Leasehold Rights in Tea Gardens Deemed Intangible Assets Under Insolvency Code; Resolution Professional Granted Control.

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....Key aspects of the leasehold rights of the Corporate Debtor in various tea gardens owned by the State of West Bengal. The NCLAT held that the leasehold rights are intangible assets covered u/s 18(f) of the IBC, empowering the Resolution Professional to take control. The renewals of leases for Kilcott, Garganda, and Bagrakote Tea Estates were deemed valid despite non-payment of Salami, as the renewed lease deeds mentioned Salami but did not specify any amount. The NCLAT set aside orders rejecting applications for possession of these three tea estates, holding that the Corporate Debtor had subsisting leasehold rights. However, for other tea estates where leases expired, the State's possession handover to third parties was upheld, except for K.........