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TMI Blog2019 (7) TMI 10X X X X Extracts X X X X X X X X Extracts X X X X ..... deemed to be a creditor of the Corporate Debtor for the amount of compensation or damages payable in respect of such effect, and maybe paid as a debt in liquidation under Section 53(l)(f). The Respondents are directed to immediately handover the title deed and all concerned paper of the property admeasuring 7.5 cents under survey No. 243/6 to the Liquidator along with power of attorney authorising the sale of the property so that the sale proceeds of whole of property of the Company under liquidation could be appropriated to the account of the Company for being dealt under Section 53 of the IBC, 2016. Application disposed off. - MA/141/2019 In CP/431/(IB)/2018 - - - Dated:- 23-4-2019 - CH MOHD SHARIEF TARIQ, MEMBER (JUDICIAL) For The Applicant : Liquidator in Person For The Respondent : Mr N. G. Durairajan, Counsel ORDER Per : CH MOHD SHARIEF TARIQ, MEMBER (J) 1. Under consideration is MA/141/2019 filed in CP/431/(IB)/CB/2018 by the liquidator with the prayers as follows: i. Pass an order declaring the Scheduled property of 7.5 cents as DISCLAIMED ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and as guarantors to the Financial Creditor), the same has been developed by the Corporate Debtor and is in possession of the Corporate Debtor and thus attract provisions for being declared a disclaimed property under rule 10(1) (a) of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016. The liquidator has further submitted that it is not saleable for the reason that the Corporate Debtor, the possessor thereof, is bound to the performance of the Respondents. 6. The Respondents have filed counter stating therein that the value of the assets of the Liquidation Company may fetch more than 20 crores, which may cover the entire outstanding dues payable to the lenders. The liquidator without proceeding with the sale of the said assets has filed this Application to declare the property of the Respondents as disclaimed. 7. The Respondents have denied the averment that the property in the name of the respondents is disclaimed. The Respondents have submitted that the property does not form part and parcel of the factory premises of the liquidation company/Corporate Debtor and the same is coming under a different Survey Number own ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eon, Section 36 (h) of the IBC 2016 for being treated as part of the liquidation estate. 13. The Liquidator has submitted that he undertakes not to sell the Scheduled Land separately/on a piecemeal basis. The schedule property along with 2.93 acre of liquidation estate land will be sold in one go only. He has further submitted that the Respondents will also be benefitted when it is sold along with the existing Liquidation estate and they will be paid as per the eligibility. As per Regulation 10 (5) of the Liquidation Regulations, the Respondents when affected by the disclaimer under the Regulation shall be deemed to be a creditor of the Corporate Debtor for the amount of compensation or damages payable in respect of such effect, and may accordingly be payable as a debt in liquidation under Section 53(l)(f). 14. The Liquidator has also contended that in the sale deed, nowhere a mention of a Joint family or the source to be of joint family funds have been brought out. Further, no proof of such sources have been listed. Hence the statement that this property is a joint family property, purchased out of the proceeds belonging to their father is not maintai ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... operty i.e., 7.5 cents has been under use and occupation of the Company under liquidation since its purchase by the Promoters/Directors of the Company. In other words the land measuring 7.5 cents is vested with the Company. 19. The Liquidator further contended that the land i.e., 7.5 cents and the compound wall on its north and western boundaries are absolutely essential for the smooth transport and for maintaining even shape and remains an essential requisite to the Corporate Debtor. The aforesaid requirement and need have also been explicitly admitted by the Respondents [the liquidator referred to the recital of the sale deed dated 09.02.2015 quoted above]. 20. The Respondents would contend that the properties does not form part and parcel of the factory premises of the liquidation company/Corporate Debtor and the same is coming under a different Survey Number owned by the Respondents vide sale Deed dated 09.02.2015, registered as Doc. No.485/2015 which can be separately demarcated. The Respondents would further contend that the property held in the name of the Respondents admeasuring 7.5 cents under survey No. 243/6 is joint family property purchase ..... X X X X Extracts X X X X X X X X Extracts X X X X
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