West Bengal Housing Infrastructure Development Corporation Ltd. Vs Kshitiz Chhawchharia (NCLAT Delhi)
NCLAT Delhi held that the leasehold rights with regard to the leased property are the assets of the Corporate Debtor. Accordingly, liquidator has not committed any illegality in including the demised leased land in the Liquidation Estate of the Corporate Debtor. Thus, appeal dismissed.
Facts- The appellant is Government of West Bengal company and a Planning Authority appointed by the state government with a mandate to provide larger supply of developed land for development of New Town, Kolkata. The state government after acquiring a large chunk of land came into the ownership and possession of the said and with the object of creating New Town Kolkata and had developed the said land.
Instant appeal has been filed by the appellant West Bengal Housing Infrastructure Development Corporation Limited under section 61 of the Insolvency and Bankruptcy Code, 2016 read with rule 11 of the National Company Law Appellate Tribunal Rules 2016 against the impugned order of date 30.08.2024 passed by the National Company Law Tribunal Court No. II Kolkata Bench.
Conclusion- Held that the leasehold rights with regard to the leased property are also the assets of the Company in favour of which these lease hold rights have been created by the owner or transferred and these rights could very well be enjoyed and may also be transferred and has been validly transferred to the CSPL/CD by the CIL by virtue of duly approved merger/amalgamation scheme.
