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2021 (11) TMI 121 - Tri - Insolvency and BankruptcyExecution of conveyance deed - moratorium under effect - Whether the RP can be directed to Execute the conveyance deed in respect of property in question as prayed by the Applicant or the RP can be directed to join in the execution of the conveyance deed and other required documents to sell, transfer, convey and assign the decreed property to the applicant in the pending Execution Application before the Hon'ble High Court of Bombay in spite of enforcement of moratorium? - HELD THAT:- The Property in question cannot be considered as an asset of the Corporate Debtor where the court of competent Jurisdiction has directed to transfer the title in favour of the Applicant. Section 14(1)(b) is not applicable on the property which are not the assets of the Corporate Debtor. Further the same property cannot be included as an estate of the Corporate Debtor by the RP - although there is a bar on continuation of proceedings against the Corporate Debtor, including the execution proceedings. However, when we see the real intent of enforcing the moratorium, we observe that the same is introduced with the intention to preserve the assets of the Corporate Debtor. The moratorium cannot be used as a shield by the Corporate Debtor to make its illegal acts as legal. The bar under Section 14(1)(a) shall not be applicable here and the moratorium enforced shall nowhere come in way of the Applicant for executing the Arbitral award. Since the property in question has already been declared that it is not the asset of the Corporate Debtor, therefore, any proceeding which does not concern the asset of the Corporate Debtor can be continued against the Corporate Debtor - Since, the execution proceeding is already sub-judice before the Hon'ble High Court of Bombay and this Adjudicating Authority has already held that the moratorium shall not come in between the proceedings which does not relates to the Assets of the Corporate Debtor. Application disposed off.
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