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2018 (4) TMI 274 - Tri - Insolvency and BankruptcyRight under Insolvency & Bankruptcy Code to get the delivery of the goods lying with the Respondent - ownership rights over the assets lying with the customs authoritieS - Held that:- It is not the case that the Respondent herein proceeding to take some action against the Corporate Debtor for appropriating the proceeds of the goods lying in the warehouse, indeed the Corporate Debtor has come forward through RP to take out the asset from the custody of the Respondent and the Customs Authority. Assuming that Section 14 is applicable even against this Respondent, that can come into force only when the Respondent initiates some action against the Corporate Debtor subsequent to declaration of moratorium. Here in the given case, no action has been initiated by the Respondent against the Corporate Debtor therefore, suspension of some right against the Corporate Debtor under Section 14 shall not be construed as a right to the Corporate Debtor to take out the assets lying with others solely on the ground that property is shown in the books of the Corporate Debtor. Right of suspension will not become right of taking delivery of the property from other parties. Therefore, the applicant herein cannot be said that it has a right under Insolvency & Bankruptcy Code to get the delivery of the goods lying with the Respondent herein henceforth, this Application is hereby dismissed without costs.
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