Governmental authority status supports construction-service exemption, while pre-cutoff contract and stamp-duty compliance requires verification on re...
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The SC upheld the primacy of the CoC's commercial wisdom under Section 14(1)(d) of the IBC during CIRP, affirming that the CoC's decision to relinquish possession of property to the owner is binding and lawful. The CoC, supported by the Resolution Professional, determined that retaining the property was financially imprudent, prompting the order for possession to be returned. The NCLAT's contrary order was set aside, and the NCLT's original decision restoring possession to the owner was reinstated. The Resolution Professional was directed to implement the possession handover without delay. The appeal was allowed, emphasizing that property recovery by the owner during moratorium is subject to the CoC's approval, which must be respected to avoid unwarranted delays in CIRP.
The SC upheld the primacy of the CoC's commercial wisdom under Section 14(1)(d) of the IBC during CIRP, affirming that the CoC's decision to relinquish possession of property to the owner is binding and lawful. The CoC, supported by the Resolution Professional, determined that retaining the property was financially imprudent, prompting the order for possession to be returned. The NCLAT's contrary order was set aside, and the NCLT's original decision restoring possession to the owner was reinstated. The Resolution Professional was directed to implement the possession handover without delay. The appeal was allowed, emphasizing that property recovery by the owner during moratorium is subject to the CoC's approval, which must be respected to avoid unwarranted delays in CIRP.
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