Sale Deeds were executed by the Corporate Debtor prior to CIRP cannot be cancelled during the CIRP – Yes Bank Ltd. Vs. Suresh Kumar Jain & Ors. – NCLAT New Delhi
The CIRP against the Corporate Debtor was initiated by order dated 19.09.2019 on Section 7 Application filed by a Financial Creditor. The Sale Deeds which were sought to be cancelled were executed by the Corporate Debtor prior to the CIRP. NCLAT held that we are of the view that there was no occasion to cancel the Sale Deed in the application which was filed by the Resolution Professional under Section 60(5) r/w Section 25, 68, 14, 231 & 238 and the Adjudicating Authority has rightly rejected the Application.
