Termination of Leasehold Rights by GIDC During Moratorium Violates Section 14 of IBC

Divyesh Desai RP of GPT Steel Industries Ltd. Vs Gujarat Industrial Development Corporation Bhuj (NCLAT Delhi) NCLAT Delhi held that lease hold rights are assets of Corporate Debtor hence termination of the same by GIDC is in violation of section 14 of the Insolvency and Bankruptcy Code, 2016. Thus, appeal filed by Resolution Professional deserves to be allowed. Facts- The CIRP against the CD commenced on an application filed u/s. 7 of the Insolvency and Bankruptcy Code, 2016 by an order dated 02.05.2019. The Resolution Professional (“RP”) issued publication inviting the claim from credito...