https://www.taxtmi.com/caselaws?id=384340 Section 18 of the Insolvency and Bankruptcy Code requires the Interim Resolution Professional to take control and custody of assets over which the corporate debtor retains ownership, even if physical possession has earlier been taken by a secured creditor. The exclusion in the Explanation to Section 18 applies to third-party-owned assets in the corporate debtor's possession, not to assets still belonging to the corporate debtor. Because the Code contains an overriding clause in Section 238, inconsistent enforcement under the SARFAESI Act must yield. Accordingly, possession taken under Section 13(4) of SARFAESI could not defeat the IRP's right to custody of the mortgaged property. en-us Tue, 14 May 2019 00:00:00 +0530 Mon, 12 Aug 2019 07:25:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=384340 Section 18 of the Insolvency and Bankruptcy Code requires the Interim Resolution Professional to take control and custody of assets over which the corporate debtor retains ownership, even if physical possession has earlier been taken by a secured creditor. The exclusion in the Explanation to Section 18 applies to third-party-owned assets in the corporate debtor's possession, not to assets still belonging to the corporate debtor. Because the Code contains an overriding clause in Section 238, inconsistent enforcement under the SARFAESI Act must yield. Accordingly, possession taken under Section 13(4) of SARFAESI could not defeat the IRP's right to custody of the mortgaged property. Case-Laws Insolvency and Bankruptcy Tue, 14 May 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=384340