Allottees’ Rights must be Preserved in CIRP, RP best Suited to determine Business Operations: NCLAT

Amit Tyagi Vs Indirapuram Habitat Centre Pvt. Ltd. (NCLAT New Delhi) NCLAT held that rights of allottees cannot be affected in the CIRP as their interest is to be appropriately preserved and protected and it further held that The RP, who is running the business of the Corporate Debtor is the best person to take a decision as to what part of the business of the Corporate Debtor can be carried out. The NCLAT’s recent judgment reinforces the protection of allottees’ rights during the Corporate Insolvency Resolution Process (CIRP). In the case of Amit Tyagi Vs Indirapuram Habitat Centr...