The principal bench of the National Company Law Appellate Tribunal (NCLAT), New Delhi, has held that an unregistered Agreement to Sell (A2S) does not prevent recognition of asset transfer in the context of Corporate Insolvency Resolution Process (CIRP).
The appeal was filed by Sunder Lal, legal heir of late Babu Lal, challenging the Chandigarh NCLT’s order directing execution of a Sale Deed in favour of Jasrati Education Solutions Ltd., the Successful Resolution Applicant (SRA).
The appellant argued that the A2S signed between Babu Lal and OSN Infrastructure was unregistered, and under the SupremeCourt’s ruling in Suraj Lamps & Industries Pvt. Ltd. v. State of Haryana (2021), such documents cannot confer…