9911796707
TMI Blog2021 (1) TMI 1195X X X X Extracts X X X X X X X X Extracts X X X X ..... is at a liberty to take assistance from the local police if at all needed. Appeal allowed in part. - I.A. NO. 1108 OF 2020, C.P. (IB) No. 381 OF 2018 - - - Dated:- 7-1-2021 - SHRI. VENKATA SUBBA RAO HARI, MEMBER (JUDICIAL) AND SHRI. SHYAM BABU GAUTAM (MEMBER TECHNICAL) For the RP : Mr. Rohan Agarwal i/b MDP Partners For the Respondent : Mr. Navin Arora i/b AA Associates ORDER Per: Shri. H.V. Subba Rao, Member 1. This is an Interlocutory Application filed by Mr. Vijendra Kumar Agarwal (hereinafter called the Applicant ) who is the Resolution Professional of Cyclo Transmissions Limited (hereinafter called as the Corporate Debtor ). He was appointed as the Interim Resolution Professional of the Corporate Debt ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ully hand over possession of all documents, papers, cheque books, books of accounts and other assets movable and immovable) of the Corporate Debtor under their custody to the Applicant herein. A copy of this letter dated 14.11.2019 is hereto annexed by the applicant and marked as Exhibit D . In continuation to this letter, the applicant had also wrote another letter dated 15.11.2019 to the Respondents informing them that Mr. Manoj Munot is appointed as the Chief Financial Officer of the Corporate Debtor and therefore, it is imperative that the Respondents handover all the documents, accounts and assets of the Corporate Debtor to the Applicant. A copy of this letter has been annexed by the applicant with this application at Exibit E. 4. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dy and control all the assets of the Corporate Debtor to preserve and protect the assets of the Corporate Debtor and therefore, the respondents to be directed to handover peacefully the possession of the said bungalow to the applicant. 7. The applicant had again vide a letter dated 30.06.2020 approached the Respondents to handover the bungalow within 7 days failing which an application will be made before this Tribunal for non-cooperation. According this application has been preferred by the Applicant seeking the following reliefs: i. That this Adjudicating Authority be pleased to pass an order and direct the Respondents to co-operate with the Applicant in peacefully handing over the possession of bungalow situated at Rambhagya , Plo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he RP has, without the consent of the CoC withdrawn this application for approval of Resolution Plan. But it is made clear that the withdrawal was with the prior permission of the CoC and that the CoC within its commercial wisdom has directed the RP to file an application for liquidation which is still pending before this Tribunal. The main prayer of the Respondents is that the application for liquidation is to be kept on hold and that the Resolution Plan needs to be considered. 11. Here we would like to make it clear that it is the commercial wisdom of the CoC and therefore, we are left with very less role to play in the decision of the CoC. If the CoC has decided to liquidate the company, it is their commercial wisdom. Also, the conduc ..... X X X X Extracts X X X X X X X X Extracts X X X X
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