SIDBI can’t take Possession of Corporate Debtor’s Assets Which are not Subject Matter of Litigation to Facilitate Corporate Insolvency Resolution Process: NCLT

SIDBI - Corporate - Assets - Facilitate - Corporate - Insolvency - Resolution - Process - NCLT - TAXSCAN

The National Company Law Tribunal (NCLT) of Chandigarh Bench held thatthe Small Industries Development Bank of India (SIDBI), the financial creditorcan’t take Possession of Corporate Debtor’s Assets Which Are not Subject Matter Of Litigation To Facilitate The Corporate Insolvency Resolution Process. The present application has been filed by Resolution Professional seeking direction against respondent to…

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