The National Company Law Tribunal (NCLT) Kochi bench of Smt. Madhu Sinha (Technical Member) and Shri. Vinay Goel (Judicial Member) has held that mere possession over assets of the Corporate Debtor under section 13(8) the SARFAESI Act does not confer any title on the Creditor. A title over the property passes to the purchaser only after a valid sale.
The present application has been filed under section 60(5) of the Insolvency and Bankruptcy Code, 2016 (IBC) seeking to recall an order passed on 14.08.2024. It is further prayed that the Resolution Plan submitted by the Respondent No. 1 should also be rejected.
The Applicant submitted that they remained completely unaware of the reinstatement of the Corporate Insolvency…