https://www.taxtmi.com/caselaws?id=311366 NCLAT dismissed appeal challenging NCLT order recognizing NHB's special rights under Section 16B of NHB Act during CIRP of DHFL. Tribunal held that tagged receivables from refinanced loans are held in trust by corporate debtor for NHB, not debtor's assets subject to moratorium. NHB distinguished from ordinary financial creditors as development finance institution with sui generis statutory rights. Section 16B creates trust relationship where corporate debtor acts as custodian for NHB's benefit. Court ruled no conflict exists between NHB Act provisions and IBC, as trust assets fall under Rule 10 exception to moratorium under Section 14. en-us Mon, 07 Feb 2022 00:00:00 +0530 Thu, 21 Dec 2023 21:01:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=311366 NCLAT dismissed appeal challenging NCLT order recognizing NHB's special rights under Section 16B of NHB Act during CIRP of DHFL. Tribunal held that tagged receivables from refinanced loans are held in trust by corporate debtor for NHB, not debtor's assets subject to moratorium. NHB distinguished from ordinary financial creditors as development finance institution with sui generis statutory rights. Section 16B creates trust relationship where corporate debtor acts as custodian for NHB's benefit. Court ruled no conflict exists between NHB Act provisions and IBC, as trust assets fall under Rule 10 exception to moratorium under Section 14. Case-Laws Insolvency and Bankruptcy Mon, 07 Feb 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=311366