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Resolution profession required to repossess shares held in any subsidiaries of Corporate Debtor
Case Law Details
- Case Name
- Rupinder Singh Gill Vs Three C Universal Developers Private Limited (NCLAT Delhi)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Courts
- NCLAT
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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...
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