Key aspects of the leasehold rights of the Corporate Debtor in ...

Leasehold Rights in Tea Gardens Deemed Intangible Assets Under Insolvency Code; Resolution Professional Granted Control.

August 31, 2024

Case Laws Insolvency and Bankruptcy AT

Key aspects of the leasehold rights of the Corporate Debtor in various tea gardens owned by the State of West Bengal. The NCLAT held that the leasehold rights are intangible assets covered u/s 18(f) of the IBC, empowering the Resolution Professional to take control. The renewals of leases for Kilcott, Garganda, and Bagrakote Tea Estates were deemed valid despite non-payment of Salami, as the renewed lease deeds mentioned Salami but did not specify any amount. The NCLAT set aside orders rejecting applications for possession of these three tea estates, holding that the Corporate Debtor had subsisting leasehold rights. However, for other tea estates where leases expired, the State's possession handover to third parties was upheld, except for Kilcott and Bagracote, where post-moratorium possession violated Section 14(1)(d). The NCLAT directed handing over possession of Garganda, Kilcott, and Bagracote Division-I to the Resolution Professional.

View Source

← Previous Next →

Key aspects of the leasehold rights of the Corporate Debtor in ...

Leasehold Rights in Tea Gardens Deemed Intangible Assets Under Insolvency Code; Resolution Professional Granted Control.

August 31, 2024

Case Laws Insolvency and Bankruptcy AT

You may also like:

CIRP - Removal of the Leasehold Land from the pull of Assets of the Corporate Debtor - right to terminate the Lease Deed - the Appellant has never initiated any...

Allowability of depreciation intangible rights/assets - company had purchased Imidachlorpid business on slump sale from a company which is not a related concern u/s...

Non compete right is an "intangible asset" eligible for depreciation - AT

Depreciation on right to collect toll tax on road developed by the Assessee - The Tribunal recognized the right to collect toll on roads developed by the appellant as a...

Depreciation on the asset ‘Right to Collect Toll’ - he benefit of depreciation @25% on the intangible asset designated by the assessee as “Right to Collect Toll” allowed.

Rate of depreciation on intangible asset of licence for running container trains - commercial rights for 20 years - such rights would amount to capital asset - claim of...

Claim of Depreciation on the brands used by assessee - intangible assets - A careful perusal of clause (b) of Explanation 3 extracted hereinabove shows that the...

Depreciation on intangible asset being 'Right to collect toll" (HOT Assets) - the claim of the assessee towards depreciation under Sec.32(1)(ii) in respect of its...

The Appellate Tribunal held that the right to collect toll in a BOT project constitutes an intangible asset, allowing for depreciation u/s 32(1)(ii) of the Act. Citing a...

Disallowance of depreciation u/s 32 - intangible assets - amount paid for non compete fees - non compete fee is not an eligible intangible asset as the words “similar...

Claim of depreciation - Bifurcation of slump price into the value of tangible assets and intangible assets - Ultimately after the slump price has been attributed first...

Levy of GST on Transfer Fee - Assignment of leasehold rights on land - The activity of assignment is in the nature of agreeing to transfer one’s leasehold rights. It...

Depreciation on intangible assets being “business and commercial rights” - payment made by the assessee in the form of compensation for acquiring mining rights in the...

Depreciation on intangible assets being “business and commercial rights” - pecified intangible assets acquired under slump sale agreement were in the nature of “business...

Scope of supply - transfer of leasehold rights in respect of Noida Authority allotted land - The AAR held that, The activity of assignment is in the nature of agreeing...

Quick Updates: