9911796707
TMI Blog2023 (1) TMI 907X X X X Extracts X X X X X X X X Extracts X X X X ..... ) dated 21.10.2022 is of the earnest opinion that the Adjudicating Authority, (National Company Law Tribunal, Division Bench I, Chennai) had taken into account of the Judgment / Decision rendered by this Appellate Tribunal and, ultimately, had directed the Applicant / Appellant to hand over the possession of Assets of the Corporate Debtor, being an immovable property, admeasuring Acres 44.65 Cents of Industrial Land at Nidadavole Village and Mandal, West Godavari District, Andhra Pradesh to the Liquidator, within a period of 7 Days on the date of receipt of this Order. The Adjudicating Authority, (National Company Law Tribunal, Division Bench I, Chennai) had directed the Applicant / Appellant to pay a sum of Rs.31,07,500/-, as Liquidation Cost to the Liquidator, as per the order passed by the Adjudicating Authority, (National Company Law Tribunal, Division Bench I, Chennai) dated 04.06.2021. The said Order is free from any material irregularity and does not suffer from any Patent Legality, in the eye of Law, as opined by this Tribunal. This Tribunal, is in Complete Agreement with the view arrived at by the Adjudicating Authority, (National Company Law Tribunal, Division ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... finding No.(iii) this Hon'ble Tribunal vide theCommon Order dated 04.06.2021 was pleased to grant a period of three (3) months for the Applicant to complete the sale of security interest. The Applicant herein had called for an auction to be held on 19.07.2021 vide Auction Notice dated 18.06.2021. A copy of the said Auction Notices dated 18.06.2021 is annexed herewith as Annexure-V. However, the Applicant herein could not identify a buyer for the said security interest pursuant to the auction held on 19.07.2021. Although time has been granted until 04.09.2021 i.e period of 3 months from the Common Order dated 04.06.2021, the Applicant herein is sceptical about identifying buyers for the security interest as the prospective buyers are vary of arranging the necessary funds for the purchase of the said security interest owing to the on-going pandemic situation which has in general lead to a cash crunch across most industries. The Applicant estimates that it would require a further period six(6) months for the sale of security interest to concluded. Therefore, in light of this predicament, the Applicant is constrained to approach this Hon'ble Tribunal seeking an extension of ti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... et. The Liquidator has asked the Appellant to vacate its physical possession and to return back asset to the liquidation estate. However, the Appellant intends to put further efforts to realize its security and accordingly, need a further time period of six (6) months. But Ld. Adjudicating Authority has dismissed the Application. Therefore, this Appeal is filed. 2. Ld. Counsel appearing on behalf of the Liquidator vehemently opposes the prayer and submits that the order of liquidation was passed on 05.09.2018 and the physical possession on the secured asset was handed over to the Appellant by the liquidator on 03.09.2019. The first auction of the secured asset was made on 03.09.2019 and second on 06.01.2021, this clearly shows that no steps were taken by the Appellant for auction for about 15 months. Thereafter, about 8 months have been lapsed but, no steps have been taken by the Appellant to realize its security interest. 3. It is further submits that Sub Regulation (2) of Regulation 21-A of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016 provides that a secured creditor has to realize its security interest in time bound manner and ha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , (National Company Law Tribunal, Division Bench I, Chennai), in IA(IBC)/857(CHE)/2021 in CP/1053/IB/2018 dated 21.10.2022, the Learned Counsel for the Appellant submits that the Adjudicating Authority, (National Company Law Tribunal, Division Bench I, Chennai) had committed an error in failing to appreciate that the immovable property being AC 44.65 Cents of Industrial Land at Nidadavole Village and Mandal, West Godavari District, Andhra Pradesh being unrelinquished, as communicated to the Liquidator on 25.08.2020 and, then, the same would stand outside the purview of Liquidation Estate of the Corporate Debtor . 5. According to the Learned Counsel for the Appellant / Applicant , the Appellant had paid already under protest a sum of Rs.3,90,000/- on 28.06.2021 and Rs.27,17,500/- on 06.07.2021 in all aggregating to Rs.31,07,500/- in respect of the Liquidation Cost to the Liquidator . 6. The Learned Counsel for the Appellant brings it to the Notice of this Tribunal that the Adjudicating Authority, (National Company Law Tribunal, Division Bench I, Chennai) had incorrectly failed to appreciate that the extension of 6 months , as sought by the Appel ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Appellant had failed to sell over the possession of the properties to and in favour of the Liquidator and hence, the Applicant / Appellant was perforced to prefer IA(IBC)/857(CHE)/2021 in CP/1053/IB/2018 before the Adjudicating Authority , (National Company Law Tribunal, Division Bench I, Chennai) seeking extension of Three Months period. 12. At this juncture, this Tribunal on going through the impugned order passed in IA(IBC)/857(CHE)/2021 in CP/1053/IB/2018 by the Adjudicating Authority , (National Company Law Tribunal, Division Bench I, Chennai) dated 21.10.2022 is of the earnest opinion that the Adjudicating Authority , (National Company Law Tribunal, Division Bench I, Chennai) had taken into account of the Judgment / Decision rendered by this Appellate Tribunal and, ultimately, had directed the Applicant / Appellant to hand over the possession of Assets of the Corporate Debtor , being an immovable property , admeasuring Acres 44.65 Cents of Industrial Land at Nidadavole Village and Mandal, West Godavari District, Andhra Pradesh to the Liquidator , within a period of 7 Days on the date of receipt of this Order . 13. Not resti ..... X X X X Extracts X X X X X X X X Extracts X X X X
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