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NCLAT dismissed the appeal filed by the legal heir of a deceased seller challenging the Adjudicating Authority's direction to execute sale deeds for the subject land in favour of the successful resolution applicant of the corporate debtor. NCLAT held that the entire consideration for the land had been paid, the land stood reflected as an asset in the corporate debtor's balance sheet and Information Memorandum, and possession had already passed, thereby completing the transaction and extinguishing the sellers' rights. The plea of violation of natural justice and objections based on an unregistered agreement and alleged invalidity of the power of attorney were rejected. NCLAT affirmed that the Adjudicating Authority had jurisdiction under s.60(5) IBC and ordered execution of sale deeds within 30 days.
NCLAT dismissed the appeal filed by the legal heir of a deceased seller challenging the Adjudicating Authority's direction to execute sale deeds for the subject land in favour of the successful resolution applicant of the corporate debtor. NCLAT held that the entire consideration for the land had been paid, the land stood reflected as an asset in the corporate debtor's balance sheet and Information Memorandum, and possession had already passed, thereby completing the transaction and extinguishing the sellers' rights. The plea of violation of natural justice and objections based on an unregistered agreement and alleged invalidity of the power of attorney were rejected. NCLAT affirmed that the Adjudicating Authority had jurisdiction under s.60(5) IBC and ordered execution of sale deeds within 30 days.
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