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Undisclosed Related Party MoU Cannot Justify Continued Occupation of Corporate Debtor’s Hotel Property During CIRP: NCLAT
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Undisclosed Related Party MoU Cannot Justify Continued Occupation of Corporate Debtor’s Hotel Property During CIRP: NCLAT
The National Company Law Appellate Tribunal (NCLAT), New Delhi, has upheld the eviction of the promoter family from a five-star hotel owned by the corporate debtor and held that an undisclosed related-party Memorandum of Understanding (MoU) and an arbitral award could not justify continued occupation of the company’s property during the Corporate Insolvency Resolution Process (CIRP). The dispute arose after the Resolution Professional (RP) sough…
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