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2021 (5) TMI 307 - Tri - Insolvency and BankruptcySeeking release of title deeds before the CoC of the respondent - title deeds of the assets/rights of the Corporate Debtor - Resolution Applicants are not banking company, but a private organization, while the Financial Creditors have facilities to securely hold the same under safe custody - HELD THAT:- The Tribunal was constrained to summon the Resolution Professional as well as the Financial Creditors. They were asked to produce original title deeds. Today, they were present before the Tribunal along with the original title deeds as directed by the Tribunal. The Resolution Professional and the Financial Creditors have represented their respective cases. The Financial Creditors have submitted that the holding company too is under CIRP and they have apprehension that if the original title deeds are handed over to the successful Resolution Applicant, he may dispose of the properties in question, wherein there is charge for holding company, which is under CIRP. The Financial Creditors are directed to hand over the original title deeds to the successful Resolution Applicant in respect of lands at Bhoothpur and Vadodara and also to give No Objection Certificate (NOC) in favour of Resolution Applicant as provided in the Resolution Plan, and to release pledge of shares - successful Resolution Applicant shall not dispose of/alienate the properties of the Corporate Debtor without prior and specific order of this Tribunal, in order to protect the interest of the Financial Creditors and all the stakeholders. Application disposed off.
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