NCLT orders return of leased assets

The NCLT, Ahmedabad, has directed a lessee to hand over 124 electric vehicles belonging to the corporate debtor to the Resolution Professional, holding that preservation and recovery of the corporate debtor's assets is a statutory obligation under the Insolvency and Bankruptcy Code. However, the Tribunal declined to adjudicate disputed lease rentals and contractual damages under Section 60(5), leaving those claims to be pursued before the appropriate forum.