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TMI Blog2019 (11) TMI 683X X X X Extracts X X X X X X X X Extracts X X X X ..... ya, Chairperson, Justice A.I.S. Cheema, Member (Judicial) And Justice Kanthi Narahari, Member (Technical) For The Appellant : Mr. Abhijeet Sinha, Mr. Arijit Mazumdar, Mr. Shambo Nandy and Mr. Saikat Sarkar, Advocates. For The Respondent : Mr. Sandeep Bajaj, Mr. Soayib Qureshi and Mr. Deepanjan Dutta, Advocates ORDER The Appellant, a 'Financial Creditor' of a related entity of 'Sterling Biotec ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed by the Appellant under Section 13(4) of the 'SARFAESI Act.' 3. The Adjudicating Authority, on hearing the parties, allowed the application filed by the 'Resolution Professional' and directed the Appellant to immediately return the physical possession of the 'B' Wing premises to the 'Resolution Professional' and restrained the Appellant from taking any further action in relation to 'A' Wing pr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 'SARFAESI Act.' 6. According to learned counsel for the Liquidator, the Appellant should not have evicted the employees from the premises, in question, which amounts to obstruction in the matter of keeping the 'Corporate Debtor' as a going concern. It is informed that the Appellant has already handed over the possession of 'B' Wing of Lakshmi Towers and not disturbed 'Corporate Debtor' from the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e 'I&B Code'. If the 'Corporate Debtor' is saved during the liquidation proceeding pursuant to Section 230 of the Companies Act, 2013 or if it is sold to a third party along with the employees then, in such case, one may move before the Competent Court of law for appropriate decision. 10. On the other hand, if action is taken under Section 53 of the 'I&B Code', the Liquidator cannot sell the ass ..... X X X X Extracts X X X X X X X X Extracts X X X X
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