https://www.taxtmi.com/caselaws?id=428586 The Tribunal ruled in favor of the Applicants, confirming their ownership of the subject land and directing its release from the Corporate Debtor. It held that the Corporate Debtor could not invoke Section 14(1)(d) of the Insolvency and Bankruptcy Code to retain the land due to wrongful possession. The Tribunal determined that APIICL was not a necessary party to the application, as its rights were not affected by the High Court's final order. The Resolution Professional was instructed to hand over the land to the Applicants within two weeks, with the option to seek equivalent land or compensation from APIICL. en-us Thu, 15 Sep 2022 00:00:00 +0530 Thu, 06 Oct 2022 08:35:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=428586 The Tribunal ruled in favor of the Applicants, confirming their ownership of the subject land and directing its release from the Corporate Debtor. It held that the Corporate Debtor could not invoke Section 14(1)(d) of the Insolvency and Bankruptcy Code to retain the land due to wrongful possession. The Tribunal determined that APIICL was not a necessary party to the application, as its rights were not affected by the High Court's final order. The Resolution Professional was instructed to hand over the land to the Applicants within two weeks, with the option to seek equivalent land or compensation from APIICL. Case-Laws Insolvency and Bankruptcy Thu, 15 Sep 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=428586