NCLT Orders Neel-Rattan to Vacate Aabha Industries Premises

NCLT Chandigarh directs Neel-Rattan Enterprises to hand over possession of Aabha Industries' mortgaged factory premises to the Resolution Professional within two weeks.
The tribunal held that execution of a pre-CIRP arbitral award granting possession to Neel-Rattan is hit by the moratorium under Section 14 of the IBC.
The RP's application was deemed maintainable under Section 60(5) of the IBC, as the dispute directly impacts the CIRP and the corporate debtor's asset pool.
The property is a secured asset with a first pari-passu charge in favor of Punjab National Bank, and its possession was critical for the time-bound resolution process.