Apartment Owners Association's Right to Take Over Maintenance from Corporate Debtor's Agency Upheld Under IBC Section 60(5)(c)

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....In this NCLAT decision, the Tribunal affirmed its jurisdiction under IBC Section 60(5)(c) to adjudicate maintenance disputes during CIRP. The case involved Supernova Apartment Owners Association seeking to take over maintenance from YG Estates, an agency appointed by the corporate debtor. The Tribunal ruled that since CIRP had commenced against the corporate debtor, all assets including the Supernova project fell under IRP supervision. The registered association under the UP Apartment Act 2010 has statutory rights to assume maintenance responsibilities. YG Estates, merely an agency of the corporate debtor, cannot resist handover to a properly registered association. The NCLAT directed YG Estates to transfer maintenance to the association within seven days.....