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TMI Blog2021 (6) TMI 487X X X X Extracts X X X X X X X X Extracts X X X X ..... , RP has to take control and custody of any assets over which the Corporate Debtor has ownership rights as recorded in the balance sheet of the Corporate Debtor. The Respondents, who are possessing the vehicles have to hand over the vehicles to the Applicant. Respondents have the liberty to file their claim before the RP for their dues - Application allowed. - I.A. No. 225 of 2020 in CP (I.B.) No. 418/NCLT/AHM/24 - - - Dated:- 20-4-2021 - Manorama Kumari , Member (J) And Chockalingam Thirunavukkarasu , Member (T) For the Appellant : Navin Pahwa, Learned Senior Advocate and Aditya Mehta, Advocate For the Respondents : Maulik Nanavati, Advocate ORDER Chockalingam Thirunavukkarasu, Member (T) 1. The instant applica ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e Company has ownership rights as recorded in the balance sheet of the Company. 5. The Applicant further submitted that during the course of taking charge over the assets of the Company, IRP has come to know the fact about certain vehicles over which the Company has ownership rights ( said Vehicles ) and are still lying in the possession of the Respondents. The details of the said Vehicles are annexed as Exhibit-B of the application. It is further submitted that Vehicles form part of the assets of the Company, as is evidenced from the entries in the fixed asset register of the Company, which is reflected as Exhibit-C. 6. The Applicant further submitted that as per sub section (1) of Section 19 is required to extend co-operation by the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... shed security of the facilities availed of by the Corporate Debtor and E-Complex pvt. ltd. Upon default committed by these companies in repaying the debt due and payable by them to the respective lenders, these lenders invoked the securities of the SKIL group in the year 2015. 10. Thereafter, it is submitted by the respondent since the corporate and its subsidiaries had a debt outstanding towards SKIL Group, the SKIL Group and the corporate debtor arrived a mutual understanding, as per which, the SKIL Group would retain possession of the cars mentioned at Annexure B to the Interlocutory Application until such time as these companies repaid the debt owed by them to the SKIL Group. I say that this is corroborated by the letters dated 5th A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ly and unequivocally show and reveal that the Corporate Debtor has defaulted in making repayment of the car loan, and that the instalments have been paid by SKIL to the concerned finance companies. 13. It is submitted by the respondent that all the EMI dues to the finance companies paid by SKIL except for the Mercedes car bearing MH-01-CD-1001 in which ₹ 20,67,762/- was still outstanding and payable to M/s. Daimler Services India Pvt. Ltd. and hence the car was repossessed by the finance company on 17.08.2020. 14. It is submitted by the respondent that the decision taken by the company prior to commencement of corporate insolvency resolution process in binding on the company and continues to remain binding on the company even af ..... X X X X Extracts X X X X X X X X Extracts X X X X
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