Can an asset be kept out of liquidation estate/going concern sale if the said asset is sub-judice before the High Court? – Sun Pharmaceutical Industries Ltd. Vs. Sumit Binani, as Liquidator of Gujarat NRE Coke Ltd. – NCLAT New Delhi

In this appeal, following issues arose for consideration: (i) Whether the title of windmill asset has passed to Appellants is sub-judice before the Calcutta High Court? (ii) Whether the order for keeping the windmill asset out of the liquidation estate is beyond the jurisdiction of Adjudicating Authority? (iii) Whether the Adjudicating Authority has exceeded its jurisdiction in passing an order for allowing the liquidator to implead in Civil Suit No. 39 of 2019 pending before the Calcutta High Court? (iv) Whether the order of corrigendum dated 23.03.2021 is without jurisdiction?

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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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