Rupinder Singh Gill Vs Three C Universal Developers Private Limited (NCLAT Delhi)
NCLAT Delhi held that Resolution Professional is required to take control and custody of any assets for which the Corporate Debtor has ownership right including the assets that may or may not be in possession of the Corporate Debtor. Thus, section 18(1) of IBC enables resolution profession to repossess shares held in any subsidiaries of Corporate Debtor.
Facts- The present appeal has been filed by the Appellant i.e. Rupinder Singh Gill under Section 61 of the Insolvency and Bankruptcy Code, 2016 against the Impugned Order dated 07.08.2020 passed by the National Company Law Tribunal, Delhi Bench- II. Three C Universal Developers Pvt. Ltd., which is the Corporate Debtor, is being represented through Resolution Professional and is the Respondent herein.
Conclusion- Held that the Resolution Professional is required to take control and custody of any assets for which the Corporate Debtor has ownership right including the assets that may or may not be in possession of the Corporate Debtor, security is including shares held in any subsidiary of the Corporate Debtor, financial, insurance policy and finally assets subject to the determination of ownership by a court or authority. Thus, Section 18(1)(f)(v) of the Code makes it abundantly clear that it is within the ambit of the Resolution Professional/ Respondent to repossess the shares held in any subsidiaries of the Corporate Debtor. It is not a disputed fact that Hacienda and Challengerz are the subsidiary of the Corporate Debtor and therefore, the Resolution Professional is within the right to take back the share certificate of Hacienda and Challengerz of the Appellant.
