The inter-se claims by parties over assets of the corporate debtor cannot be determined by the Adjudicating Authority under the Insolvency and Bankruptcy Code, held the National Company Law Appellate Tribunal.
The NCLAT was dealing with appeals by two companies, who contended that the Resolution Professional had wrongly treated the articles handed over by them to the corporate debtor as its assets. They filed applications under Section 60() IBC before the NCLT to establish their respective claims over the articles. According to them, the articles were given to the corporate debtor for contract work. The corporate debtor held them in the capacity of a bailee, and not as full owner. So, the articles cannot be regarded as the assets of the c…
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