Termination of contracts grounded in pre-CIRP breaches and performance deficiencies is not protected by the moratorium under Section 14 IBC and falls outside NCLT’s residuary jurisdiction.

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 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.