In Brief
A joint venture company (Guru Ashish Construction) was appointed as developer under a joint development agreement with MHADA to redevelop residential property. When the developer defaulted on a bank loan and insolvency was admitted, MHADA sought to terminate the agreement and recover possession. The Supreme Court held that Section 14(1)(d) of the Insolvency Code, which prohibits recovery of property 'occupied by' a corporate debtor, protects actual physical occupation, not mere legal possession. The developer's license to enter, demolish, and construct on the land constituted 'occupation.' The Court applied the principle that 'occupied by' applies to owners' recovery while 'in possession of' applies to lessors, interpreting different words as carrying different meanings. The moratorium therefore barred MHADA's recovery during the insolvency process.
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