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Interim Resolution Professional Is Empowered To Take Possession Of Assets Owned By Corporate Debtor: NCLAT

The National Company Law Appellate Tribunal (NCLAT) New Delhi bench of Justice Ashok Bhushan (Judicial Member), Mr. Barun Mitra (Technical Member) and Mr. Arun Baroka (Technical Member) has held that Interim Resolution Professional (IRP) is well within his authority under Section 18(1)(f) of the Insolvency and Bankruptcy Code, 2016 (Code) to take possession of assets…

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Christchurch modular home builder in liquidation

Christchurch modular housing company Shape Construction has gone under, owing more than $1 million to creditors and leaving homes unfinished. The company went into liquidation on May 2 with Brenton Hunt of Insolvency Matters appointed as the liquidator by the company director. Shape Construction, which began operating in 2012, ceased trading in April. In the…