The National Company Law Tribunal (NCLT) in Mumbai has recently held that a tenant’s continued occupation of a corporate debtor’s property after expiry of its arrangement cannot defeat the objectives of the corporate insolvency resolution process (CIRP) or obstruct implementation of an approved resolution plan.
The tribunal directed Countertops and Cabinets (India) Pvt Ltd to hand over possession of a Jaipur property owned by Krystal Stone Exports Ltd within 15 days.
A Bench of Judicial Member Sushil Mahadeorao Kochey and Technical Member Prabhat Kumar passed the order on an application filed by Resolution Professional Suman Kumar Verma.
He had sought recovery of possession of the land and building situated at RIICO Industrial Area,…