9911796707
TMI Blog2020 (4) TMI 677X X X X Extracts X X X X X X X X Extracts X X X X ..... oliowing reliefs. a. To pass an interim order setting aside the Sale Deed dated 21-11-2019 registered as Document No. 13926 of 2019 and Sale Deed dated 02-12-2019 registered as Document No. 14418 of 2019 executed in exercise of right under the Power of Attorney to the extent of 55% of undivided share in land area executed after commencement of CIRP. b. To pass an interim order restraining the Respondent from alienating, selling or disposing off any manner any property of the Applicant by exercising right under the Power of Attorneys dated 29-6-2011, 10-10-2018 and 10-10-2018 since the extent of undivided share of land under the first two Power of Attorneys have already been sold as on 26-8-2019 and the Arbitration Award renders the thir ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d to the Arbitrator and that certain interim reliefs were also obtained by the Applicant and the Hon'ble High Court referred the dispute to Arbitration vide common Order dated 27-7-2018 passed in OA No. 311/2018 and OP No.5050/2018, and pursuant to the said reference, the Learned Arbitrator vide Award dated 27-9-2018 held that a total sum of Rs. 8,85,95,989/- was payable by the Corporate Debtor to the Applicant and in this regard a payment schedule was also contained in the Award, Pursuant to the said Arbitral Award, two Power of Attorneys dated 10-10-2018 were also executed by the Applicant in favour of the Corporate Debtor, one for 22% of the land area and the other for remaining 23% of the land area and upon receiving the initial pay ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... im before IRP in Form-B pursuant to the public announcement made by the IRP. It is also seen that the IRP has admitted the claim of the Applicant in relation to the Corporate Debtor which is evident from the e-mails sent by the IRP to the Applicant dated 29-11-2019. Pursuant to the appearance by the IRP before this Tribunal, a reply has also been filed. 4. The main crux of the submissions/contentions on behalf of the Learned IRP seems to be that by virtue of the reliefs as sought for in the above Application and extracted as above, the Applicant is trying to enforce the Award passed by the Learned Arbitrator which cannot be done taking into consideration the provisions of section 14 (1) (a) of the I&B Code, 2016. The said provision is also ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ourse of business of the Corporate Debtor. In the said circumstance, there cannot foe a grievance on the part of the Applicant in relation to the sale of the stock in trade belonging to the Corporate Debtor by the IRP or his authorised persons. 6. From the records produced by the Applicant, it is evident that as between the Applicant and the Corporate Debtor in relation to the 23% of the saleable area, there has been a dispute which under the aegis of Hon'ble High Court of Madras has been referred to the Learned Arbitrator and the Learned Arbitrator has also chosen to pass an Award directing the Corporate Debtor to make the payment of a sum of Rs. Rs. 8,85,95,989/-. 7. Clause V (d) and (e) (x) of the Award dated 27-9-2018 read as foll ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... into operation. 8. It is further required to note as per clause 5 (e) (x), the payment to be effected by the Corporate Debtor to the Applicant on the date fixed as per the schedule of payments, the rights provided for clause (d) in favour of the Corporate Debtor will come into operation. So, the rights of the Corporate Debtor in relation to what has been mentioned in clause 5 (d) comes to the effect only after the payment which is required to be made by the Corporate Debtor to the Applicant. That is, the right that can be exercised in relation to the property which is subject matter to the dispute as between the parties and several agreements which has been entered into from time to time and Power of Attorney in relation to which the Awar ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... forth by the IRP as to whether the same is under challenge under section 34 of the Arbitration and Conciliation Act, 1996 as amended and as to whether any stay has been granted in relation to the enforcement of the same. The provisions of I&B Code, 2016 while on the one hand draws a line in relation to the properties and assets of the Corporate Debtor on the other hand discourages from dealing with the property and assets of the 3rd party as evident from the explanation of Section 18 as provided under I&B Code, 2016. 10. From the Moratorium, it is seen that by virtue of reading section 14 (1) (b) restricts on the part of the Corporate Debtor in transferring or otherwise dealing with the property including its own during the period of CIR P ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
