No bar on asset transfer in CIRP even if there was unregistered ‘Agreement to Sell’: NCLAT Delhi

Late Babu Lal Vs Jasrati Education Solutions Limited (NCLAT Delhi) Conclusion: An unregistered Agreement to Sell (A2S) did not prevent recognition of asset transfer in the context of Corporate Insolvency Resolution Process (CIRP) as once consideration was paid and possession transferred, the sellers’ rights ended, and the Corporate Debtor acquired enforceable interests. Held: In the instant case, appeal was filed by Sunder Lal, legal heir of late Babu Lal, challenging the order directing execution of a Sale Deed in favour of Jasrati Education Solutions Ltd., the Successful Resolution Applica...