The National Company Law Tribunal (NCLT), Amaravati Bench, allowed an Interloctory Application (IA) and held that the leasehold rights of land are treated as assets of a company.
The IA was e-filed by the Applicant (Kaspa Venu Gopal) of M/s. Vyashnavi Spices LLP under Section 33(2) of the Insolvency and Bankruptcy Code (IBC), 2016. The facts of the case, in brief, are that a petition for initiation of Corporate Insolvency Resolution Process (CIRP) was filed by Small Industries Development Bank of India under Section 7 of the IBC, read with Rule 6 of the Insolvency and Bankruptcy Rules, 2016.
The Adjudicating Authority directed theCommittee of Creditors (CoC) to file a memo clarifying its legal position with regard to…