NCLAT Upholds NCLT Order in Morpheus Bluebell Insolvency

The National Company Law Appellate Tribunal (NCLAT) dismissed an appeal by SGN Universal Construction, upholding the NCLT's order to admit Morpheus Prodevelopers into insolvency, including Tower 5 in the corporate debtor's assets.
The tribunal held that the Interim Resolution Professional takes control of all assets, including Tower 5, and any claims regarding Tower 5 must be filed with the Resolution Professional.
The NCLAT clarified that the NCLT's observations on the Development Rights Agreement were prima facie and did not decide the merits of the dispute over Tower 5.