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2019 (2) TMI 603 - AT - Insolvency and BankruptcyApplying ‘Moratorium’ in terms of Section 14(1)(d) of I&B Code on the land of ‘Maharashtra Housing and Area Development Authority’ - asset of the ‘Corporate Debtor’ for application of provisions of Section 14(1) (d) of the ‘I&B Code’ - land in question originally belonged to ‘Bombay Housing & Area Development Board’, which was vested in the ‘Maharashtra Housing and Area Development Authority’ in the year 1966 pursuant to ‘Maharashtra Housing and Area Development Authority Act, 1966’ with all rights, liabilities and obligations Held that:- On perusal of record, we find that pursuant to the ‘Joint Development Agreement’ the land of the ‘Maharashtra Housing and Area Development Authority’ was handed over to the ‘Corporate Debtor’ and ‘except for development work’ the ‘Corporate Debtor’ has not accrued any right over the land in question. The land belongs to the ‘Maharashtra Housing and Area Development Authority’ which has not formally transferred it in favour of the ‘Corporate Debtor’. Hence, it cannot be treated to be the asset of the ‘Corporate Debtor’ for application of provisions of Section 14(1) (d) of the ‘I&B Code’. This apart, as we find that 270 days’ period has already lapsed on 19th April, 2018 and the period of ‘Moratorium’ in any case come to an end, the question raised has become academic. We find no merit in this appeal. It is accordingly dismissed.
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