9911796707
TMI Blog2021 (5) TMI 137X X X X Extracts X X X X X X X X Extracts X X X X ..... of the Companies Act 2013 read with Section 60(5) of Insolvency and Bankruptcy Code, 2016 and Rule 11 & 56 of NCLT Rules, 2016. 2. The fact of the case is that the applicant had purchased three Machineries from M/s. Hero FinCorp Limited (hereinafter referred as 'HFCL') vide Sale Notice dated 09.12.2018, through auction, which was confirmed on 08.01.2019. Since the applicant had made only part payment and for remaining amount had applied for loan from HDFC Bank, as such, Sale Certificate was not issued on the very date and only after payment of total amount the sale certificate was issued on 10.01.2020, as such, the applicant could not able to take possession of the machineries, which was lying in the premises of M/s. Regent Granito ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nto CIRP on 15.01.2019, the IRP/RP did not allow the applicant to take physical possession of the machineries in question. Consequent upon which, the applicant approached this Adjudicating Authority by way of filing an IA, bearing No. 243 of 2019, seeking appropriate direction upon the respondent/RP to release control and custody of machineries, sale of which confirmed on 08.01.2019 and Sale Certificate issued on 10.01.2020 in favour of the applicant. The said application was allowed by this Adjudicating Authority on 19.12.2019, after hearing both sides, with direction to the RP to allow the Purchaser i.e. M/s. Sonata Ceramics Pvt. Ltd. to take possession/control of the sold out Machineries and dismantle the Machineries for the purpose of t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... il on 08.09.2020 to the applicant that possession of machinery would be given on "as is where is basis" and accordingly the RP has handed over the possession of the Machineries to the applicant on "as is where is basis" on 09.09.2020, which is accepted by the applicant without any objection and RP has also taken video recording of the handing over of the physical possession of the machineries in question to the applicant. 10. It is a matter of record that the instant application was filed on 20.01.2020, with the above said prayers. However, on perusal of the record, it is found that the RP has handed over the physical possession of the properties in question (machineries) to the applicant on 09.09.2020. 11. During the course of argument, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... .02.2021 with a submission in para no. 9, which is reproduced herein below, for the sake of brevity; "9 I submit that in view of the possession given by the Respondent (based on inspection dated 10.01.2020), none of the prayers as mentioned in the LA can be granted except prayer at para "E". However, prayer E reads as under:- "E Your Lordship may be pleased to grant any other relief or reliefs as may be deemed fit in the interest of the justice. 14. On plain reading of the statement, it appears that based on the inspection dated 10.01.2020, the applicant has taken possession of the machineries in question and to that effect applicant never protested/raised objection. 15. In that event, admittedly ..... X X X X Extracts X X X X X X X X Extracts X X X X
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