Does Section 14(1)(d) of IBC permit RP or CoC in its commercial wisdom to handover possession of a property (lease property) belonging to the 3rd party in possession of Corporate Debtor? – Chandrakant Khemk Vs. Santanu Bhattacharjee, RP of Nandini Impex Pvt. Ltd. and Ors. – NCLAT New Delhi

In this judgment, the Hon’ble NCLAT clarifies following issues: A. Whether the application of the appellant is maintainable B. Was there final decision of the CoC with proper voting, with regard to vacation of the registered office of the Corporate Debtor. C. No exceptions from the Section 14(1)(d). D. Whether CoC or RP can take a decision to hand over the property in possession of Corporate Debtor to third parties. E. Where there is a prohibition on recovery of property under Section 14(1)(d), Can the owner/lessors even file an application before the AA for recovery of such property? F. Section 18 is not connected to Section 14(1)(d) in any manner. G. Section 14(1)(d) does not seem to provide discretion to AA.

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If any Public depositor applies showing due of the debt claiming itself as operational creditor and the Resolution Professional or the Tribunal do not accept the claim on the ground that they are not financial creditor, we allow the appellant to raise the question before the Tribunal and if any adverse decision is given by the Tribunal, it will be open to the appellant to raise the issue before NCLAT- Hind Motors India Ltd. Vs. Adjudicating Authority NCLT, Chandigarh – NCLAT New Delhi

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