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2022 (6) TMI 499 - Insolvency & Bankruptcy
Head Note / Extract:
Seeking release of Statutory electronic and physical Books of Accounts of the Applicants 1-3 to enable them to file their Income Tax and Goods and Service Tax Returns and other statutory filings with the respective departments - seeking release of 8 generators (which includes engine, alternator, and an enclosure), 2 Alternators and its Electrical panels purchased by the 3rd Applicant from 3rd party vendors, subject to submission of Form G and such other conditions - seeking release of generators and motors that belong to Bharat Sanchar Nigam Limited (BSNL), Fertilizers and Chemicals Travancore Ltd (FACT) and the Kerala Minerals and Metals Ltd. (KMML) who are the customers of the 2nd applicant which were brought to the factory for carrying out certain repairs, subject to submission of Form G - seeking release of Mobile Phone of the General Manager - seeking release of John Deere spare parts imported by the 1st Applicant. Whether the reliefs sought for in this application can be granted by this Tribunal? - HELD THAT:- This application has been filed by (i) Cornier Private Limited (ii) Cornier Power Systems Pvt. Ltd and (iii) M/s Whispower Sales & Services Pvt.Limited. According to the constitution of applicants herein and the Corporate Debtor, it shows that in the Corporate Debtor Mr.Thomas George and Asha Mary Thomas have 49% shareholding, in 3rd applicant Whispower Generator Sales and Services (P) Ltd. the above persons have 100% shareholding, in 2nd applicant Cornier Power Systems Pvt. Ltd the above persons have 100% shareholding and in 1st applicant cornier Private Limited, the son of Mr.Thomas George and Daughter in Law of Thomas George has 100% shareholding. From the above, it is clear that they are related parties to the Corporate Debtor. This application has been filed by the applicants in order to flout the directions contained the above order. Since the Corporate Debtor’s suspended Directors Mr. Thomas George and Mrs. Asha Mary Tomas are having 100% shares in the 2nd and 3rd applicant companies and their son and daughter in law having 100% share in the 1st applicant company, they are estopped from raising such a claim that they want to get the reliefs sought in this application. Strictly speaking the properties mentioned in his application has been admittedly purchased by the 3rd applicant, which is a related party to the Corporate Debtor as per Section 5(24A) of the IBC, 2016 and that the 3rd applicant did not raise such claims over these properties by failing an objection to the Section 66 application while it was adjudicated - Since no third party came forward with such a request and the that the applicants are related parties to the Corporate Debtor, the Liquidator need not release such properties, as those properties are of the Corporate Debtor and the Liquidator have full control over them. Since these applicants are related parties of the Cooperate Debtor, they are approaching with this application raising the issue that the generator and motors belong to BSNL, FACT, and KMML and they are the customers of the 2nd applicant and they brought it for repairs - there are no reason to interfere in the matter and grant any relief to the applicants - application dismissed.