2020 (3) TMI 1467 - AT - Insolvency and Bankruptcy

Restraint on Appellants from transferring, alienating or creating any charge on the property - seeking direction to Appellants to handover the vacant and peaceful possession of the property to the Liquidator within 15 days - HELD THAT - Till passing of the order (in C.A No. 266 of 2020 dated 07.01.2020) by the Adjudicating Authority taking the possession of the aforesaid property by the Liquidator is hereby stayed. Appeal disposed off.

Summary

Issues:
Property attachment and public auction order challenged by Appellant, application for modification of order pending before Adjudicating Authority, stay sought on possession handover order, direction for Liquidator to halt proceedings, disposal of Appeal without costs, Appellant's liberty to challenge future orders.

Analysis:
The Appellant challenged the Adjudicating Authority's order attaching a property in Noida and directing the Liquidator to proceed with a public auction. Subsequently, the Liquidator issued a notice restraining the Appellants from dealing with the property. The Appellants filed an application for modification of the order, which is pending before the Adjudicating Authority as of the judgment date. The Appellant requested a stay on the possession handover order until the Adjudicating Authority's decision on the modification application. The Tribunal granted the stay, emphasizing that it does not influence the Adjudicating Authority's final decision. The Liquidator was directed to halt any further actions based on the original order.

The Tribunal disposed of the Appeal without imposing any costs on either party. The Appellant was granted the liberty to challenge any future orders passed by the Adjudicating Authority regarding the property in question. This comprehensive analysis covers the issues of property attachment, modification application, possession handover order, stay granted, Liquidator's direction, disposal of Appeal, and Appellant's right to challenge future orders, as outlined in the judgment by the National Company Law Appellate Tribunal, New Delhi.