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2021 (11) TMI 614 - HC - Insolvency and BankruptcyDeclining to return original ‘title’ documents to the petitioner - petitioner is liquidator of Corporate Debtor - HELD THAT:- It may be emphasized that, under the Insolvency and Bankruptcy Board of India (Liquidation Process), Regulation, 2016, the petitioner being ‘liquidator’, is under obligation to liquidate the Corporate Debtor within a period of one year from the liquidation commencement date. Therefore, the petitioner has to complete the liquidation process in a time-bound manner. Obviously, for selling the assets during the liquidation process, the buyers would insist for original title documents either for purpose of availing credit facilities for purchasing the assets or otherwise - It is therefore essential that the original title documents seized by the CBI and presently in the custody of the Special Court are required to be returned to the purchaser. In consideration of the facts of the case, the apprehension expressed by the CBI can be taken care of by directing the CBI to retain on record certified true copies of documents listed in Exhibit-G in return of original documents to the petitioners. The CBI shall certify all the documents listed in Exhibit-G and shall place a set of certified documents on record of the subject case, which will form part of the chargesheet. It is clarified that, certified copies of the documents, shall be treated as “primary evidence” for all purposes in the subject trial. The CBI Court shall handover the documents listed under Exhibit-G to the petitioners - Petition allowed.
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