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TMI Blog2022 (7) TMI 462X X X X Extracts X X X X X X X X Extracts X X X X ..... purposes of subsequent sale of the liquidation assets. As laid down under section 35 36, it is the duty of the liquidator to take all such measures to protect and preserve the assets of the corporate debtor. For this purpose, a proper demarcation of the properties and updation of revenue records are required. The respondents have therefore, directed to update the revenue records and carry out the demarcation of the subject property of the corporate debtor located at Village Jugiana, Ludhiana in accordance with law. Application allowed. - IA No.152/2021 in CP (IB) No.136/Chd/Pb/2017 (admitted) - - - Dated:- 7-7-2022 - HON BLE MR. HARNAM SINGH THAKUR, MEMBER (JUDICIAL) And HON BLE MR. SUBRATA KUMAR DASH, MEMBER (TECHNICAL) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o locate the exact Khasra number of the land. The valuation was conducted by another valuer wherein the land was found to be approximately 2700 sq.44 metres. Thereafter, Liquidator has been appointed Mr. Ajay Bhagwati,Advocate to undertake the title search in order to ascertain the exact size of subject land. As per the report dated 16.01.2021 (Annexure-8 of the application), the exact land holdings cannot be ascertained as no revenue map of the village was available. Afterwards, the Liquidator has sent a letter dated 02.07.2020 and 23.09.2020 to respondent No.1 along with copy to respondent No.2 to carry out a demarcation of the land of the corporate debtor but no response was received by the applicant. Copy of postal receipts of letters a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 35. (1) Subject to the directions of the Adjudicating Authority, the liquidator shall have the following powers and duties, namely:- (b) to take into his custody or control all the assets, property, effects and actionable claims of the corporate debtor; (c) to evaluate the assets and property of the corporate debtor in the manner as may be specified by the Board and prepare a report; (d) to take such measures to protect and preserve the assets and properties of the corporate debtor as he considers necessary; (m) to take all such actions, steps, or to sign, execute and verify any paper, deed, receipt document, application, petition, affidavit, bond or instrument and for such purpose to use the common seal, if any, as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or) and financial instruments, insurance policies, contractual rights; (e) assets subject to the determination of ownership by the court or authority; (f) any assets or their value recovered through proceedings for avoidance of transactions in accordance with this Chapter; (g) any asset of the corporate debtor in respect of which a secured creditor has relinquished security interest; (h) any other property belonging to or vested in the corporate debtor at the insolvency commencement date; and (i) all proceeds of liquidation as and when they are realised. 8. The records indicate that the Liquidator has already approached the local Revenue Authority (respondents being- Naib Tehsildar and Patwari) but the la ..... X X X X Extracts X X X X X X X X Extracts X X X X
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