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2022 (10) TMI 932 - AT - Insolvency and BankruptcyDirection to hand over the vehicle i.e. Mercedes Benz GL 350 CDI EXE, Chassis No. WDC 1668236M007698 Engine No. 64282641701034 with Registration No. HR26CQ0196 within a week to the Resolution Professional - vehicle was taken on loan, and claim of bank is admitted by Resolution Professional - HELD THAT - In view of the admitted facts that the vehicle in question was taken on loan granted by HDFC Bank - Respondent No. 1 by Corporate Debtor - Homestead Infrastructure Development Pvt. Ltd. and said vehicle used by the Appellant and further taking into fact that the loan amounting of Rs. 25,84,123/- has not been paid and the claim of the Bank - Respondent No. 1 which is admitted by the Resolution Professional - Respondent No. 2, therefore, the Adjudicating Authority has rightly passed the impugned order. The impugned order passed by the Adjudicating Authority (National Company Law Tribunal, New Delhi, Court-II) is hereby affirmed - Appeal dismissed.
Issues Involved:
1. Dispute over possession of a vehicle between the Appellant and Respondent No. 1. 2. Legal rights and obligations regarding the ownership of the vehicle. 3. Application of the Insolvency and Bankruptcy Code, 2016 in the case. Issue 1: Dispute over Possession of a Vehicle The case involved a dispute over the possession of a Mercedes Benz GL 350 CDI EXE between the Appellant and Respondent No. 1, HDFC Bank. The Adjudicating Authority directed the Appellant to hand over the vehicle to the Resolution Professional due to pending insolvency proceedings against the Corporate Debtor, who had not paid the loan installments to HDFC Bank. Issue 2: Legal Rights and Obligations The Appellant claimed ownership of the vehicle based on an Agreement dated 28.07.2015 and argued that the Adjudicating Authority's order was illegal and against natural justice. The Appellant cited a judgment by the Punjab and Haryana High Court regarding the transfer of ownership in the registration certificate of a vehicle under the Sale of Goods Act, emphasizing that the impugned order should be set aside. Issue 3: Application of Insolvency and Bankruptcy Code The Resolution Professional, Respondent No. 2, asserted that the vehicle was registered in the name of the Corporate Debtor and that HDFC Bank had a hypothecation charge over the vehicle. The Resolution Professional had made efforts to take possession of the vehicle and sought the Appellant to comply with the Adjudicating Authority's order. HDFC Bank supported the Resolution Professional's claim, stating that the loan amount had not been fully paid by the Corporate Debtor. Findings: The Tribunal affirmed the Adjudicating Authority's order, considering the loan amount owed to HDFC Bank and the Resolution Professional's admission of the bank's claim. The judgment upheld the decision to hand over the vehicle to the Resolution Professional, dismissing the Appeal and directing the Registry to upload the judgment on the Tribunal's website. This detailed analysis covers the issues of the dispute, legal rights and obligations, and the application of the Insolvency and Bankruptcy Code in the judgment delivered by the National Company Law Appellate Tribunal, Principal Bench, New Delhi.
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