https://www.taxtmi.com/caselaws?id=388595 A resolution plan under the Insolvency and Bankruptcy Code could not create fresh interests in municipal land or burden public property without compliance with the Mumbai Municipal Corporation Act. The insolvency law's non obstante clause did not displace the municipal corporation's statutory control over leasing, conveying, or encumbering its own property, because the special approval mechanism under the municipal statute remained mandatory. Statements or concessions by counsel could not bind the municipal corporation where they conflicted with statutory requirements, and there can be no estoppel against statute. The approval of the resolution plan was therefore unsustainable to the extent it affected municipal lands without lawful sanction. en-us Fri, 15 Nov 2019 00:00:00 +0530 Wed, 16 Feb 2022 16:41:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=388595 A resolution plan under the Insolvency and Bankruptcy Code could not create fresh interests in municipal land or burden public property without compliance with the Mumbai Municipal Corporation Act. The insolvency law's non obstante clause did not displace the municipal corporation's statutory control over leasing, conveying, or encumbering its own property, because the special approval mechanism under the municipal statute remained mandatory. Statements or concessions by counsel could not bind the municipal corporation where they conflicted with statutory requirements, and there can be no estoppel against statute. The approval of the resolution plan was therefore unsustainable to the extent it affected municipal lands without lawful sanction. Case-Laws Insolvency and Bankruptcy Fri, 15 Nov 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=388595