9911796707
TMI Blog2022 (1) TMI 17X X X X Extracts X X X X X X X X Extracts X X X X ..... ankruptcy Code 2016 "Code" read with Rule 11 of the NCLT Rules, 2016 for seeking necessary directions from the Hon'ble Tribunal against the Respondent, Volkswagen Finance Pvt. Ltd. ("VFPL") for relinquishment of security interest and making the assets part of the Liquidation Estate due to non-compliance of Regulation 21A(2) of IBBI (Liquidation Process) Regulation, 2016 ("Liquidation Regulation"). 2. The present Applicant was appointed as a Liquidator of the Corporate Debtor vide order dated 22.03.2021 passed by this Tribunal. That pursuant to the public announcement of initiation of the Liquidation proceedings of the Corporate Debtor and inviting for submission of claim(s) against the Corporate Debtor made on 25.03.2021, the Responden ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t e-mail on 22.06.2021 informed the Respondent about the provisions of Regulation 21A of the Liquidation Process Regulations under which the Respondent was liable to pay the Liquidation costs. 5. The Respondents has filed a reply denying the claim made by the Applicant. The Respondent has raised various objections including that the Members of CoC and Members of Stakeholders Consultation Committee constituted under the IBC have not been informed about this action and no e-mail has been sent to them for the recovery of an amount of Rs. 22,08,058/- further Applicant has not taken any steps against the CoC and stakeholders he has also submitted that as per the provisions of Regulation 33 & 34 it is the responsibility of the CoC to make paymen ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... omise or deal with the secured assets in accordance with such law as applicable to the security interest being realised and to the secured creditor and apply the proceeds to recover the debts due to it. (5) If in the course of realising a secured asset, any secured creditor faces resistance from the corporate debtor or any person connected therewith in taking possession of, selling or otherwise disposing off the security, the secured creditor may make an application to the Adjudicating Authority to facilitate the secured creditor to realise such security interest in accordance with law for the time being in force. (6) The Adjudicating Authority, on the receipt of an application from a secured creditor under sub-section (5) may pass such ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... vided that, where a secured creditor does not intimate its decision within thirty days from the liquidation commencement date, the assets covered under the security interest shall he presumed to be part of the liquidation estate. (2) Where a secured creditor proceeds to realise its security interest, it shall pay- (a) as much towards the amount payable under clause (a) and sub clause (i) of clause (b) of sub-section (1) of section 53, as it would have shared in case it had relinquished the security interest, to the liquidator within ninety days from the liquidation commencement date; and (b) the excess of the realised value of the asset, which is subject to security interest, over the amount of his claims admitted, to the liquidator w ..... X X X X Extracts X X X X X X X X Extracts X X X X
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