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2022 (8) TMI 708 - Tri - Insolvency and BankruptcySeeking extension of liquidation period by one year - HELD THAT - Six months extension of the liquidation period is granted. The Liquidator shall complete the liquidation process within the extended period and file an application for dissolution of the Corporate Debtor. Seeking return of original Title Deeds of the property, more fully and particularly, described in the Application from the Debenture Trustees - seeking declaration that the Trust Deeds and the Deed of Mortgages, more fully and particularly, described in the Application and the prayers be declared null and void - HELD THAT - In view of the facts that the original Title Deeds in respect of the several properties of the Company in Liquidation are not traceable or found, this Hon'ble Tribunal thinks it fit to pass the following orders - The Liquidator shall make a paper publication informing the public that the original Title Deeds of the properties of the Company in Liquidation are untraceable and the certified copy obtained by the Liquidator of those properties shall be deemed to be the original Title Deeds - The Liquidator shall apply in the Office of the concerned Registrar of Assurances and obtain authenticated certified copy of each of Conveyance Deeds of the properties of the Company in Liquidation . Such Application for seeking copy of an authenticated certified copy of the Conveyance Deeds shall be made by the Liquidator by making specific reference to the order passed by this Tribunal. Application allowed.
Issues: Extension of liquidation period, Return of original Title Deeds, Declaration of Trust Deeds and Mortgages as null and void, Sale of properties of the Company in Liquidation.
Extension of Liquidation Period: The Tribunal, in response to an application by the Liquidator seeking an extension of the liquidation period by one year, granted a six-month extension instead. The Liquidator was directed to complete the liquidation process within the extended period and file an application for the dissolution of the Corporate Debtor. The application for extension was disposed of accordingly. Return of Original Title Deeds: The Liquidator filed an application seeking the return of original Title Deeds of properties from the Debenture Trustees and a declaration that Trust Deeds and Deed of Mortgages be declared null and void. Despite attempts to serve the application on all respondents, only a few responded. The Liquidator highlighted the unavailability of original Title Deeds hindering property sales. The Tribunal noted the importance of selling assets promptly for maximum value realization. As the original Title Deeds were untraceable, the Tribunal ordered that certified copies be deemed as originals and directed specific actions regarding Conveyance Deeds and Trust Deeds. The Liquidator was permitted to sell the properties of the Company in Liquidation in compliance with relevant provisions. Declaration of Trust Deeds and Mortgages as Null and Void: The Tribunal declared Trust Deeds and Mortgages null and void, emphasizing the need for prompt liquidation of assets. The Liquidator was instructed to communicate this order to the Registrar of Companies for the removal of existing charges promptly. The Liquidator was also directed to ensure strict compliance with the IBC Code while selling the properties. Sale of Properties of the Company in Liquidation: The Liquidator was granted permission to sell the properties of the Company in Liquidation in accordance with the IBC Code, ensuring strict compliance with relevant provisions. The Tribunal allowed the application to the extent indicated in the order, with specific directions for further actions and compliance. The application was disposed of with the provided directions, and the main CP was listed for filing a Periodical Progress Report on a specified date. The judgment addressed crucial issues such as the extension of the liquidation period, return of original Title Deeds, declaration of Trust Deeds and Mortgages as null and void, and the sale of properties of the Company in Liquidation. It underscored the importance of efficient liquidation processes and compliance with legal provisions to maximize asset realization.
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