https://www.taxtmi.com/caselaws?id=457598 The Calcutta HC dismissed an application by KMC challenging NCLT Kolkata Bench's jurisdiction to direct a resolution professional to take physical possession of immovable assets. The court rejected KMC's argument that NCLT lacked jurisdiction under the KMC Act, 1980, holding that appellants failed to establish any irreversible legal position barring NCLT from proceeding with the resolution process under IBC. The court ruled that KMC's property dues, despite being statutory in nature and crown debts, do not take precedence over other secured creditors' dues. en-us Fri, 04 Feb 2022 00:00:00 +0530 Mon, 23 Sep 2024 20:31:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=457598 The Calcutta HC dismissed an application by KMC challenging NCLT Kolkata Bench's jurisdiction to direct a resolution professional to take physical possession of immovable assets. The court rejected KMC's argument that NCLT lacked jurisdiction under the KMC Act, 1980, holding that appellants failed to establish any irreversible legal position barring NCLT from proceeding with the resolution process under IBC. The court ruled that KMC's property dues, despite being statutory in nature and crown debts, do not take precedence over other secured creditors' dues. Case-Laws IBC Fri, 04 Feb 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=457598