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Mar 31, 2023

NCLAT Rules that Assets of Subsidiary Company Cannot be Dealt with in CIRP of Holding Company

In Greater Noida Industrial Development Authority v. Roma Unicon Designex Consortium[1], the NCLAT, New Delhi, following the settled principle of law that the holding company and subsidiary company have separate legal status, held that the assets of the subsidiary company cannot be dealt with in the CIRP of the holding company.

[1]Greater Noida Industrial Development Authority v. Roma Unicon Designex Consortium, Company Appeal (AT)(Insolvency) No. 180 of 2022.

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These are the views and opinions of the author(s) and do not necessarily reflect the views of the Firm. This article is intended for general information only and does not constitute legal or other advice and you acknowledge that there is no relationship (implied, legal or fiduciary) between you and the author/AZB. AZB does not claim that the article's content or information is accurate, correct or complete, and disclaims all liability for any loss or damage caused through error or omission.

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