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2022 (1) TMI 17 - NATIONAL COMPANY LAW TRIBUNAL , NEW DELHI BENCHSeeking for relinquishment of security interest and making the assets part of the Liquidation Estate - non-compliance of Regulation 21A(2) of IBBI (Liquidation Process) Regulation, 2016 - HELD THAT:- From the reading of the provisions contained in regulation 21A(2) of Liquidation Process Regulations, it is very clear that the secured Creditor is required to realize the security interest within stipulated time as prescribed in the regulation and in case, the secured creditor fails to comply with the sub-regulation (2) then as per sub-regulation (3) of 21A of liquidation process regulation the asset, which is subject to security interest, shall become the part of the liquidation estate. In the present case, the respondent has failed to comply with the sub-regulation (2), therefore, as per sub-regulation 3 of regulation 21 A, the asset shall become the part of the liquidation estate. Hence, the respondent is directed to immediately handover the possession of the aforesaid asset to the liquidator - Application allowed.
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