under Section 9 of Insolvency and Bankruptcy Code, 2016 in Mrs. Gurmeet Kaur Gill vs Raheja Developers Limited has held that an agreement in the nature of a Joint Development Agreement for a project with sharing of profit …

IBC- Resolution Professional Entitled To Take Control Of Corporate Debtor's Rights In Assets Licensed To Third Parties : Supreme Court
1 year, 9 months ago

IBC- Resolution Professional Entitled To Take Control Of Corporate Debtor's Rights In Assets Licensed To Third Parties : Supreme Court

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The Supreme Court has held that a resolution professional is entitled to take control of the rights of a corporate debtor in assets which are licensed to third parties. The RP defended the NCLT/NCLAT orders by contending that the impugned orders have not hampered the rights of Victory and what is sought to be included in the Information Memorandum are …

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