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TMI Blog2023 (7) TMI 1188X X X X Extracts X X X X X X X X Extracts X X X X ..... of the Applicant that he is the sole and absolute owner of the following properties situated at: (1) District - West Tripura, Sub- Division and Sub-Registry Sadar, Tehsil & Mouja - North Champamura, appertaining to Khatian No. 1383, Touji No. 1223/P, Sabek Dag No. 4186/P, 4185, 4184, Hal Plot No. 7024/P, 7025, 7026, measuring 0.74 acres classified as Viti (Tilla), Tilla by way Rayati Jote. (2) District - West Tripura, Sub - Division and Sub - Registry Sadar, Tehsil & Mouja- Uttar Champamura, appertaining to Jote Khatian No. 2940, Sabek Dag No. 4204/P, Hal Plot No.7023/ 9156, measuring 0.16 acres classified as Tilla, by way of Rayati Jote. (3) District- West Tripura, Sub.- Division and Sub-Registry Sadar, Tehsil & Mouja- Uttar Champamura, appertaining to Jote Khatian No. 5260, Sabek Dag No. 4183, Hal Plot No. 7014, measuring 0.39 acres classified as Bastu (Tilla), by way of Rayati Jote. 3. The Applicant claims to be engaged in the business of transportation in the name of Golden Logistics, having its registered office in Guwahati. A company named Natural Oil and Gas Services Ltd. approached the Applicant in April, 2017 by representing to the Applicant that it was involved in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... CA No. 587/2022 appeared before this office on 21.03.2023. The original documents w.r.t. the said property were produced before. this office and the same were verified and returned and a copy of the same was retained. The Applicant had produced the Sale-Deed dated 06.09.2010 & Tenancy agreement dated 30.10.2017 with Natural Oil &. Gas Services Ltd." 7. In paragraph 8, the address has been wrongly mentioned. However, the OL has clarified that the documents of the Applicant have been checked and that the same are in order. The de-sealing would have to be effected. As per the OL, the only reason why the same has not been done is that equipment, material, and machinery are lying in the property. Accordingly, this Court observes that if the Applicant's title is not in question, the land would be liable to be released to the Applicant. In view thereof, the following directions are issued: i) The OL's report no. 61/2023 as extracted above in respect of the Applicant is accepted. ii) The NCLT shall pass appropriate orders in respect of the heavy machinery/parts of rigs. iii) Upon the NCLT or the IRP/RP dealing with the disposal/sale of the heavy machinery and parts of the rigs, the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as retained. The Applicant had produced the Sale-Deed of the property and Leave & License agreement entered between Mr. Dayabhai Maneklal Patel and the Company (In Liqn.). Documents provided by the Applicant are in order with respect of his claim over the property. It is however submitted. that there are moveable assets i.e. heavy machinery/parts of the rigs, of the Company (In Liqn.) lying on the said property. Copy of minutes dated 26.04.2023 are annexed as Annexure-A." 11. A perusal of the above extract of the report would show that the title of the Applicant is not in dispute and now stands verified. However, as per the OL, since there is some heavy machinery, including parts of rigs located on the land- thus the subject property cannot be released to the Applicant until and unless appropriate orders are passed regarding the said heavy machinery. 12. Since today, the Court is transferring this matter of the Company to NCLT, the following directions are issued: i) The OL's report no. 61/2023 as extracted above in respect of the Applicant, is accepted. ii) The NCLT shall pass appropriate orders in respect of the heavy machinery/parts of rigs. iii) Upon the NCLT or the IRP ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rescribed and the NCLT being an expert Tribunal, the process of liquidation would be considerably expedited. The Company, under liquidation, owns oil rigs and various other immovable and moveable properties of high value. In order to ensure that the value is not depreciated, the secured creditors seek transfer to the NCLT. 18. On behalf of the Official Liquidator, Ms. Sindhwani, ld. Counsel makes two submissions. Firstly, she submits that the winding up is not at an advanced stage & can be transferred to the NCLT in terms of the judgment of the Supreme Court in Action Ispat and Power Limited v. Shyam Metalics and Energy Limited (2021) 2 SCC 641. However, the concern that she raises relates to the security charges being incurred by the OL for securing the immovable assets of the Company, which is under liquidation. She submits that a total amount of over Rs. 8.45 crores has been incurred by the OL as on 31st March, 2023 to safeguard the properties of the Company. In her submission, the secured creditors ought to reimburse the same to the OL so that the OL is not deprived of the amounts, which are fairly due. Secondly, she submits that an order ought to be passed by this Court secu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ave not been transferred from the High Courts; shall be dealt with in accordance with provisions of the Companies Act, 1956 and the Companies (Court) Rules, 1959.] Provided also that proceedings relating to cases of voluntary winding up of a company where notice of the resolution by advertisement has been given under subsection (1) of section 485 of the Companies Act, 1956 but the Company has not been dissolved before the 1st April, 2017 shall continue to be dealt with in accordance with provisions of the Companies Act, 1956 and the Companies (Court) Rules, 1959." 20. As per the proviso highlighted above, upon the application being filed by any of the parties to the proceedings, the transfer may be made by the Court in terms of the second proviso of Section 434 (1) of the Companies Act, 1956. In Action Ispat (supra), if the winding up is not at an advanced stage, the High Court may transfer the matter to the NCLT. The relevant portion of the said judgement is set out below: "31. Given the aforesaid scheme of winding up under Chapter XX of the Companies Act, 2013, it is clear that several stages are contemplated, with the Tribunal retaining the power to control the proceedings ..... X X X X Extracts X X X X X X X X Extracts X X X X
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