Appeal dismissed; merger validity not reopened, leasehold rights transferred to corporate debtor formed liquidation estate; section 36(4)(a)(iv) inapplicable

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....The appeal is dismissed. NCLAT upheld the adjudicating authority's refusal to revisit the validity of the amalgamation/merger scheme, finding the appellant had impliedly acquiesced and failed to challenge the merger earlier; the moratorium precluded unilateral termination of the lease. The Tribunal held that only leasehold rights (intangible assets) were transferred to the corporate debtor (CD) and thence to the transferee, and such leasehold rights formed part of the liquidation estate. The liquidator lawfully took custody and included those leasehold rights in the liquidation estate; the bar in section 36(4)(a)(iv) was inapplicable on these facts. The IA challenging inclusion was properly dismissed.....