The National Company Law Appellate Tribunal, New Delhi bench of Justice Rakesh Kumar Jain (Judicial Member), Naresh Salecha (Technical Member) and Mr Indevar Pandey (Member) held a liquidator cannot not create sub-leases over public land without adhering to the statutory requirements. It was further held that Section 238 of the Insolvency and Bankruptcy Code, 2016 cannot override a public body’s statutory authority to regulate its properties.
Brief Facts:
The Corporate Insolvency Resolution Process (“CIRP”) was commenced against Narmada Cereal Private Ltd. (“Narmada Cereal/Corporate Debtor”). After the CIRP’s failure, the National Company Law Tribunal, New Delhi (“NCLT”) ordered liquidation against Narmada…
