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Money would be treated as asset when it returned by holding company to corporate debtor: NCLT

March 7, 2020[2020] 115 88 (NCLT - New Delhi)

IBC : Part of money passed to holding company by corporate debtor, when returned would be asset of corporate debtor and had to be utilized to fulfil obligations owed to its creditors

IBC : There is no provision in code under which bid of any resolution applicant is to be matched with liquidation value of corporate debtor in liquidation

IBC : For sake of viability and feasibility of resolution plan, it was modified by holding that resolution applicant would pay to dissenting financial creditor an amount which financial creditor was entitled to receive under section 53

IBC : Where development authority allotted land to corporate debtor, a infrastructure company, as per concession agreement which was based on statute created by State Government, any violation of terms and conditions of concession agreement would be in violation of law in force as contemplated under section 30(2)

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