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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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