The NCLAT, New Delhi ruled that admission of personal insolvency proceedings under the IBC without considering a reply on record and submissions advanced violates principles of natural justice and cannot be sustained in law.

The NCLAT, New Delhi ruled that admission of personal insolvency proceedings under the IBC without considering a reply on record and submissions advanced violates principles of natural justice and cannot be sustained in law.

The NCLAT, New Delhi clarified that insolvency proceedings cannot be invoked to enforce contingent or inchoate rights arising from unregistered redevelopment agreements, defective guarantees, or assignments lacking crystallised obligations.

The NCLAT, New Delhi clarified that insolvency proceedings cannot be invoked to enforce contingent or inchoate rights arising from unregistered redevelopment agreements, defective guarantees, or assignments lacking crystallised obligations.

The NCLAT held that leasehold rights vested in a Corporate Debtor constitute intangible assets forming part of the liquidation estate under the IBC and may be validly controlled and sold by the Liquidator despite ownership of land vesting with the lessor.