https://www.taxtmi.com/caselaws?id=313302 In CIRP of a holding company, assets of subsidiary land-holding companies remain legally distinct and cannot be treated as corporate debtor assets merely because the holding company controls them. A resolution plan cannot validly require transfer of leased public land or leasehold rights where the lease deed makes the lessor's prior approval mandatory, and awareness of development activity does not amount to consent for such transfer. Where the plans directly affected the lessor's proprietary and contractual rights, it had to be heard before approval, and the resolution professional could not certify compliance without addressing these limits. The approvals were set aside and the matter was directed to proceed afresh. en-us Mon, 30 Jan 2023 00:00:00 +0530 Sat, 06 Apr 2024 05:28:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=313302 In CIRP of a holding company, assets of subsidiary land-holding companies remain legally distinct and cannot be treated as corporate debtor assets merely because the holding company controls them. A resolution plan cannot validly require transfer of leased public land or leasehold rights where the lease deed makes the lessor's prior approval mandatory, and awareness of development activity does not amount to consent for such transfer. Where the plans directly affected the lessor's proprietary and contractual rights, it had to be heard before approval, and the resolution professional could not certify compliance without addressing these limits. The approvals were set aside and the matter was directed to proceed afresh. Case-Laws Insolvency and Bankruptcy Mon, 30 Jan 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=313302