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2023 (1) TMI 907 - AT - Insolvency and BankruptcyScope of Liquidation Estate - auction - immovable property’ being AC 44.65 Cents of Industrial Land at Nidadavole Village and Mandal, West Godavari District, Andhra Pradesh being unrelinquished, as communicated to the Liquidator - principles of Balance of Convenience - HELD THAT:- It transpires that the Liquidator through an E-mail on 06.09.2021 had claimed possession of the property to be handed over to him and that the Applicant / Appellant had failed to sell over the possession of the properties to and in favour of the Liquidator and hence, the Applicant / Appellant was perforced to prefer IA(IBC)/857(CHE)/2021 in CP/1053/IB/2018 before the Adjudicating Authority, (National Company Law Tribunal, Division Bench – I, Chennai) seeking extension of Three Months period. This Tribunal on going through the impugned order passed in IA(IBC)/857(CHE)/2021 in CP/1053/IB/2018 by the Adjudicating Authority, (National Company Law Tribunal, Division Bench – I, Chennai) dated 21.10.2022 is of the earnest opinion that the Adjudicating Authority, (National Company Law Tribunal, Division Bench – I, Chennai) had taken into account of the Judgment / Decision rendered by this Appellate Tribunal and, ultimately, had directed the Applicant / Appellant to hand over the possession of Assets of the Corporate Debtor, being an immovable property, admeasuring Acres 44.65 Cents of Industrial Land at Nidadavole Village and Mandal, West Godavari District, Andhra Pradesh to the Liquidator, within a period of 7 Days on the date of receipt of this Order. The Adjudicating Authority, (National Company Law Tribunal, Division Bench – I, Chennai) had directed the Applicant / Appellant to pay a sum of Rs.31,07,500/-, as Liquidation Cost to the Liquidator, as per the order passed by the Adjudicating Authority, (National Company Law Tribunal, Division Bench – I, Chennai) dated 04.06.2021. The said Order is free from any material irregularity and does not suffer from any Patent Legality, in the eye of Law, as opined by this Tribunal. This Tribunal, is in Complete Agreement with the view arrived at by the Adjudicating Authority, (National Company Law Tribunal, Division Bench – I, Chennai) in disposing of the aforesaid IA(IBC)/857(CHE)/2021 in CP/1053/IB/2018 dated 21.10.2022 and by issuing necessary Directions in the considered opinion, do not require any interference in the hand of this Tribunal, sitting in an Appellate Jurisdiction - Appeal dismissed.
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