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TMI Blog2020 (2) TMI 1633X X X X Extracts X X X X X X X X Extracts X X X X ..... by Hero Fincorp Limited (hereinafter called as "applicant") NATIONAL COMPANY LAW TRIBUNAL, MUMBAI BENCH M. A. No. 3656 of 2019 in C. P. No.54/I&B/MB/2019 seeking necessary directions to realize its security interest and keep its mortgaged assets out of liquidation of Tag Offshore Limited (hereinafter called as "Corporate Debtor"). 2. The facts leading to this application are as follows. This Tribunal by an order dated 24.04.2019 admitted the Company Petition filed by R.H. Petroleum Private Limited (hereinafter called as "Operational Creditor") against the Corporate Debtor under Section 9 of the Code directing initiation of Corporate Insolvency Resolution Process (CIRP) of the Corporate Debtor. No Resolution Plan was received within 180 day ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ombay High Court wherein one of the vessels i.e. m.v. TAG 22 was arrested by an order dated 18.03.2019 and its auction/sale was ordered on 23.04.2019. The applicant has also filed Commercial Admiralty Suit 2 of 2019 before the Hon'ble High Court of Andhra Pradesh and the other vessel i.e. m.v. TAG 21 was arrested by an order dated 28.03.2019. Through this letter, it was also stated that the vessels m.v. Tag 21 and m.v. Tag 22 are under exclusive charge of the applicant and appropriate statutory remedies were also adopted to redeem the charge. 5. It is submitted by the applicant that as per the investigation made by the respondent, there was a drift of Tag 22 towards Tag 6 and hence all the expenses for securing TAG 21 were to be borne by t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... m and the applicant. It can be made out from an e-mail dated 04.10.2019 that the applicant had agreed to reimburse 50% share of the total fees within a week. The communications reveal that m.v. TAG 22 and m.v. TAG 6 (not related to the applicant) had come perilously close to each other and there was a threat of collision. One of the vessels needed to be moved away to prevent any catastrophe. The RP had engaged a professional agency to move m.v. TAG 22 thereby incurring expenditure. He had brought the fact to the notice of the applicant. The applicant in its e-mail dated 04.10.2019 had agreed to reimburse 50% of the total fees. It is contended by the respondent that these expenses would not form part of the CIRP expenses. Unless the applican ..... X X X X Extracts X X X X X X X X Extracts X X X X
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