9911796707
TMI Blog2021 (1) TMI 183X X X X Extracts X X X X X X X X Extracts X X X X ..... the order dated 08.10.2018 being void an initio and further restrain Respondent No. 1 from attaching any raw materials, stock, machinery, factory building and land of the Corporate Debtor. Further prayed for cancellation of mutation entry no. 3989 recorded in revenue record with respect to land bearing Block Survey No. 123 at block survey no. 123 at Mauje: Heduva (Hanumant), District: Mehsana. 2. The facts of the case are herein under: 2.1 The Financial Creditor, Bank of Baroda, filed an application under section 7 of the IB Code, seeking initiation of Corporate Insolvency Resolution Process (hereinafter referred as "CIRP") against the Corporate Debtor which was admitted on 19.12.2017 by this Adjudicating Authority. Mr. A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2.5 During the pendency of Liquidation application, one IA was filed by M/s Parixit Irrigation Limited to quash and set aside the decision of CoC, rejecting the Resolution Plan. The said application was dismissed and Liquidation order was passed by this Adjudicating Authority vide order dated 19.12.2019 and the Applicant was appointed the Liquidator for the Liquidation of the Corporate Debtor. The Applicant invited claims from the creditors vide public announcement date 01.01.2020. Respondent No. 1, being one of the creditors, submitted his proof of claim on 30.01.2020. On submission of proof of claim by Respondent No. 1, Applicant acquired the knowledge about the charge of Respondent over raw materials, stock, machinery, factory building a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he Liquidator. 6. Admittedly, the assets/ property of the Corporate Debtor is under attachment/ charge of the Respondent. In view of Section 238 of the IB Code, when there is/ are any inconsistency between IB Code and any other law, IB Code will prevail. 7. Under the facts and circumstances as narrated herein above, the application so filed is partially allowed and Respondent No. 1 is hereby, directed to release the property of the Corporate Debtor so attached, in favour of the Liquidator and further directed to claim their dues before the Liquidator. 8. With regard to prayer No. 2 of the application, Applicant is hereby directed to file an application before the competent authority i.e. Mamlatdar cum Executive Mag ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
