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2022 (4) TMI 881 - Tri - Insolvency and BankruptcySeeking direction to issue RC Book after entering Shri. S.K. Pandyan, Proprietor of M/s. S.K., Traders in respect of Vehicle - Section 60(5) of the Insolvency and Bankruptcy Code, 2016 - HELD THAT:- The property of the Corporate Debtor has been sold with existing and future encumbrances whether known or unknown to the Liquidator. The Applicant who is very well aware of the said terms and conditions imposed by the Liquidator has participated in the E-Auction Sale and has emerged as the successful bidder. At this point of time, after paying the entire sale consideration, the Applicant cannot invoke Section 238 of IBC, 2016 or Section 60(5) of IBC, 2016 seeking directions against the Respondent to register the vehicle in their favour. Further, eventhough in the Application it has been averred that a charge has been created as against the said vehicles in the name of Cholamandalam Investment Finance Company, for the reasons best known to the Applicant, they have not impleaded the said Cholamandalam Investment Finance Company as party Respondent in the present Application. Since the name of Cholamandalam Investment Finance Company is reflected in the RC Book, all parties are aware of the charges at the time of auction - In the present case, since the property of the Corporate Debtor has been sold on 'as is where is basis', the Applicant ought to have approached the proper authority seeking directions against the 2nd Respondent. Application dismissed.
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