The Supreme Court has dismissed an appeal filed by a developer, which is undergoing corporate insolvency resolution, challenging a Bombay High Court order that permitted a housing society to appoint a new developer for a slum redevelopment project.
The bench of Justices J.B. Pardiwala and R. Mahadevan held that redevelopment rights under a development agreement do not constitute “assets” under the Insolvency and Bankruptcy Code (IBC) if the agreement was lawfully terminated before the insolvency proceedings began.
A A Estates Private Limited , the Appellant No. 1 is the Corporate Debtor, which is presently undergoing Corporate Insolvency Resolution Process under the provisions of the Insolvency and Bankruptcy…