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2019 (4) TMI 2112 - Tri - Insolvency and BankruptcyDirection to de-attach the immovable property belonging to the corporate debtor - handing over original title deeds of the immovable properties to the Resolution Professional - HELD THAT:- It is clear from the reading of the aforesaid observations of Hon'ble the Supreme Court in PR. COMMISSIONER OF INCOME TAX VERSUS MONNET ISPAT AND ENERGY LTD. [2018 (8) TMI 1775 - SC ORDER] that the Insolvency & Bankruptcy Code would override anything inconsistent contained in any other enactment including the Income Tax Act Section 238 is a non-obstante clause with widest amplitude. The Income Tax Department has already de-attached the properties belonging to the corporate debtor and accordingly, the possession by the Resolution Professional may be taken. It is directed that the title deed be handed over to the Resolution Professional at the earliest but not later than ten days. However, in respect of SEBI-respondent No. 1 the stand taken is that it is bound by the directions issued by the Securities Appellate Tribunal. The aforesaid stand is in the teeth of the observation of Hon'ble the Supreme Court in Monnet Ispat case (Supra). There is only one condition imposed by Hon'ble the Supreme Court that the code is to override anything inconsistent in any other enactment. It is obvious that various provisions in the Insolvency & Bankruptcy Code would require the Resolution Professional to run the affairs of corporate debtor on day to day basis and to take possession of the property belonging to the corporate debtor. In view of the provisions of non-obstante clause of Section 238 of the Code, any right under any other law cannot come in the way of the Insolvency & Bankruptcy Code. In the absence of records and possession of the property belonging to the corporate debtor, the Resolution Professional would not be able to perform his statutory duties in a time bound manner and there would be no possibility of any resolution which is the primary object of the Insolvency & Bankruptcy Code as emphasised by the Hon'ble Supreme Court in various judgments including ARCELORMITTAL INDIA PRIVATE LIMITED VERSUS SATISH KUMAR GUPTA & ORS. [2018 (10) TMI 312 - SUPREME COURT] and M/S. INNOVENTIVE INDUSTRIES LTD. VERSUS ICICI BANK & ANR. [2017 (9) TMI 58 - SUPREME COURT]. SEBI is directed to de-attach the properties of the corporate debtor and hand over the possession to the Resolution Professional along with all its record so as to enable the Resolution Professional to conduct the CIR Process expeditiously in accordance with the time line given in the Code. Application allowed.
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