Liquidator under IBC does not create Sub Leases Over Public Land without Adhering to Statutory Requirements: NCLAT

The NCLAT ruled that the liquidator under the Insolvency and Bankruptcy Code (IBC) cannot create sub-leases over public land without following statutory requirements. The case involved the liquidation process of a company, and the liquidator sought to grant sub-leases on land that was part of public property. The tribunal emphasized that such actions require compliance with legal and statutory norms, especially when public land is involved. The ruling protects public interest and upholds the regulatory framework that governs the disposal of public property during corporate liquidation processes.