9911796707
TMI Blog2020 (2) TMI 1566X X X X Extracts X X X X X X X X Extracts X X X X ..... RP's possession in those properties. Corporate Debtor is having development rights of the properties. It is intangible assets of the corporate debtor. RP holds same development rights relating to those properties. He has to proceed with the CIRP of the corporate debtor and invite resolution plan on the basis of those rights. The respondents cannot obstruct his possession and activities in any manner. The respondents (or any other person acting through them) shall not obstruct RP's possession and his activities relating to CIRP of the corporate debtor, until further orders, failing which the local police are directed to give every assistance to the RP for completion of CIRP of the corporate debtor effectively - Application dis ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hereby and whereunder the respondents have assigned the development rights of the properties to the corporate debtor. The RP now alleged that since the corporate debtor admitted in CIRP, the respondent/original owners of the properties started obstructing his possession thereto. They did not allow CIRP to proceed with effectively. 4. We called upon the respondents to file affidavit-in-reply. Accordingly, they filed. We heard the Ld. Counsel for the RP and Ld. Sr. Counsel for the respondents are length. 5. Before we consider the submissions made at the bar, we note the following facts to be undisputed. 6. By MOU dated 24.01.2008, the respondents put corporate debtor in possession of the properties mentioned therein by assigning the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hat if at all the same is made applicable to the instant that this authority does not have jurisdiction to decide civil rights of the parties, still the same goes against the respondents also. Unless the respondents cancel/ revoke MOU dated 24.01.2008, they cannot claim possession of those properties. Now their above right to do so stands foreclosed by virtue of moratorium under section 14 of IBC, 2016. 10. Corporate Debtor is having development rights of the properties. It is intangible assets of the corporate debtor. RP holds same development rights relating to those properties. He has to proceed with the CIRP of the corporate debtor and invite resolution plan on the basis of those rights. The respondents cannot obstruct his possession ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... that piece of land. In view of above, we pass the following order: ORDER The respondents (or any other person acting through them in CA(IB) No. 1807/KB/2019) shall not obstruct RP's possession and his activities relating to CIRP of the corporate debtor, until further orders, failing which the local police are directed to give every assistance to the RP for completion of CIRP of the corporate debtor effectively. ii) Our order dated 09.01.2020 shall not affect the activities of Victory Iron Works Ltd. in piece of land in their possession on the basis of leave and licence agreement dated Il .08.2011 untill the original owner of the property decides further course of action as far as leave and licence agreement is concerned. i ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
