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TMI Blog2023 (12) TMI 961X X X X Extracts X X X X X X X X Extracts X X X X ..... y the sale certificate would be held illegal. No case has been made out on behalf of the respondents about any defect or default in forwarding the sale certificate in terms of Section 89(4) of the Registration Act, 1908. On the other hand, all the three respondents have concurred at the time of hearing on the point that the sale stood concluded. The present appeal shall stand allowed to the extent the properties in question are concerned. These properties cannot be treated to be liquidation assets of the Corporate Debtor for the purpose of further steps to be taken in the liquidation proceeding. The impugned order is set aside. - HON'BLE MR. JUSTICE ANIRUDDHA BOSE AND HON'BLE MR. JUSTICE VIKRAM NATH For the Appellant(s) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... efaulted in repayment of the same. It is the case of the appellant that payment was completed by it on 16.08.2019. An operational creditor filed a petition under Section 9 of the 2016 Code before the National Company Law Tribunal (NCLT) and consequently on 20.08.2019 moratorium was declared, initiating the Corporate Insolvency Resolution Process (CIRP). An erstwhile Director of the Corporate Debtor had taken out a notice of motion resisting the sale of the said properties. The NCLT, by an order passed on 25.02.2020 found issue of sale certificate and handing over of the property to be illegal and hence held that the subject-property shall continue to be assets of the Corporate Debtor. The NCLT had proceeded on the basis that sale was not co ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the case of SLP(C)No. 16949 of 2022 titled Inspector General of Registration and Another -vs- G. Madhurambal and Another decided on 11.11.2022. 4. As we have already indicated, the Liquidator (now representing the Corporate Debtor in liquidation), the erstwhile Director/Promoter of the Corporate Debtor as also the Bank does not dispute the factual position that the sale stood concluded before declaration of moratorium. No reason was cited before us to demonstrate as to why the sale certificate would be held illegal. No case has been made out before us on behalf of the respondents about any defect or default in forwarding the sale certificate in terms of Section 89(4) of the Registration Act, 1908. On the other hand, all the three ..... X X X X Extracts X X X X X X X X Extracts X X X X
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