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2021 (2) TMI 254 - Tri - Insolvency and BankruptcyPhysical possession of the mortgaged leasehold land of the Corporate Debtor into the Liquidation Estate of the Corporate Debtor - whether the leasehold land of the Corporate Debtor can be scheduled into the Liquidation Estate of the Corporate Debtor? - Whether the mortgaged land can be added into the Liquidation Estate of the Corporate Debtor? Whether the Respondents herein who are Financial Creditors who hold the property in question due to the fact that the property is pledged with them by the Corporate Debtor can be directed to be physically handed over to the Resolution Professional? - HELD THAT:- Since the Resolution Professional has to conclude the proceedings, it is highly necessary to get the possession of the property, as it is the duty of the Resolution Professional to dispose of the Liquidation Assets of the Corporate Debtor if necessary, to settle the claims of all claimants including the Financial Creditors. Since, the Building/ hospital is situated in the very same land having 16.55 Ares, no purpose will be served without getting the hospital property also into the Liquidation Assets - Moreover, the 1st Respondent Union Bank of India has no objection in handing over the possession and the 2nd Respondent Meenanchil East Urban Co-operative Bank Limited even though objected to; they have conditionally agreed to hand over possession, provided their interest is well secured. There is no doubt that the Liquidator will consider all the claims and make payments to each person/authority, as per the Regulations/ Rules. Hence, the 2nd Respondent’s apprehension cannot be sustained. Both Respondents are directed to hand over the physical possession of the mortgaged leasehold land of the Corporate Debtor (both Express Lease & Implied Lease lands used by the Corporate Debtor) to the Applicant in order to use as the Liquidation Estate of the Corporate Debtor - the Applicant is also allowed to add the mortgaged land (Express Lease-100.16 Ares & Implies Lease- 78.45 Ares) into the Liquidation Estate of the Corporate Debtor - Liquidator is directed to strictly follow the procedures to take over the property in question, as per the Regulations.
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