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Sec.238 of IBC cannot override ‘Municipal Corporation of Greater Mumbai’s right in its properties: SC

November 25, 2019[2019] 111 405 (SC)/[2020] 157 SCL 477 (SC)

IBC: Where corporate debtor had taken land on lease from Municipal Corporation of Greater Mumbai (MCGM) for construction of hospital but insolvency proceedings against corporate debtor had been initiated and resolution plan was approved, section 238 cannot override MCGM's right in its properties and, therefore, adjudicating authority could not have overridden MCGM's objections and enabled creation of a fresh interest in respect of properties and lands of MCGM
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