Home Case Index All Cases Insolvency and Bankruptcy Insolvency and Bankruptcy + Tri Insolvency and Bankruptcy - 2020 (12) TMI Tri This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2020 (12) TMI 241 - Tri - Insolvency and BankruptcyDirection to Respondent to handover the Original Share Certificates to the Corporate Debtor in relation to its shareholding - Jurisdiction to entertain the applications filed by the Resolution Professional - HELD THAT:- As per the provisions of the IBC, 2016, the moment the CIR Process is initiated against the Corporate Debtor, the moratorium under Section 14(1) of IBC 2016 is declared. By virtue of that, all proceedings, which are civil in nature, relating to the Corporate Debtor shall be prohibited to be proceed with, till the time the moratorium remains in force. The proceedings under Section 241-242 of Companies Act 2013 cannot stand as an exception to the moratorium. During the period of moratorium, the Adjudicating Authority under IBC 2016 is vested with jurisdiction to decide any issue arising out of CIR Process of the Corporate Debtor. Further as per Section 60(5)(a) of IBC 2016, this adjudicating authority can entertain or dispose of any application or proceeding by or against the Corporate Debtor - Further, by virtue of Section 238 of IBC 2016, the proceedings under IBC 2016, are having overriding effect over all the other inconsistent laws - Thus, this Bench is having the jurisdiction to entertain the applications filed by the Resolution Professional. As from the plain reading of Clause 6 of the Agreements dated 08.10.2018, it is evident that the Respondent was only having the temporary physical possession of the share certificates and other original documents. No ownership rights were transferred in favour of the Respondent at the time of signing the said agreements - The Respondent, who was given temporary physical possession of the original Share Certificates has not paid the consideration as stipulated in the Agreements dated 08.10.2018. Hence, this Bench is of the view that the Share Certificates along with other original documents possessed by both the Companies, namely, M/s. Hacienda Infosoftech Private Limited and M/s. Challengerz Web Solutions Private Limited, are assets of the Corporate Debtor and the Applicant is well within its rights to claim possession of these certificates along with other original documents with a view to maximize value of the assets of the Corporate Debtor. This Adjudicating Authority directs the Respondent to handover the original Share Certificates along with other original documents of M/s. Hacienda Infosoftech Private Limited and M/s. Challengerz Web Solutions Private Limited to the Resolution Professional of the Corporate Debtor within 7 days from the date of the pronouncement of this order - Application allowed.
|