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2023 (6) TMI 902 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL , CHENNAISeeking permission from the Adjudicating Authority/Tribunal, to purchase four separate Residential Apartments from the Corporate Debtor - Moratorium was ordered in terms of Section 14 of the Insolvency and Bankruptcy Code, 2016 at the time of Admission of the Application - HELD THAT:- A mere running of the eye over the contents of the ingredients of Section 43(2)(b) of the Insolvency and Bankruptcy Code, 2016 points out latently and patently that if the reliefs sought by the Appellant/Petitioner is granted by this Appellate Tribunal, it will be in the form of Alienating/Disposing/Transferring of the Corporate Debtor in relation to any of its Assets or Beneficial Interest or any Legal Rights arising thereto. By so doing, the assets of the Corporate Debtor undoubtedly, in the considered subjective opinion of this Tribunal will change in diametrical term and it will also has to effect of placing such Creditor or Surety or Guarantor in the advantageous position than it would have been at the time of distribution of assets being made, in the teeth of ingredients of Section 53 of the Insolvency and Bankruptcy Code, 2016 - It is to be remembered that Moratorium was ordered in terms of Section 14 of the Insolvency and Bankruptcy Code, 2016 at the time of Admission of the Application and that is also not a favourable circumstance to in favour of the Appellant/Petitioner, as opined by this Tribunal. This Tribunal comes to a resultant conclusion that the conclusion arrived at by the Adjudicating Authority/Tribunal in Dismissing the IA(IBC)/98(KOB)/2020 in IBA/11(KOB)/2020 (preferred by the Appellant/Applicant) by making an observation that the Appellant/Applicant is to wait till the CIRP is over and also that the Resolution Professional cannot handover possession of the four Apartments to the Appellant/Applicant are fee from any legal infirmities or does not suffer from any material irregularities. Appeal dismissed.
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