Home Case Index All Cases Insolvency and Bankruptcy Insolvency and Bankruptcy + Tri Insolvency and Bankruptcy - 2019 (8) TMI Tri This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2019 (8) TMI 1600 - Tri - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - existence of debt and dispute or not - HELD THAT:- The Code empowers the Resolution Professional to take control and custody of any property which the Corporate Debtor has the complete ownership of, this power of the Resolution Professional extends to properties which are a party of the court proceedings. Herein, it is important to note that the suit filed by the Applicant is merely to decide possession and seeking mesne profits. The Applicant has not disputed the ownership neither in his application nor in the notice sent by him - Therefore, in accordance with the code, since the Corporate Debtor has been authorised and empowered to take possession of the said Shed, the same must be granted to the Resolution Professional. Although, we would like to make it clear that this in manner would affect the merits of the Special suit which is still pending before the Special Civil Judge Goa. It is pertinent to note here that, the moot point behind the Resolution Professional seeking possession of the Shed is to help the company. Therefore, if the arguments of the Applicant are given any weightage, and the Shed is not given in the possession of the Resolution Professional the same would cause heavy prejudice to the Petitioner and defeat the purpose of the Code - It is also brought to our notice that the time period of moratorium is now over and no result has come out it. Thereafter, a Miscellaneous Petition was filed by the Petitioner for liquidation. Therefore, subject to admission of application, the possession of the said Shed will pass on to the Liquidator once he/she is appointed as per the orders of the court. Application dismissed.
|