Third-party land sellers to Corporate Debtors not covered under Section 66 of IBC

Jakson Limited Vs Three C Universal Developers Pvt Ltd (NCLT Delhi) NCLT Delhi held that third persons such as the Applicants who sold their land to the Corporate Debtor, cannot said to be falling within the ambit of expression “any persons who were knowingly parties to the carrying on the business of the Corporate Debtor” as used in Section 66 of the Insolvency and Bankruptcy Code. Facts- The application was preferred under Section 9 of IBC, 2016 by M/s Jakson Limited (Operational Creditor) against M/s Three C Universal Developers Private Limited (Corporate Debtor) and this Tribunal in te...