TMI Blog2019 (12) TMI 1322X X X X Extracts X X X X X X X X Extracts X X X X ..... n below Section 18 of Insolvency and Bankruptcy Code, 2016, the plant is owned by appellant and thus does not belong to the Corporate Debtor, and is thus owned by third party, i.e. The Appellant - the possession of the plant machinery shall be restored to the appellant through Janata Sahkari Bank Limited, Pune. Appeal disposed off. - Company Appeal (AT) (Insolvency) No. 897 of 2019 - - - Date ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r respondent No. 2 the successful resolution applicant. 3. CIRP proceedings were initiated against the respondent No. 1 Corporate Debtor on 1st January, 2018. It appears that in the process, the appellant filed claim with the Resolution Professional claiming to be Financial Creditor for the rent for pre - CIRP period relating to the machinery installed which is Ethanol Plant in the premises of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ation of the machinery. 4. The respondent No. 2 Successful Resolution applicant has in reply (Diary No. 14749) stated in para 21 as under: 21. The provision for rental income could not be made as the ethanol plant was in operation only for 5 months. Also, there is no question of making a provision for plant and machinery of the appellant in the Resolution plan as the said assets is owned by ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... orcement of Securities Interest Act, 2002 and thus, although the machinery is the owned by appellant it is in legal possession of the Janata Sahkari Bank Limited though physically machinery is in the premises of the Corporate Debtor. 7. Both sides agree that as per explanation below Section 18 of Insolvency and Bankruptcy Code, 2016, the plant is owned by appellant and thus does not belong to ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
