9911796707
TMI Blog2023 (12) TMI 1016X X X X Extracts X X X X X X X X Extracts X X X X ..... br>[ Justice Rakesh Kumar Jain ] Member ( Judicial ) And [ ShreeshaMerla ] Member ( Technical ) For Appellant : Mr. P. Ulaganathan, Adv JUDGMENT Per : Justice Rakesh Kumar Jain : This appeal is directed against the order dated 12.10.2023 by which an application filed under Section 42 of the Insolvency and Bankruptcy Code, 2016 (in short 'Code') by the Appellant for setting aside the email d ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ellant is entitled to be considered as secured creditor whereas the liquidator vide its email dated 21.06.2023 responded that the Corporate Debtor has been sold as going concern and the sale proceeds have been distributed to the stakeholders in accordance with the provisions of Section 53 of the Code and further stated that he has filed an application before the Adjudicating Authority for closure ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... holders for the purpose of distribution in terms of Section 53 of the Code. Counsel for the Appellant has vehemently argued that the Adjudicating Authority erred in its appreciation of the facts, however, on our pointed question as to how Section 171 would apply especially when there is no lien of the Appellant on the goods as a bailee because the possession of the goods (assets) was already with ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or asset of any person or any of its undertakings or both as the case may be as security and includes a mortgage. In the present case, the Appellant has relied upon Section 171 of the Act with is reproduced as under: - "171. General lien of bankers, factors, wharfingers, attorneys and policy-brokers.-Bankers, factors, wharfingers, attorneys of a High Court and policy-brokers may, in the absence ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... iled to them whereas in the present case, the goods are not in possession of the Appellant which is also admitted by the Appellant during the course of hearing and thus there was no actual lien to invoke Section 171 of the Act. 8. In such circumstances, we do not find any error committed by the Adjudicating Authority in passing the impugned order and as such the present appeal is found without me ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
