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2022 (10) TMI 742 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL , PRINCIPAL BENCH , NEW DELHIDirection to issue No Objection Certificate (NOC) to the Liquidator and Director of Industries in order to register the properties - Section 60(5) of the Insolvency and Bankruptcy Code, 2016 - HELD THAT:- As per Regulation 21A of the IBBI (Liquidation Process) Regulation, 2016 the secured creditor has to inform the Liquidator of its decision to relinquish its security interest to the liquidation estate or to realize its security interest in the prescribed Form and if the secured creditor has failed to intimate its decision within thirty days from the liquidation commencement date, the assets covered under the security interest shall form part of the Liquidation estate. Admittedly in the present case, 2nd Respondent has filed its claim before the Liquidator which came to be admitted by the Applicant to the tune of Rs. 1,22,70,000/- as ‘operational debt’. Further, held once 2nd Respondent has submitted himself to the liquidation process, he cannot exercise any charge over the property and the said property would from part of the Liquidation Estate. The impugned order passed by the Adjudicating Authority cannot sustain in the eye of law as the Adjudicating Authority has failed to consider the aspects of the matter, therefore, the impugned order is hereby set aside - Appeal allowed.
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