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TMI Blog2020 (11) TMI 245X X X X Extracts X X X X X X X X Extracts X X X X ..... ess so as to reduce the CIRP cost. If one among the members of the CoC is holding possession of secured interest and registered office of the CD, keeping in hand even long after the initiation of CIRP, it is improper and contrary to the provisions of the Code. The submission of the Ld. Counsel for the R1 that the only predicament of the R1 in not allowing the Resolution Professional to get access to the Registered Office of the Corporate Debtor in the absence of any specific order from the Adjudicating Authority because of litigious nature of the Corporate Debtor and its suspended directors is found devoid of any merit. R1 is bound to hand over all the assets in its possession inclusive of the registered office. In view of the facts tha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ks of accounts and all other records of the Corporate Debtor; Order directing State Bank of India to handover to the applicant peaceful physical possession of all assets and properties of the Corporate Debtor that are presently in its possession; Order directing State Bank of India to forthwith disclose to the applicant full details and particulars of the steps taken by it in relation to the assets and properties of the Corporate Debtor, including records of all steps taken under the SARFAESI Act and records of all connected proceedings; 2. So also prayed for issuing directions as against 4th respondent to 6th respondent as follows: Order directing the suspended directors and management and concerned employees of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rectors of the suspended Board of Directors of the Corporate Debtor seeking issuance of orders for handing over peaceful physical possession of assets and properties of the Corporate Debtor that are presently in the possession of R-1, State Bank of India, by virtue of the order passed by the Debt Recovery Tribunal as well as various other reliefs as set out above. 7. It is submitted by the Ld. Counsel Shri Shaunak Mitra, for the RP that before the CIRP, the possession of a Flat of the Corporate Debtor has been taken by the SBI under SARFEASI Act, 2002. The said flat of the Corporate Debtor was ordered to be taken possession of by SBI by Debt Recovery Tribunal. But under Sections 18-25 of IBC, RP has to take possession of such property an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... es and records of the Corporate Debtor for completion of CIRP process. 8. It is also submitted by the Ld. Counsel of the applicant that the Directors of the suspended Board of Directors of the Corporate Debtor are also not cooperating with the Resolution Professional in spite of an affidavit affirmed by one Shri Ankur Agarwal, son of Shri Durga Prasad Agarwal, R-4, seeking exemption from personal appearance on medical grounds and the undertaking given by the Ld. Counsel appearing on behalf of R-4 in a proceeding filed u/s. 19(2) of the Insolvency and Bankruptcy Code, 2016. He referred to Annexure 'F' to the Application and submitted that it reveals the details of the information and documents to be furnished by the R4 to R6. The ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... re in the Registered Office of the Corporate Debtor. No other information is available with the Suspended Board of Directors. The property of the Corporate Debtor is the individual assets of the family members of the Corporate Debtor. Nothing is available with the Directors of the suspended Board of Directors of the Corporate Debtor. According to him SBI to give details of the Flat of the Corporate Debtor and the books of accounts. No information is available from the suspended Board of Directors. However, he showed his readiness to assist and cooperate with the RP if directed. 11. Having heard the Ld. Counsel appearing on behalf of the applicant, R-1, R-4 and R-6 and the written notes on defence, it appears to us that filing of an appli ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... circumstances, and the arguments advanced on the side of the parties, and in order to avoid multiplicity of litigation at the instance of the Resolution Professional, a direction to the respondents in order to assist or cooperate with the Resolution Professional is to be issued upon the following orders: ORDERS i). R1/State Bank of India is directed to forthwith hand over possession of all the assets of the CD and the registered office and corporate office of the Corporate Debtor in its possession to the RP; ii). The RP shall open the office in the presence of directors of the suspended board of the CD and to take custody of the books of accounts and all other records of the Corporate Debtor if any available in the office after ..... X X X X Extracts X X X X X X X X Extracts X X X X
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