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TMI Blog2021 (10) TMI 387X X X X Extracts X X X X X X X X Extracts X X X X ..... ahendru, suspended Director and not to issue any Visa to him - HELD THAT:- In the case in hand, admittedly, the possession of the property has never been taken up by the Oriental Bank (Punjab National Bank). Rather, the prayer of the applicant is based on the basis of an agreement executed in between the parties. It is seen the present application is filed with a prayer to direct the District Sub-Registrar, Respondent no. 1 to execute and register the sale deed, on the basis of an agreement dated 16.12.2016. A bare perusal of the provisions of Section 54 of the Transfer of Property Act, shows that a contract for sale of immovable property is a contract that a sale of such property shall take place on terms settled between the parties. I ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d the Hon'ble NCLAT vide order dated 08.09.2021 in Company Appeal No. 693/2021 has allowed the appeal and directed the NCLT, the reply filed by the respondents may be placed on the record but that order has not been placed on the record. Therefore, the Ld. Counsel for respondent no. 1 to 3 is directed to place the order passed by the Hon'ble NCLAT in Company Appeal No. 693/2021 on record within one week from today. 2. List the matter on 20.10.2021. IA/2715/2020:- 3. By filing this application, the applicant has prayed for following reliefs:- a. Allow the present application. b. Direct the respondents/Suspended Directors to assist and cooperate with the IRP and completing the CIRP process under the Code and notice t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ous. 7. So, far Prayer (d) is concerned, as informed by the Ld. Counsel for the respondents that he has already handed over the financial statement but Ld. Counsel for RP submits that the complete records have not been handed over as yet. 8. Therefore, considering this, we direct the respondents to furnish all the required information within 15 days from today failing which RP is directed to initiate criminal proceedings against the respondents under the provision of law. 9. With this, the present application i.e. IA/2715/2020 stands disposed of. IA 687/2021 10. List this IA on 20.10.2021. IA-565/2021:- 11. By filing this application, the applicant RP has prayed for the following reliefs: a) Allow the present applic ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and the said property was mortgaged by Mr. Gauarav Mahendru the Suspended Director of the Corporate Debtor and the proprietor of M/s. KPG Industries as collateral security for these facilities. He further submitted that now the Suspended Board of Director of Mr. Gauarav Mahendru is out of India, so, the District Sub-Registrar, Respondent no. 1 may be directed to execute and register the sale deed, in favor of the Corporate Debtor. 13. In course of hearing, Ld. Counsel appearing for the Resolution Applicant Mr. Abhishek Anand submits that this property is included in the Resolution Plan, as it is shown as the asset of the Corporate Debtor in the Information Memorandum published by the RP. He also share a judgment of Hon'ble NCLAT in C ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... riental Bank (Punjab National Bank). Rather, the prayer of the applicant is based on the basis of an agreement executed in between the parties. It is seen the present application is filed with a prayer to direct the District Sub-Registrar, Respondent no. 1 to execute and register the sale deed, on the basis of an agreement dated 16.12.2016. 16. So far the decision upon which the Resolution Applicant has placed reliance, the facts of that case is different from the case in hand. Therefore, that decision is not applicable here. 17. At this juncture, we would like to refer Section 54 of the TP Act which defines the sale and the procedure how the sale made. The said Section also defines the contract for sale same is also quoted below:- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... view that merely there was an agreement to transfer the property, it does not create any right or any interest in favor of the Corporate Debtors. Therefore, merely this property is shown as an asset of the Corporate Debtor and it is included under the Resolution Plan submitted by the Resolution Applicant, in our considered view, on this ground alone, we cannot direct the District sub-Registrar, Respondent no. 1 to execute and register a sale deed in favor of the Corporate Debtor. The remedy available to the Resolution Professional is to file an application before Competent Court for the specific performance of contract. 19. For the reasons discussed above, we are not inclined to allow the prayer of the applicant. Accordingly, the prayer ..... X X X X Extracts X X X X X X X X Extracts X X X X
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