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2021 (6) TMI 487 - Tri - Insolvency and BankruptcyDirection to Respondents to handover possession of the Vehicles to the Applicant as the assets of the Company - seeking direction that no third party interest be created over the said Vehicles - personal guarantees to the corporate debtor - HELD THAT:- Admittedly, on the date of commencement of the Corporate Insolvency Resolution Process, the registration certificates of the vehicles are in the name of the Corporate Debtor - As per Section 14 of IBC, the Respondents are prohibited from enforcing any security on the assets of the company and as per Section 18 of the IBC, RP has to take control and custody of any assets over which the Corporate Debtor has ownership rights as recorded in the balance sheet of the Corporate Debtor. The Respondents, who are possessing the vehicles have to hand over the vehicles to the Applicant. Respondents have the liberty to file their claim before the RP for their dues - Application allowed.
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