TMI Blog2018 (12) TMI 1722X X X X Extracts X X X X X X X X Extracts X X X X ..... espondent from taking any further action in relation to A Wing premises pursuant to the notices issued by the Respondent under Section 13 (4) of the SARFAESI Act. - MA1466 of 2018 in in CP(IB)-490/MB/2018 - - - Dated:- 7-12-2018 - MR V.P. SINGH, MEMBER (JUDICIAL) AND MR RAVI KUMAR DURAISAMY, MEMBER (TECHNICAL) ORDER MA 1466/2018 IN CP (IB)-490/MB/2018 1. MA 1466/2018 has been filed by the Resolution professional under Section 60(5) of the IBC, 2016, seeking directions against the Respondent to return the physical possession of the B Wing premises of Lakshmi Towers to the applicant and restrain the Respondent from taking any action in relation to the A Wing premises pur ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ce at the A wing premises under Section 13(4) of the SARFAESI Act and left the premises. It is alleged that in addition to the contravention of the provisions of the SARFAESI Act, Respondents actions are clear violation of the order of Moratorium passed under Section 14(1) (d) of the IBC, 2016. 5. It is further alleged that Section 238 of the Code has overriding effect over all other laws in contravention of the provisions. It is further stated in the application that the Respondent happens to be the Financial Creditor and member of the CoC of the Corproate Debtor having filed a claim with the applicant under the provisions of the Code. 6. Respondent as a member of CoC attended various meetings of CoC, presided ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... subordinate to him as provided under Section 14(1-A) to take possession of the assets and documents. After the possession is taken the assets and documents will be forwarded to the secured creditor. (iii) the third situation will be one where the secured creditor approached the Magistrate concerned directly under Section 14 of the SARFAESI Act. The Magistrate will thereafter scrutinise the application as provided in Section 14, and then if satisfied, authorise a subordinate officer to take possession of the assets and documents and forward them to the secured creditor as under clause (ii) above. In the above situations, after the possession is handed over to the secured creditor, the subsequent specified provisions of Ru ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
