https://www.taxtmi.com/caselaws?id=760083 The NCLAT dismissed an appeal where a corporate debtor's lease was cancelled by Noida authority on 13.08.2015, prior to CIRP commencement. Despite the cancellation, the resolution professional (RP) wrongfully included the cancelled plot in the resolution plan, treating it as an existing asset. The tribunal held that since the lease was terminated before CIRP initiation, Section 14 moratorium provisions were inapplicable. The RP's conduct was deemed unbecoming for justifying suspended management's fraudulent actions and failing to verify asset ownership. The resolution plan based on non-existent land rights was invalid, and the adjudicating authority's findings were upheld. en-us Wed, 01 May 2024 00:00:00 +0530 Tue, 15 Oct 2024 14:14:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=760083 The NCLAT dismissed an appeal where a corporate debtor's lease was cancelled by Noida authority on 13.08.2015, prior to CIRP commencement. Despite the cancellation, the resolution professional (RP) wrongfully included the cancelled plot in the resolution plan, treating it as an existing asset. The tribunal held that since the lease was terminated before CIRP initiation, Section 14 moratorium provisions were inapplicable. The RP's conduct was deemed unbecoming for justifying suspended management's fraudulent actions and failing to verify asset ownership. The resolution plan based on non-existent land rights was invalid, and the adjudicating authority's findings were upheld. Case-Laws IBC Wed, 01 May 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=760083