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2019 (7) TMI 10 - Tri - Insolvency and BankruptcyDeclaration sought that the Scheduled property of 7.5 cents as DISCLAIMED - Section 36(3) (c) and (h) of the Insolvency and Bankruptcy Code, 2016 - whether the property admeasuring 7.5 cents under survey No. 243/6 can be declared as “Disclaimed” under rule 10 (1) (a) and (c) of the IBBI (Liquidation Process) Regulations 2016 for being treated as part of the liquidation estate? HELD THAT:- In order to maximise the value of the landed property of the Company under liquidation, it is essential that the property having onerous characteristics admeasuring 7.5 cents should form the part of the liquidation estate of the Company. Therefore, the property admeasuring 7.5 cents under survey No. 243/6 is declared as “Disclaimed” under Regulation 10 (1) (a) and (c) of the IBBI (Liquidation Process) Regulations 2016 and is being treated as part of the liquidation estate of the Company - Thus, as per Regulation 10 (5) of the Liquidation Regulations, the Respondents being affected by the disclaimer shall be deemed to be a creditor of the Corporate Debtor for the amount of compensation or damages payable in respect of such effect, and maybe paid as a debt in liquidation under Section 53(l)(f). The Respondents are directed to immediately handover the title deed and all concerned paper of the property admeasuring 7.5 cents under survey No. 243/6 to the Liquidator along with power of attorney authorising the sale of the property so that the sale proceeds of whole of property of the Company under liquidation could be appropriated to the account of the Company for being dealt under Section 53 of the IBC, 2016. Application disposed off.
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