Alpha & Omega Diagnostics (India) Ltd Vs. Asset Reconstruction Co of India Ltd (T.C.P. No. 1117/I&BP/NCLT/MB/MAH/2017) - Synopsis
Team SoOLEGAL 13 May 2021
In this case, Alpha & Omega Diagnostics (India) Ltd Vs. Asset Reconstruction Co of India Ltd (T.C.P. No. 1117/I&BP/NCLT/MB/MAH/2017), the Corporate Debtor had filed an application before the NCLT Mumbai Bench under Section 10 of the Insolvency Bankruptcy Code, 2016. According to the first petitioner, The Learned Chief Metropolitan Magistrate appointed a Court Commissioner to take possession of the flats through Order (supra) dated 11.04.2017. The admitted position was that the Flats in question did not belong to the corporate Debtor. These flats were not represented in the Corporate Debtor's balance sheet. It was also shown by the documents annexed that the personal properties of the Promoters were provided to the banks as security.

The main issue in this case was that whether a property that is not ‘owned' by a Corporate Debtor was subject to the Moratorium. The Moratorium would prevent any action against the assets listed on the Corporate Debtor's Balance Sheet. The SARFAESI Act may be subject to moratorium if the action is to foreclose, restore, or establish any interest in property belonging to or held by a Corporate Debtor otherwise, it is not. The Application under Section 10 of the Code was admitted.

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