Aegis Resolution Service Private Limited Vs Slum Rehabilitation Authority (SRA) (NCLT Mumbai)
NCLT Mumbai held that imposition of moratorium u/s. 14 of Insolvency and Bankruptcy Code, 2016 for the acquisition of land by Mumbai Metropolitan Region Development Authority [MMRDA] by no stretch of imagination be extended against large public interest.
Facts- The Respondents i.e. Slum Rehabilitation Authority and MMRDA have initiated steps for acquisition of the land for construction of four-lane tunnel road connecting Thane to Borivali and it is pursuant to the same, the Respondent No. 1 i.e. SRA (Slum Rehabilitation Authority) vide letter dated 08.02.2024 informed the Corporate Debtor that land bearing Survey 264 and 269 of the Project Property owned by Corporate Debtor are required to be handed over to MMRDA. SRA directed the Applicant /RP of the Corporate Debtor to make available the property for the said road project by submitting a ‘No Objection Certificate’ and also an affidavit to the effect of handing over the ownership rights of the acquisitioned property to Respondent No. 2 MMRDA.
The Applicant RP vide order 16.02.2024 informed the Respondent SRA that the Corporate Debtor has been admitted to CIRP vide order dated 03.05.2023 and also informed about the commencement of moratorium upon the assets of Corporate Debtor prohibiting any alienation or recovery of property of the Corporate Debtor during the period of CIRP.
