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2021 (6) TMI 652 - AT - Insolvency and BankruptcySubstitution of Legal Heirs in the appeal, on the death of original appellant - defaults were committed by the Corporate Debtor in repayment of financial facilities availed from the Applicant Bank - HELD THAT:- Considering the defaults committed by the Corporate Debtor in its repayment obligation, the applicant bank invoked the securities provided by the Corporate Debtor and its promoters. After invocation of securities, the Applicant Bank took actions under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 and took symbolic possession of the Land in question along with Bank of Baroda on 22.09.2015 in accordance with Section 13(4) of the Act read with Rule 9 of the Security Interest (Enforcement) Rules, 2002. After this verification, it became absolutely clear to the Applicant Bank that the Corporate Debtor has no right over the said Land anymore and hence the said Land does not fall under the category of ‘assets of the Corporate Debtor’. Accordingly, the Applicant Bank requested the RP to hand over the Land to the Applicant Bank and not to the Corporate Debtor - the Applicant has decided to file the application seeking clarification of the Judgment dated 03.03.2021 in respect to the Land in question. Hence, the Applicant is filing the present application. There is urgency in the matter, as the RP is due to handover the Land to Corporate Debtor on 24.04.2021, who have no right and title over the property. The land does not form part of the Assets of the Corporate Debtor, and hence it is not liable to be returned to the Corporate debtor - Appeal not maintainable and is dismissed.
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