IBC | CIRP Of Holding Company Cannot Include Subsidiary’s Assets: Supreme Court
Case no. – Civil Appeal No. 4565 of 2021
Case Title – BRS Ventures Investments Ltd. v. SREI Infrastructure Finance Ltd. & Anr.
The Supreme Court on Monday (July 23) held that a holding company is not the owner of its subsidiary’s assets and thus, subsidiary assets cannot be included in the holding company’s resolution plan.
A bench of Justice Abhay Oka and Justice Pankaj Mithal dismissed an appeal filed by a Successful Resolution Applicant of a Corporate Guarantor against NCLT’s decision to admit Financial Creditor’s application for recovery of balance amount from the Corporate Debtor.
The Corporate Debtor in this case was a …