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TMI Blog2017 (11) TMI 1115X X X X Extracts X X X X X X X X Extracts X X X X ..... 017 and the Interim Resolution Professional was appointed vide order dated 08.05.2017. 2. The instant application has been filed under Section 75 read with Section 236 of the code to re-call the above orders of admission and appointment of Interim Resolution Professional (IRP) on the ground that the charge held by the Punjab National Bank/Financial Creditor has been assigned to the Asset Reconstruction Company (India) Limited (for brevity ARCIL). The charge was modified on 31.07.2017 w.e.f. 20.01.2015 and copy of the certificate issued by the Registrar of Company regarding modification of the charge is at page No.369. 3. It is thus, contended that Punjab National Bank had fraudulently filed application before this Tribunal on 31.03.2017 a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ar of Companies by Ms. Preeti Khanna, Practicing Company Secretary for modification of the charges held by two different charge holders i.e. State Bank of India (for brevity 'SBI') and Punjab National Bank (for brevity 'PNB') in respect of the company for modification in favour of ARCIL. In one application filed by SBI in favour of ARCIL vide SRN No.C-48782080 Charge Id. No. stated was 10076528 and in the other CHG-1 Form filed by PNB in favour of ARCIL vide SRN No.C-48781561 Charge Id. mentioned is 10211340. The first form CHG-1 was signed by the official of SBI and Venkatasu Brahmanya Sharma Kollapudi on behalf of ARCIL and the other Form by PNB in favour of ARCIL was signed by Suresh Kumar Mangla, the official of PNB and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to know of this change in the master data, a letter was written to the Registrar of Companies to reinstate the charge of PNB. Copy of the said letter is Annexure A-3. The Applicant is stated to have made false allegations of fraud and mis-representation. The Form was submitted by the Bank in the year 2015 itself but modification has been registered by the ROC after about 2 ½ years without issuing any further notice to the Bank and despite passing of the order of admission of the petition by this Tribunal on 27.04.2017. 8. When the matter was listed on 23.08.2017, the Registrar of Companies, Punjab and Chandigarh was directed to preserve the CCTV footages relating to the visitors entering the premises of ROC for one month upto 01.08. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 1.06.2017, the Hon'ble National Company Law Appellate Tribunal, New Delhi in Company Appeal (AT) (Insol.) No.46 of 2017, allowed the appeal to be withdrawn, but without any liberty to move against the same very impugned order. The appeal, therefore, stood disposed of as withdrawn. The Corporate Debtor thus had no locus-standi to file this application. The Hon'ble Supreme Court in "Innoventive Industries Ltd. v. ICICI Bank Ltd. [and Ors." in Civil Appeal Nos. 8337/8338 of 2017 decided on 31.08.2018 held that once the Insolvency Resolution Professional is appointed to manage the company, the erstwhile Directors, who are no longer in the management obviously cannot maintain appeal on behalf of the company. Even in the appeal before the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... deration to the rival contentions, I am of the view that the application is totally frivolous and mala fide and has been filed apprehending consequences of the expiry of period for completion of Insolvency Resolution Process from the date of admission of the application. The reliance is mainly placed upon CHG-1 form filed with the ROC under the signatures of the officials of PNB and ARCIL. The relevant and important column of the form is serial No.17, which pertains to the particulars of the present modification. The particulars filled in this column are that of security and interest created to secure the repayment of loan/financial facility originally availed by the borrowers from SBI together with the principal amount due including the in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... That certificate seems to have been issued soon after CHG-1 form was filed. This form signed by PNB was still pending for more than 2 ½ years. 17. The law on the subject is quite clear that the charge is created on the basis of the documents like registered mortgage deed by deposit of title deeds or by assignment as in this case by SBI in favour of ARCIL. Simply change in the record of ROC cannot otherwise have any effect on the rights of the mortgagor without any document of creation of charge to lay claim over the security mortgaged with it. The record of ROC is meant to update the status and not for creating any right. 18. When the matter was listed on 27.9.2017, a categorical statement was made by the learned counsel representi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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