Sharma is a 30% shareholder of an insolvent private limited company. He owns a personal apartment and a car registered in his own name, purchased from his personal savings.

When the company goes into liquidation, the liquidator cannot attach or sell Mr. Sharma's personal apartment or car registered in his name and purchased from his personal savings, to recover the company's debts as they are not owned by the corporate debtor unless it is proven that those assets were transferred to him through a fraudulent avoidance transaction. The liquidation estate comprises assets over which the corporate debtor has ownership rights [Section 36(3) of IBC].