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Unregistered profit-sharing agreements cannot justify occupation of corporate debtor premises during CIRP; repossession by the Resolution Professional upheld.
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Unregistered profit-sharing agreements did not create any leasehold or licence interest in the corporate debtor's hotel premises, so the appellant had no enforceable right to remain in possession. The Tribunal found that no valid legal basis supported occupation of the second and third floor premises, and the alleged arrangements could not defeat recovery of possession after commencement of CIRP. It further held that, once CIRP began, the Resolution Professional was entitled to take possession and control of the corporate debtor's assets, and an application before the Adjudicating Authority to recover unauthorised occupation was maintainable without separate civil proceedings. The appeal was dismissed.
Unregistered profit-sharing agreements did not create any leasehold or licence interest in the corporate debtor's hotel premises, so the appellant had no enforceable right to remain in possession. The Tribunal found that no valid legal basis supported occupation of the second and third floor premises, and the alleged arrangements could not defeat recovery of possession after commencement of CIRP. It further held that, once CIRP began, the Resolution Professional was entitled to take possession and control of the corporate debtor's assets, and an application before the Adjudicating Authority to recover unauthorised occupation was maintainable without separate civil proceedings. The appeal was dismissed.
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