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TMI Blog2021 (5) TMI 307X X X X Extracts X X X X X X X X Extracts X X X X ..... imating the actions taken by him in furtherance of the same and outcome/view held by the CoC of respondent no. 2/Aster Pvt. Ltd. The applicant also seeks direction to respondent no. 4/Mrs. Padmasri Appana, Member of Monitoring Committee of M/s. Aster Building Solutions Pvt. Ltd. to approach the concerned authority with respect of the above direction and to further direct respondent no. 4 to carry out administrative action and corporate actions required to complete implementation of the approved plan. The applicant also seeks direction to discharge the erstwhile Financial Creditors as members of the Monitoring Committee as obligations of these applicant/Financial Creditors under the Resolution Plan has been completed by release and assignment of the security interest held by them and having issued No Due Certificate in favour of respondent no. 5, which is conclusive proof as to no liability on the borrowing of respondent no. 5. 2. Aster Building Solutions Pvt. Ltd. is a private limited company, which is under CIRP vide order dated 23.03.2018. Respondent no. 4 herein is appointed as IRP, later confirmed as Resolution Professional. Resolution Plan has been approved by the CoC and res ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 019. Respondent no. 3/RA is a signatory to the said deed. As per Clause 3.2 of the said Assignment Deed the original title documents deposited by APL and ABSPL with the Assignors shall be handed over to the Assignee only after obtaining NOC from all the existing charge holders including the CDR lenders of APL. 6. As regards issuance of NOC to GIDC it is submitted that no such NOC is required or mandated as per letter dated 15.10.2015 of GIDC. The applicant has issued No Due Certificate, which is a proof that the applicant does not have any right or interest on the leasehold grant provided by GIDC to respondent no. 5. 7. With regard the directions contained in para 2 of the above order the applicant submitted that Financial Creditors of the respondent no. 5/Corporate Debtor, being first charge holders, have executed Assignment Deed in favour of Resolution Applicant/respondent no. 3. Consequently, the RA has stepped into the shoes of the applicant/Financial Creditor of Corporate Debtor as security interest holder. Thus, the Resolution Applicant would be the first charge holder and the lenders of APL continue to be the second charge holders. 8. The question posed by the applicant i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... limited to express consent given by GIDC to the Consortium of Lenders of respondent no. 2 to enforce their security interest and such reliance does not amount to absolving the applicant and the CoC jointly of their obligation to enable and facilitate transfer of GIDC lease from respondent no. 2 to respondent no. 3. (para 10) 15. It is submitted that failure on the part of the applicant and the CoC to fulfil their obligations under the Resolution Plan will result in failure of implementation of Resolution Plan to the detriment of respondent no. 3. In such an event respondent no. 3 will be constrained to seek withdrawal from Resolution Plan. (para 12) 16. It is submitted that even if the applicant is not required to issue NOC, the applicant and the CoC are jointly required to facilitate transfer of GIDC lease to respondent no. 3. (para 17) 17. It is submitted that the applicant and Axis Bank are required to ensure performance of obligations under para 6(c)(iii) of the Resolution Plan. (para 18) COUNTER DATED 08.10.2020/19.10.2020 FILED BY RESPONDENT No. 1/RESOLUTION PFORESSIONAL of APL. 18. It is submitted that APL acquired land from GIDC vide allotment letter dated 02.08.2008 t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to verify in relation to who exactly the custodian of the documents is and that to whom the title deeds are to be returned as per the prayer made in this IA." 27. Pursuant to the above directions the Resolution Professional of the holding company/APL convened CoC Meeting on 27.10.2020 (Pages 5 to 21 of the Memo) with the lenders of APL, wherein the original title documents were placed with them to take decision on the directions issued by the Tribunal. Outcome of the said CoC Meeting is that, "the members reiterated their stand of not parting with the custody of original lease documents (presently with Axis Bank and IDBI Bank) of Vadodara and Bhoothpur properties." It is submitted that respondent no. 1/Resolution Professional of APL has filed reply that as per the decision taken by their lenders the Tribunal may allow the applicant to continue to hold the leasehold rights/title deeds of lands at Vadodara and Bhoothpur in trusts for the financial creditors of APL. 28. The applicant, therefore, prayed that order may be passed in accordance with the decision of CoC Meeting dated 27.10.2020. OBSERVATIONS: 29. We have heard the leaned counsel for the applicant and perused the cou ..... X X X X Extracts X X X X X X X X Extracts X X X X
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