Home Case Index All Cases Insolvency and Bankruptcy Insolvency and Bankruptcy + Tri Insolvency and Bankruptcy - 2021 (10) TMI Tri This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2021 (10) TMI 992 - NATIONAL COMPANY LAW TRIBUNAL , CHENNAI BENCHSeeking direction to Respondent, who is in possession of the movable properties of the CD, as the erstwhile landlord of the CD's old office, to cooperate with the company Liquidator, in collection of information about the movable assets which is in their physical possession and custody, so as to enable him to sell them in accordance with law - seeking permission to sell the movable assets of the CD as per the lists given in the Minutes of the 1st CoC meeting dated 25.04.2019 by private sale - scope of Liquidation Estate - HELD THAT:- This Tribunal already vide its order dated 11.03.2021 has directed the Respondent to hand over voluntarily forthwith the items as listed at Page No. 26 of the typed set filed along with the present Application within a period of two weeks' from the date of the order, failing which, the Liquidator was directed to take assistance from the Police Station concerned in this regard for the implementation of the Order on the part of the Respondent. It is seen that the movable assets, which are kept in the old premise at Cathedral Road, Chennai, are still in the custody of the Ms. Sundaravel T, the Respondent herein and that the Respondent refuses the Liquidator to value the said assets. Further, it is also pertinent to note that the Respondent had filed claims in Form-C before the liquidator for a sum of ₹ 27,21,744/- by attaching the lease agreement and rent working in order to substantiate the claim. At this juncture, it is pertinent to point out that once the creditor had submitted the claim in Form-C, the Creditor cannot hold back the movable assets of Corporate Debtor as a security for his claim, which goes against the principles of IBC, 2016. Ultimately, the said moveable assets of the Corporate Debtor would come within the purview of 'Liquidation Estate' and the Respondent is in possession of the same and not willing to hand over the said moveable assets to the Liquidator. The Respondent is directed to hand over the moveable assets of the Corporate Debtor - application disposed off.
|