Trust is included in definition of ‘person’ hence can be a ‘resolution applicant’

Aswathi Agencies Vs Bijoy Prabhakaran Pulipra (NCLAT Chennai)

NCLAT Chennai held that the word `Person’, is defined as per Section 3 (23)(d) of the I & B Code, which includes a `Trust’, therefore, there is no `Fetter’ / `Embargo’ or a `Legal Impediment’, for a `Trust’, to be a `Resolution Applicant’, in submitting a `Resolution Plan’

Facts-

A Corporate Debtor (PVS Memorial Hospital Private Limited) was admitted into Corporate Insolvency Resolution Process (CIRP) by the Adjudicating Authority.

A Successful Resolution Application (M/s. Lissie Medical Institutions) is a medical institution and a Registered Charitable Trust under the Indian Trust Act, 1882. The resolution plan so submitted by the Successful Resolution Applicant was approved by the Committee of Creditors and later on approved by Adjudicating Authority.

Please become a Premium member. If you are already a Premium member, login here to access the full content.