9911796707
TMI Blog2021 (11) TMI 614X X X X Extracts X X X X X X X X Extracts X X X X ..... insist for original title documents either for purpose of availing credit facilities for purchasing the assets or otherwise - It is therefore essential that the original title documents seized by the CBI and presently in the custody of the Special Court are required to be returned to the purchaser. In consideration of the facts of the case, the apprehension expressed by the CBI can be taken care of by directing the CBI to retain on record certified true copies of documents listed in Exhibit-G in return of original documents to the petitioners. The CBI shall certify all the documents listed in Exhibit-G and shall place a set of certified documents on record of the subject case, which will form part of the chargesheet. It is clarified that ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y with other co-accused availed bank loan of ₹ 292.20 Crores by submitting false and fabricated documents, thereby jeopardising bank s interests. Economic Offences Wing (EOW) conducted various raids on the premises of the Corporate Debtor and as a part of their investigation, it seized most of the files, documents, hard-disks, containing information, data, records etc. in relation to the Corporate Debtor s businesses and affairs. EOW filed a final report in the Special CBI Court on 29th December, 2020. It is the petitioner s case that, by virtue of the provisions of The Insolvency and Bankruptcy Code, 2016 ( Code for short), petitioner is duty bound to collect of information relating to assets, finances and operations of Corporate ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Process), Regulation, 2016, the petitioner being liquidator , is under obligation to liquidate the Corporate Debtor within a period of one year from the liquidation commencement date. Therefore, the petitioner has to complete the liquidation process in a time-bound manner. Obviously, for selling the assets during the liquidation process, the buyers would insist for original title documents either for purpose of availing credit facilities for purchasing the assets or otherwise. If such documents are not provided, the purchaser/bidders may withdraw from their bids which will eventually cause loss to public-sector banks, besides hardship for bonafide purchasers. It is therefore essential that the original title documents seized by the CBI an ..... X X X X Extracts X X X X X X X X Extracts X X X X
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