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 owned by the Corporate Debtor, and filing an application before the Adjudicating Authority under Section 60(5) of the Code for this purpose is permissible.
Brief Facts:
On application filed under Section 7 by M/s. Assets Care and Reconstruction Enterprise Pvt. Ltd., Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor- Rajesh…
