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TMI Blog2022 (12) TMI 370X X X X Extracts X X X X X X X X Extracts X X X X ..... d institutional land admeasuring 5,740 square meters situated on plot no. CC-11, Industrial Area Neemrana, Alwar to the Appellant vide allotment letter dated 11.07.2007 and executed a lease deed dated 21.06.2008. The Respondent also issued no objection certificate (NOC) to the Appellant on 19.07.2008 for creation of equitable mortgage over the land to avail financial assistance from financial institution/scheduled banks for carrying out the development. The Corporate Debtor initially availed various loan facilities from Axis Bank, Bank of India, Corporation Bank, Oriental Bank of Commerce and L & T for development of the Hotel on the land and created an equitable mortgage on it in favour of the Axis Bank on 15.07.2008. 3. The Corporate Debtor developed a hotel under the name and style of 'Cambay Sapphire' over the land under the lease. However, the Respondent, vide its letter dated 01.12.2015, cancelled the lease deed pertaining to the land and eventually the hotel constructed thereon for the reasons stated therein. The Corporate Debtor challenged the order dated 01.12.2015 by way of an appeal provided under Rule 24(2) of the RIICO Disposal of Land Rules, 1979 before the Managing ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e Appellant filed two applications bearing I.A. No. 484 of 2019 and then I.A. No. 29 of 2020 under Section 19 of the Code seeking direction to the suspended board of directors to furnish all the necessary documents and details regarding the lease agreements, properties of the Corporate Debtor before the Adjudicating Authority because they were not cooperating with the Appellant. Vide order dated 02.11.2020, the Adjudicating Authority directed the suspended board of directors of the Corporate Debtor to provide all the required documents of the property and lease agreements etc. to the Adjudicating Authority before 06.11.2020 and disposed of these applications. It is alleged that the Appellant received a notice dated 11.06.2021 on 28.06.2021 purported to have been issued by RIICO in the name of the suspended board of directors, in which hearing was scheduled on 29.06.2021. The Appellant vide email dated 29.06.2021 requested the Respondent to adjourn the hearing scheduled on 29.06.2021 and requested that all correspondences be made in the name of the Appellant as being the RP of the Corporate Debtor but it is alleged that time and again the Appellant was being ignored and proceedings ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... al be pleased to pass an order directing the Respondent to submit their claim with respect to the Corporate Debtor with the RP/ Applicant in the form prescribed in IBC; f) Pending the hearing and final disposal of the present Application, the Hon'ble Tribunal be pleased to pass an order directing the Respondent to not take any adverse/ coercive action detrimental to the financial interest of the Corporate Debtor; g) The Hon'ble Tribunal be pleased to grant ex-parte ad interim reliefs in terms of prayers (c) and (d) above, in the facts and circumstances of the present case; h) For such other orders as may be necessary in the interest of justice." 6. The application has been dismissed observing that the Appellant had lost possessory rights more than three years prior to the initiation of CIRP and could not have created a third party right in favour of Elica Hospitality LLP with whom the Appellant had entered into a contract/lease agreement dated 01.12.2017 and allegedly handed over the possession of 'Cambay Sapphire', for a period of 7 years commencing from 01.04.2017 to 01.03.2024. It has also been held that Section 14 of the Code is not available to the Appellant ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... has not been answered in the said judgment. It is also argued that the Respondent is the lawful owner of the land in dispute after cancellation and determination of the lease and it was the duty of the Appellant as a lessee to handover the vacant possession of the demise premises to the Respondent after its determination. 9. We have heard Counsel for the parties and perused the record. 10. The Appellant (RP) has filed the application bearing I.A. No. 646/AHM/2021 for taking possession of the demise premises in view of Section 14(1)(d) of the Code. Therefore, it would be relevant to refer to the provision of Section 14 of the Code which read as under: "Section 14: Moratorium. *14. (1) Subject to provisions of sub-sections (2) and (3), on the insolvency commencement date, the Adjudicating Authority shall by order declare moratorium for prohibiting all of the following, namely:- (a) the institution of suits or continuation of pending suits or proceedings against the corporate debtor including execution of any judgment, decree or order in any court of law, tribunal, arbitration panel or other authority; (b) transferring, encumbering, alienating or disposing of by the corp ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ess: Provided that where at any time during the corporate insolvency resolution process period, if the Adjudicating Authority approves the resolution plan under sub-section (1) of section 31 or passes an order for liquidation of corporate debtor under section 33, the moratorium shall cease to have effect from the date of such approval or liquidation order, as the case may be." 11. Section 14(1)(d) provides that the recovery of any property by an owner or lessor where such property is occupied by or in the possession of the corporate debtor is prohibited. In support of this submission, Counsel for the Appellant has relied upon a decision of the Hon'ble Supreme Court rendered in the case of 'Rajendra K. Bhutta Vs. Maharashtra Housing and Area Development Authority and Anr., (2020) 13 SCC 208, in which the question was about the correct interpretation of Section 14(1)(d) of the Code. 12. In the case of Rajendra K. Bhutta (Supra), the Maharashtra Housing and Area Development Authority (MHADA) passed a resolution on 01.11.2007 to execute a joint development agreement with the corporate debtor i.e. Guru Ashish Construction (P) Ltd. and Goregaon Siddharth Nagar Sahakar Griha Nirman ..... X X X X Extracts X X X X X X X X Extracts X X X X
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