Development Rights were covered under definition of “Property” u/s 3(27) of IBC

Nilesh Sharma Resolution Professional – Today Homes and Infrastructure Pvt. Ltd. Vs Mordhwaj Singh & Ors. (NCLAT Delhi) Conclusion: Adjudicating Authority had committed an error in observing that issue i.e., Rights of the Development which was claimed by the Corporate Debtor were to be decided by the Civil Court was wholly erroneous and against the Scheme of the IBC. Development Rights created in favour of the corporate debtor constituted “property” within the meaning of the expression under Section 3(27) IBC and the same could be claimed by a Developer in assets. Held: Appellant...