Development agreement which stood terminated prior to CIRP do not constitute asset of corporate debtor

A A Estates Private Limited Vs Kher Nagar Sukhsadan Co-Operative Housing Society Limited & Ors (Supreme Court of India) Supreme Court held that development right of a defaulting developer do not constitute ‘asset’ or ‘property’ of corporate debtor. Further, since the said development agreement stood terminated prior to initiation of CIRP no subsisting or enforceable right survived in favour of corporate debtor. Facts- Respondent No. 1 Society and Respondent No. 3 Maharashtra Housing & Area Development Authority, had entered into a Lease Deed dated 12.02.1996 in favour of Respo...