In the matter of Basukinath Food Processors Ltd. [I.a. (Ib) No. 204 & 1144-KB-2022 in C.P. (Ib) No. 1674-KB-2019]
Case brief
What is this about?
The Tribunal allowed applications directed at the Resolution Professional and West Bengal Industrial Development Corporation. It held that despite possession under the SFC Act, ownership remained with the corporate debtor. Consequently, the Resolution Professional was directed to take custody of assets and the creditor was admitted to the Committee of Creditors.
What did the court decide?
The appellant WBIDC directed to hand over possession of the factory to the Resolution Professional within 15 days. The Resolution Professional directed to admit WBIDC's claim and include them in the C