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ARTICLE · 09 DECEMBER 2019

Birbal's Update - September 2019

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The NCLAT has observed that it is the duty of the Interim Resolution Professional to take control and custody of all the assets that the Corporate Debtor has ownership right even if it is situated outside India.

IndiaInsolvency/Bankruptcy/Re-Structuring
Hammurabi & Solomon
Hammurabi & Solomon

KEY UPDATES

Recent Judgements

Cross-border Insolvency - Control and custody of assets of the Corporate Debtor outside India can be taken by the Resolution Professional only with an approved arrangement with the foreign insolvency court appointed Administrator of the Corporate Debtor.

Jet Airways(India) Ltd. (Offshore Regional Hub/office), Holland Vs. State Bank of India & Anr.

[C.A.(AT)(Insolvency) No. 707 of 2019]

The Hon'ble National Company Law Appellate Tribunal (NCLAT hereinafter) has observed that it is the duty of the Interim Resolution Professional to take control and custody of all the assets that the Corporate Debtor has ownership right even if it is situated outside India.

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