https://www.taxtmi.com/caselaws?id=447463 NCLAT allowed the appeal and set aside the Adjudicating Authority's order directing handover of premises to Resolution Professional. The tribunal held that Municipal Corporation validly terminated the Development Agreement with housing company after its failure to perform development obligations. The housing company's subsidiary (Corporate Debtor) had no lawful possession rights as the assignment agreement was executed without Municipal Corporation's consent, violating original Development Agreement terms. Since Corporate Debtor lacked valid possession rights, the premises could not form part of CIRP assets and moratorium protection under Section 14(1)(d) was inapplicable. The termination being outside insolvency process, Adjudicating Authority lacked jurisdiction to interfere with Municipal Corporation's cancellation decision. en-us Fri, 22 Dec 2023 00:00:00 +0530 Wed, 27 Dec 2023 12:53:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=447463 NCLAT allowed the appeal and set aside the Adjudicating Authority's order directing handover of premises to Resolution Professional. The tribunal held that Municipal Corporation validly terminated the Development Agreement with housing company after its failure to perform development obligations. The housing company's subsidiary (Corporate Debtor) had no lawful possession rights as the assignment agreement was executed without Municipal Corporation's consent, violating original Development Agreement terms. Since Corporate Debtor lacked valid possession rights, the premises could not form part of CIRP assets and moratorium protection under Section 14(1)(d) was inapplicable. The termination being outside insolvency process, Adjudicating Authority lacked jurisdiction to interfere with Municipal Corporation's cancellation decision. Case-Laws Insolvency and Bankruptcy Fri, 22 Dec 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=447463