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TMI Blog2019 (8) TMI 529X X X X Extracts X X X X X X X X Extracts X X X X ..... includes the assets that may or may not be in possession of the Corporate Debtor as apparent from clause (f) (ii) of Section 18 - from Section 18, it is clear that the term assets do not include the assets owned by a third party in possession of the Corporate Debtor . It is not the case of the Appellant that the title of the assets has already been transferred or they have sold the assets in terms of Section 13(4) of the SARFAESI Act, 2002 . It is also not the case of the Appellant that the assets owned by a third party is in possession of the Corporate Debtor in terms of Section 18, as it is the duty of the Interim Resolution Professional to take control and custody of any asset over which the Corporate Debtor has ownershi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... udicating Authority (National Company Law Tribunal), Mumbai Bench, Mumbai, in the matter of State Bank of India Vs. Calyx Chemicals Pharmaceuticals Ltd. , whereby the Adjudicating Authority directed the Dena Bank to handover the possession of the mortgaged property in question. 2. In the Corporate Insolvency Resolution Process against Calyx Chemicals Pharmaceuticals Ltd. , Dena Bank filed an application for interim order to restrain the Interim Resolution Professional from demanding the custody of the property, as referred below: DESCRIPTION OF THE PROPERTIES MORTGAGED Address of the Property/ security 1. Gala No.2 on the Ground Flo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r Section 13(4) of the said Act for taking over the possession. Physical possession was taken over on 13th September, 2017, is an undisputed fact. 5. It was pleaded that the Resolution Professional was putting pressure to hand over the physical possession back to him, although the Corporate Debtor on whose behalf the Resolution Professional is commencing Insolvency Proceedings had already ceased to be the owner of the said property having no physical control on the said property. 6. The Moratorium had commenced on admission of the case w.e.f. 6th February, 2018 pursuant to an application moved by the State Bank of India under Section 7 of the I B Code . It was in this background, it was pleaded by ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ch reads as follows: 18. Duties of interim resolution professional. - The interim resolution professional shall perform the following duties, namely:- (a) collect all information relating to the assets, finances and operations of the corporate debtor for determining the financial position of the corporate debtor, including information relating to- (i) business operations for the previous two years; (ii) financial and operational payments for the previous two years; (iii) list of assets and liabilities as on the initiation date; and (iv) such other matters as may be specified; (b) receive and collat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... m assets shall not include the following, namely:- (a) assets owned by a third party in possession of the corporate debtor held under trust or under contractual arrangements including bailment; (b) assets of any Indian or foreign subsidiary of the corporate debtor; and (c) such other assets as may be notified by the Central Government in consultation with any financial sector regulator. 12. From the explanation below Section 18, it is clear that the term assets do not include the assets owned by a third party in possession of the Corporate Debtor . 13. It is not the case of the Appellant that the title of the assets has already been transferred or t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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