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Insolvency and BankruptcyAugust 14, 2024Case LawsAT
The appeal sought to quash an Expression of Interest (EoI) for a new contractor due to an alleged error in an Assignment Agreement. The court found that the EoI did not breach the Insolvency and Bankruptcy Code. The Facility Use Agreement showed the appellant had operational rights but not ownership. The court ruled that the Corporate Debtor was not in possession, so Section 14(1)(d) did not apply. The Adjudicating Authority correctly upheld the EoI. The Corporate Debtor's non-payment of facility charges led to default and SARFAESI Act proceedings. The appeal was dismissed by NCLAT.
The appeal sought to quash an Expression of Interest (EoI) for a new contractor due to an alleged error in an Assignment Agreement. The court found that the EoI did not breach the Insolvency and Bankruptcy Code. The Facility Use Agreement showed the appellant had operational rights but not ownership. The court ruled that the Corporate Debtor was not in possession, so Section 14(1)(d) did not apply. The Adjudicating Authority correctly upheld the EoI. The Corporate Debtor's non-payment of facility charges led to default and SARFAESI Act proceedings. The appeal was dismissed by NCLAT.
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