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NCLAT dismissed appeals regarding disputed machinery ownership in insolvency proceedings. The Corporate Debtor (CD) had previously hypothecated the machinery to Financial Creditor (FC) through a loan agreement dated 06.06.2014. Appellant's subsequent claim of machinery being on lease was rejected as no lease deed or payment records were produced. The tribunal noted that CD had created prior charge in favor of FC, claimed depreciation as owner, and the appellant's attempt to remove the asset through a backdated journal entry after CIRP initiation was deemed improper. The machinery was confirmed as CD's property to be included in resolution plan, with the tribunal emphasizing that depreciation claims under tax law establish ownership rather than lease status.
NCLAT dismissed appeals regarding disputed machinery ownership in insolvency proceedings. The Corporate Debtor (CD) had previously hypothecated the machinery to Financial Creditor (FC) through a loan agreement dated 06.06.2014. Appellant's subsequent claim of machinery being on lease was rejected as no lease deed or payment records were produced. The tribunal noted that CD had created prior charge in favor of FC, claimed depreciation as owner, and the appellant's attempt to remove the asset through a backdated journal entry after CIRP initiation was deemed improper. The machinery was confirmed as CD's property to be included in resolution plan, with the tribunal emphasizing that depreciation claims under tax law establish ownership rather than lease status.
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