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Retention of seized property survives where recorded reasons support proceeds of crime, while stayed investigation periods are excluded from limitatio...
NCLAT upheld the Adjudicating Authority's order, holding that the movables and inventory lying in the leased premises formed part of the liquidation estate of the corporate debtor under S.36 IBC. The burden to rebut the presumption of ownership lay on the appellant, who failed to produce credible contemporaneous evidence before the Adjudicating Authority or NCLAT, including invoices supporting the SAP records. NCLAT noted the appellant's prolonged inaction and held there was tacit acquiescence to the corporate debtor's ownership, especially as the appellant, a signatory to the SPA, had opportunity to object during CIRP and liquidation. As the assets were already sold, sale certificate issued, and proceeds distributed, NCLAT found no infirmity or ground for interference and dismissed the appeal.
NCLAT upheld the Adjudicating Authority's order, holding that the movables and inventory lying in the leased premises formed part of the liquidation estate of the corporate debtor under S.36 IBC. The burden to rebut the presumption of ownership lay on the appellant, who failed to produce credible contemporaneous evidence before the Adjudicating Authority or NCLAT, including invoices supporting the SAP records. NCLAT noted the appellant's prolonged inaction and held there was tacit acquiescence to the corporate debtor's ownership, especially as the appellant, a signatory to the SPA, had opportunity to object during CIRP and liquidation. As the assets were already sold, sale certificate issued, and proceeds distributed, NCLAT found no infirmity or ground for interference and dismissed the appeal.
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