Corporate Debtor's Property Cannot Be Recovered By Owner/Lessor During Moratorium Period U/S 14 Of IBC: NCLAT
4 months, 1 week ago

Corporate Debtor's Property Cannot Be Recovered By Owner/Lessor During Moratorium Period U/S 14 Of IBC: NCLAT

Live Law  

The NCLAT New Delhi bench of Justice Rakesh Kumar Jain, Mr. Naresh Salecha and Mr. Indevar Pandey affirmed that properties occupied by the corporate debtor cannot be recovered by owner/lessor during the moratorium period under section 14 of the IBC. Following alleged defaults in repayment by the CD, two conveyance deeds dated 27.02.2020 were executed, resulting in the sale of portions of the White House Property to Respondent Nos. 3 and 4 filed eviction applications IA /10832023 and IA /10822023) concerning two office spaces in the "White House" property, which is currently occupied by the CD. The tribunal further noted the minutes of the CoC meetings and observed that the CoC does not appear to have taken a decision about vacation of registered office even in the 6th CoC meeting after which RP gave a statement in Court that the property is not required to be held based on which AA passed the impugned order. The tribunal addressed the contention that as per explanation to Section 18 of the Code to the term 'assets' does not include the assets owned by a third party but in possession of the CD therefore the respondent being the owners of the property are not covered by section 14.

Delhi Property Corporate Debtor Tribunal Respondent Nclt Mou Nclat Code Possession Nos This Stage Coc Ibc Cirp Section 14 Respondent Nos Section 18 Commercial Court Respondents Nos Such Application White House Property Corporate Office  recovered  14  nclat  period  aa  rp  ibc  respondent  tribunal  debtors  moratorium  ownerlessor  possession  cd  coc  corporate  office  property

History of this topic

Eviction Of Tenant From Corporate Debtor's Property Can Be Sought Under Tenancy Law, Not U/S 60(5) Of IBC: NCLAT
2 months, 2 weeks ago

Eviction Of Tenant From Corporate Debtor's Property Can Be Sought Under Tenancy Law, Not U/S 60(5) Of IBC: NCLAT

Live Law  

The NCLAT New Delhi bench of Justice Rakesh Kumar Jain and Mr. Naresh Salecha has held that eviction of tenant from the property of corporate debtor can only be sought under the Act in which tenancy was created and such power of eviction cannot be exercised by the Adjudicating Authority under Section 60 of the Code. The Tribunal while referring …

Property In Possession Of Corporate Debtor Sold When Petition U/S 7 Of IBC Was In Consideration Cannot Be Excluded From Assets: NCLAT
3 months, 3 weeks ago

Property In Possession Of Corporate Debtor Sold When Petition U/S 7 Of IBC Was In Consideration Cannot Be Excluded From Assets: NCLAT

Live Law  

The NCLAT Chennai bench of Justice Sharad Kumar Sharma and Jatindranath Swain has held that property that is sold which was in possession of the corporate debtor immediately before the judgment in a petition under section 7 of the IBC was reserved cannot be excluded from the purview of the assets of the corporate debtor. An IA was filed by …

AA Empowered To Direct Tenant To Vacate Premises Of Corporate Debtor: NCLAT Delhi
2 years, 2 months ago

AA Empowered To Direct Tenant To Vacate Premises Of Corporate Debtor: NCLAT Delhi

Live Law  

The National Company Law Appellate Tribunal, Principal Bench, comprising of Justice Ashok Bhushan, Dr Alok Srivastava and Mr. Barun Mitra, while adjudicating an appeal filed in M/s. Ltd. & Anr., has held that the Adjudicating Authority is empowered under Section 60 of IBC to direct a tenant to vacate the property of Corporate Debtor. The NCLAT Bench has upheld the …

Moratorium Doesn't Apply On Property Unlawfully In Possession Of Corporate Debtor: NCLT Hyderabad
2 years, 5 months ago

Moratorium Doesn't Apply On Property Unlawfully In Possession Of Corporate Debtor: NCLT Hyderabad

Live Law  

The National Company Law Tribunal, Hyderabad Bench, comprising of Dr. Venkata Ramakrishna Badarinath Nandula and Shri Veera Brahma Rao Arekapudi, while adjudicating an application filed in State Bank of India v Meenakshi Energy Ltd., has held that moratorium imposed under Section 14 of IBC is not applicable to properties which are in unlawful possession of the Corporate Debtor. APIICL requested …

Discover Related