NCLT Dismisses SVP Textiles Property Exclusion Request

NCLT Mumbai dismissed an application by Ms. Usha seeking exclusion of industrial land from SVP Textiles' CIRP assets.
The applicant had paid full consideration in a SARFAESI auction, but a DRT stay prevented issuance of the sale certificate.
The tribunal ruled ownership remained with the corporate debtor as the sale was incomplete without a certificate.
The property forms part of the insolvency estate due to the CIRP moratorium overriding SARFAESI proceedings.