TMI Blog2021 (5) TMI 307X X X X Extracts X X X X X X X X Extracts X X X X ..... title deeds to the successful Resolution Applicant in respect of lands at Bhoothpur and Vadodara and also to give No Objection Certificate (NOC) in favour of Resolution Applicant as provided in the Resolution Plan, and to release pledge of shares - successful Resolution Applicant shall not dispose of/alienate the properties of the Corporate Debtor without prior and specific order of this Tribunal, in order to protect the interest of the Financial Creditors and all the stakeholders. Application disposed off. - IA No. 117 of 2020 in CP (IB) No. 37/9/HDB/2018 - - - Dated:- 26-4-2021 - Bhaskara Pantula Mohan, Member (J) And Veera Brahma Rao Arekapudi, Member (T) For the Appellant : V.K. Sajith and V. Ravi Kumar, Advocates ORDER DECISION Veera Brahma Rao Arekapudi, Member (T) AVERMENTS: 1. This application is filed by IDBI Bank/Financial Creditor under section 60(5) of the I B Code, 2016, read with Rule 11 of the NCLT Rules praying to issue directions to respondent no. 1/IRP of Aster Pvt. Ltd. to place the issue regarding release of title deeds before the CoC of the respondent to decide who shall hold the title deeds of the assets/rights of the Corporate De ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tation of the Resolution Plan, it is necessary to give a direction to the Financial Creditors, IDBI Bank and Axis Bank to release the security of leasehold rights/title deeds in favour of the Resolution Applicant in respect of lands at Bhoothpur and Vadodara and also to give No Objection Certificate (NOC) in favour of Resolution Applicant so that Resolution Applicant will approach GIDC and transfer the leasehold rights in its favour. Therefore, we are directing the IDBI and Axis Bank, the members of COC to implement the above directions within a period of 10 days from today and report compliance to the Resolution Applicant as well as Resolution Professional 2. It is also brought to our notice that Financial Creditors to create first charge in favour of Resolution Applicant. Similarly, we direct the bankers/members of CoC to comply the request made by Resolution Applicant in terms of Resolution Plan for creating first charge within 10 days from the date of this order. 4. As regards directions contained in para 1 of the above order the applicant submits that securitization and holding of title deed held by the applicant is in dual capacity, viz. first charge holders and in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 11. It is submitted on behalf of respondent no. 4 that the applicant herein is obligated to issue NOC and hand over title deeds. It is denied that respondent no. 4/erstwhile Resolution Professional of Aster Building Solutions Pvt. Ltd. is bestowed with administrative actions. It is further submitted that role of respondent no. 4 has changed from Resolution Professional to Chairperson of the Monitoring Committee of M/s. Aster Building Solutions Pvt. Ltd. and that respondent no. 4 has the only responsibility of supervising implementation of Resolution Plan. REPLY DATED 18.03.2020/19.03.2020 BY RESPONDENT No. 3. 12. It is submitted that the title documents of the lands comprising GIDC lease were being held by the applicant as 'trustee' of the Consortium of Lenders of respondent no. 2/APL, which is the parent company of respondent no. 5/ABSPL. Notwithstanding the said fact, the CoC, including the applicant herein had approved the Resolution Plan and had also obtained approval of the Resolution Plan from the Tribunal. 13. It is submitted that under the Resolution Plan, chief consideration of respondent no. 3 is to allocate amount of ₹ 57 crores to the Financia ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... submitted that APL has mortgaged leasehold rights of Baroda property for benefit of ABSPL after taking approval from GIDC/owner of property but the ownership of property continues to vest with GIDC, who executed leasehold rights in favour of APL. Hence APL lenders should continue to hold second charge on leasehold rights of Baroda property executed by GIDC in favour of APL. (para 8) 22. It is submitted that the Resolution Professional of ABSPL and the CoC of ABSPL did not bring forth the above facts and other facts mentioned in the Counter to the lender of APL. (para 9) 23. It is submitted that security of leasehold right documents, title deeds of lands at Vadodara and Bhoothpur are currently held by the above Financial Creditors of APL as per the charges registered with RoC, Hyderabad. IDBI holds title deeds as erstwhile first charge holder in ABSPL and also as agent/trustee for second charge holder of the Consortium of Lenders of APL. 24. Respondent no. 1, therefore, prayed that IDBI be allowed to continue to hold the leasehold rights/title deeds of lands at Vadodara and Bhoothpur in trusts for the financial creditors of APL. COUNTER DATED 12.10.2020/13.10.2020 FILE ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ade in the IA relate to directions to respondent no. 1 and respondent no. 4 and also a prayer to discharge the erstwhile Financial Creditors as Members of Monitoring Committee. 31. It is observed that the Tribunal had issued directions to the Financial Creditors and other stakeholders on various occasions, more particularly vide the following orders: (i) Order dated 04.06.2019 in IA No. 264 of 2019, (ii) Order dated 05.08.2019 in IAs No. 654 655 of 2019, (iii) Order dated 21.10.2019 in IAs No. 853 888 of 2019, (iv) Order dated 03.12.2019 in IA No. 1051 of 2019, and (v) Order dated 10.01.2020 in IA No. 1051 of 2019. Notwithstanding reiteration of directions nothing fruitful has come out so far and different IAs are filed by the parties more or less on the same subject matter. Consequently, the Tribunal was constrained to summon the Resolution Professional as well as the Financial Creditors. They were asked to produce original title deeds. Today, they were present before the Tribunal along with the original title deeds as directed by the Tribunal. The Resolution Professional and the Financial Creditors have represented their respective cases. The Financial Cr ..... X X X X Extracts X X X X X X X X Extracts X X X X
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