https://www.taxtmi.com/caselaws?id=770757 Mere possession taken by a financial corporation under Section 29 of the State Financial Corporations Act does not extinguish the corporate debtor's ownership where the assets have not been sold or otherwise transferred. In that situation, the corporation is treated only as a lawful custodian for dealing with the assets, and the insolvency resolution process cannot be frustrated by pre-CIRP possession alone. The resolution professional may therefore seek delivery of possession for completion of the CIRP, and the direction to cooperate with the resolution professional is upheld. en-us Tue, 06 May 2025 00:00:00 +0530 Fri, 16 May 2025 08:40:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=770757 Mere possession taken by a financial corporation under Section 29 of the State Financial Corporations Act does not extinguish the corporate debtor's ownership where the assets have not been sold or otherwise transferred. In that situation, the corporation is treated only as a lawful custodian for dealing with the assets, and the insolvency resolution process cannot be frustrated by pre-CIRP possession alone. The resolution professional may therefore seek delivery of possession for completion of the CIRP, and the direction to cooperate with the resolution professional is upheld. Case-Laws IBC Tue, 06 May 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=770757