https://www.taxtmi.com/caselaws?id=406236 The appeals were dismissed, upholding the impugned order by the NCLT. The Development Agreement granting possession rights to Avani Towers remained valid until completion. Section 14 of the Insolvency and Bankruptcy Code applied, preventing disturbance of possession during CIRP. The NCLT had jurisdiction over intangible assets crucial for CIRP. Victory Iron Works Ltd could continue business activities on the property as per the license agreement. Allegations of malafide intentions were dismissed, emphasizing the RP's actions for the Corporate Debtor's benefit. The importance of I&B Code compliance and maintaining status quo during CIRP was highlighted. en-us Thu, 08 Apr 2021 00:00:00 +0530 Thu, 08 Apr 2021 17:48:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=406236 The appeals were dismissed, upholding the impugned order by the NCLT. The Development Agreement granting possession rights to Avani Towers remained valid until completion. Section 14 of the Insolvency and Bankruptcy Code applied, preventing disturbance of possession during CIRP. The NCLT had jurisdiction over intangible assets crucial for CIRP. Victory Iron Works Ltd could continue business activities on the property as per the license agreement. Allegations of malafide intentions were dismissed, emphasizing the RP's actions for the Corporate Debtor's benefit. The importance of I&B Code compliance and maintaining status quo during CIRP was highlighted. Case-Laws Insolvency and Bankruptcy Thu, 08 Apr 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=406236