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2020 (2) TMI 1566 - Tri - Insolvency and BankruptcyRestraint on respondent from disturbing the possession of the RP in properties mentioned in MOU - assignment of development rights of the properties to the corporate debtor - HELD THAT:- Till admission of the corporate debtor in CIRP, MOU dated 24.01.2008 was not cancelled /revoked by the respondents. Hence, the corporate debtor remained in possession of the properties for the purpose of their development. Upon corporate debtor's admission in CIRP, RP came in possession therein by virtue of statutory provisions under the Insolvency & Bankruptcy Code, 2016. Hence, respondents cannot disturb / obstruct RP's possession in those properties. Corporate Debtor is having development rights of the properties. It is intangible assets of the corporate debtor. RP holds same development rights relating to those properties. He has to proceed with the CIRP of the corporate debtor and invite resolution plan on the basis of those rights. The respondents cannot obstruct his possession and activities in any manner. The respondents (or any other person acting through them) shall not obstruct RP's possession and his activities relating to CIRP of the corporate debtor, until further orders, failing which the local police are directed to give every assistance to the RP for completion of CIRP of the corporate debtor effectively - Application disposed off.
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