Argus Partners successfully represented the Liquidator for M/s Concast Steel and Power Ltd. before the National Company Law Appellate Tribunal in a significant judgment addressing the inclusion of leasehold rights in a corporate debt

We are pleased to announce that Argus Partners successfully represented the Liquidator for M/s Concast Steel and Power Ltd. before the National Company Law Appellate Tribunal (NCLAT) in a significant judgment addressing the inclusion of leasehold rights in a Corporate Debtor’s liquidation estate. The Tribunal dismissed the appeal filed by West Bengal Housing Infrastructure Development Corporation Ltd., holding that leasehold rights transferred through an approved amalgamation scheme constitute intangible assets of the Corporate Debtor and can be included in the liquidation estate. The judgment clarified that NCLT/NCLAT possess jurisdiction to determine whether assets form part of the liquidation estate, that implied consent can be inferred from conduct and correspondence, and that the bar under Section 36(4)(a)(iv) does not apply to leasehold rights owned by the Corporate Debtor.

The Liquidator was represented by Soorjya Ganguli and Pooja Chakrabarti [Partners], Kiran Sharma [Principal Associate (Designate)], and Anand Amit [Associate].