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2021 (11) TMI 1095 - Tri - Insolvency and BankruptcySale of the MV. VM Hopper Barge - violative of the moratorium imposed under section 14 of the Insolvency and Bankruptcy Code, 2016 or not - Preferential, Undervalued & Fraudulent Transaction or not - reversal of the sale of the MV. VM Hopper Barge - seeking restraint on Respondents, their officers, servants, agents, assignees, and successors in office from in any way alienating or creating any further third-party rights in respect of MV.VM Hopper Barge. HELD THAT:- It is borne out from record that the Vessel HV. VM Hopper Barge H-107 against which the Respondent No.2 is having primary charge has been disposed of by Respondent No. 2 under SARFAESI proceedings to the Respondent No.3 out of liquidation process and the Respondent No.3 has already taken physical possession by paying the entire sale consideration and also obtained sale certificate in their favour from Respondent No.2 - It is also an admitted fact that the present Applicant had filed Securitization Application before the Debt Recovery Tribunal-II, Mumbai challenging the possession notice issued under the SARFAESI Act by Respondent No.2 and the matter is subjudice before the competent DRT and the DRT has refused to grant any stay to the applicant. As rightly contended by the Respondent No.2, the Applicant has already approached the Competent DRT challenging the SARFAESI measure initiated by Respondent No.2 and the proceedings are pending. The issue as to whether the sale conducted by the Respondent No.2 in respect of Vessel is hit under Section 31 (d) of the SARFEASI Act or not can be decided by DRT. The Applicant cannot continue simultaneous proceedings both in NCLT and DRT Especially without any locus. Since the above application is not filed by the IRP or RP and since this Bench is inclined to dismiss the above application on the locus of the applicant, this Bench is not giving any findings on the other issues raised by the petitioner. Application dismissed.
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