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2022 (6) TMI 589 - Tri - Insolvency and BankruptcySeeking release of attachment made on scheduled mentioned property - seeking restriction from taking any further act of recovery proceedings against the Schedule mentioned Property purchased by the Applicant - seeking restraint from causing any hurdle for the functioning of the factory at the schedule mentioned property - seeking direction to 1st respondent to handover the Schedule mentioned property encumbrance free to the Applicant - HELD THAT:- It can be seen from the letters dated 24.12.2020 and 10.02.2021, exchanged between the 5th and 6th Respondents in IA/1005/2021, that the claim raised in the de facto attachment was occurred in the period between July 2011 and March 2014. Whereas, the Corporate Debtor was admitted into CIRP on 01.09.2017, in furtherance to that Liquidation was ordered on 16.07.2018, the paper publication regarding Liquidation of the Corporate Debtor was published on 18.07.2018, it is pertinent to note that no claim has been submitted by the Respondents 2 to 5 in IA/1005/2021, before the Resolution Professional or the Liquidator during the CIRP and the Liquidation process. This Adjudicating Authority is of the considered opinion that the Sub Registrar of Uthumalai's demand of No Objection Certificate from the Tahsildar, Veerakeralampudur for registering the sale deed dated 12.02.2021 entered into between Sri Gomathi Energy (P) Ltd. and the Liquidator of the Corporate Debtor, reasoning alleged de facto attachment made on the Property is unjustifiable at this stage of Liquidation. Moreover, the Property sold to the Sri Gomathi Energy (P) Ltd. was in accordance with the provisions of the Insolvency and Bankruptcy Code, 2016. The Sub Registrar, Uthumalai is directed to register the sale deed dated 12.02.2021 entered between Sri Gomathi Energy (P) Ltd. and the Liquidator of the Corporate Debtor - the liability in respect of the Property is not extinguished - Application disposed off.
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