Resolution Professional can take Control Of Corporate Debtor’s Rights In Assets Licensed To Third Parties: SC

Victory Iron Works Ltd. Vs Jitendra Lohia (Supreme Court of India) The main ground of attack of the appellants to the impugned orders of the NCLT and NCLAT is that by virtue of the Explanation under Section 18 of the Code and also by virtue of the judicial pronouncements, the disputes between the Corporate Debtor and the third-party lessee/licensee are not amenable to the jurisdiction of the authorities under the Code. But as rightly pointed out by the learned counsel for the Resolution Professional, the Explanation under Section 18 begins with a caveat namely “for the purposes of this Secti...