https://www.taxtmi.com/caselaws?id=395292 A related-party long-term lease of mortgaged corporate property was treated as invalid because it was executed without the secured creditor's prior consent, fixed allegedly inadequate rent for a commercial asset, and included an impermissible unilateral renewal covenant. The note also states that an attachment by the Economic Offences Wing could not stand against insolvency proceedings because the Insolvency and Bankruptcy Code has overriding effect and continuation of the attachment would impede the corporate insolvency resolution process. The impugned lease was described as null and void, and the attached assets were directed to be released for resolution. en-us Fri, 20 Mar 2020 00:00:00 +0530 Fri, 15 May 2020 11:13:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=395292 A related-party long-term lease of mortgaged corporate property was treated as invalid because it was executed without the secured creditor's prior consent, fixed allegedly inadequate rent for a commercial asset, and included an impermissible unilateral renewal covenant. The note also states that an attachment by the Economic Offences Wing could not stand against insolvency proceedings because the Insolvency and Bankruptcy Code has overriding effect and continuation of the attachment would impede the corporate insolvency resolution process. The impugned lease was described as null and void, and the attached assets were directed to be released for resolution. Case-Laws Insolvency and Bankruptcy Fri, 20 Mar 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=395292