https://www.taxtmi.com/caselaws?id=422550 A Resolution Professional's power to take possession under the Insolvency and Bankruptcy Code extends only to assets in which the corporate debtor has subsisting ownership rights, and not to property excluded by the statutory explanation as a third-party asset or one held under contract. Where a tea estate lease had expired by efflux of time under the Transfer of Property Act, the corporate debtor retained no surviving ownership right in the estate. On that basis, the Resolution Professional could not claim possession and control of the tea estate through the insolvency process, and the claim for handing over possession was rejected. en-us Mon, 09 May 2022 00:00:00 +0530 Wed, 18 May 2022 08:56:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=422550 A Resolution Professional's power to take possession under the Insolvency and Bankruptcy Code extends only to assets in which the corporate debtor has subsisting ownership rights, and not to property excluded by the statutory explanation as a third-party asset or one held under contract. Where a tea estate lease had expired by efflux of time under the Transfer of Property Act, the corporate debtor retained no surviving ownership right in the estate. On that basis, the Resolution Professional could not claim possession and control of the tea estate through the insolvency process, and the claim for handing over possession was rejected. Case-Laws Insolvency and Bankruptcy Mon, 09 May 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=422550