Disputed Property to Remain Part of Corporate Debtor’s Assets During CIRP: NCLAT

Bhagawant Narayan Naik Vs Ritesh R. Mahajan (NCLAT Chennai) NCLAT Chennai held that rejection of application justified since disputed property claimed by the appellant will remain part of Corporate Debtor assets during Corporate Insolvency Resolution Process [CIRP] proceedings. Facts- The Appellant is a third party to the Corporate Insolvency Resolution Process (CIRP) proceedings which was conducted in relation to the Corporate Debtor M/s. Sovereign Industries Limited. The Appellant contends and claims that he is the owner of the land in dispute and has been in continuous possession of the sam...