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2023 (11) TMI 376 - AT - Insolvency and BankruptcyDirection to Respondent to handover the asset of the Corporate Debtor, which is under the possession of Respondent since last 2 years - direction to respondent to deposit the usage charges for the above mentioned asset in the account of Corporate Debtor - HELD THAT:- The resolution plan of the Corporate Debtor has been approved on 09.08.2021 by CoC and 14.03.2022 by the NCLT. The appellant could filed its claim after the approval of plan with the Committee of Creditors, hence, the same has not been considered. The present appeal is concerned with the two directions issued in paragraph (v) as quoted above. In so far as the first direction the machine has already been handed over to the Corporate Debtor, hence, that order has been complied with - In so far as the direction to pay usage charges it is clear that there has been no rental agreement between the parties for any usage charges and machine was given to the operational creditor by the director of the Corporate Debtor in lieu of the certain dues which Corporate Debtor owe to the appellant which is reflected in letter dated 08.06.2021. The appellant could not filed its claim in the corporate insolvency resolution process of the Corporate Debtor, hence, his dues do not find any reflection - the second direction issued by Adjudicating Authority for payment of Rs. 48 lakhs is unsustainable and is set aside. Appeal allowed in part.
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