TMI Blog2021 (6) TMI 652X X X X Extracts X X X X X X X X Extracts X X X X ..... uritisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 and took symbolic possession of the Land in question along with Bank of Baroda on 22.09.2015 in accordance with Section 13(4) of the Act read with Rule 9 of the Security Interest (Enforcement) Rules, 2002. After this verification, it became absolutely clear to the Applicant Bank that the Corporate Debtor has no right over the said Land anymore and hence the said Land does not fall under the category of assets of the Corporate Debtor . Accordingly, the Applicant Bank requested the RP to hand over the Land to the Applicant Bank and not to the Corporate Debtor - the Applicant has decided to file the application seeking clarification of the Jud ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... allowed to substitute and they have persued the Appeal and the Respondents have no objection for the said Legal Heirs of Appellant No. 1 - Late Durga Prasad Agarwal brought on record. 3. After hearing the parties Judgment was pronounced on 03.03.2021 passed the following order; For the reason(s) aforesaid, we set-aside the impugned order dated 21.11.2019 in CP (IB) No. 535/KB/2018 passed by Ld. Adjudicating Authority, National Company Law Tribunal, Kolkata Bench, Kolkata and dismiss the Application under Section 7 of the IBC filed by the Limtex Tea Industries Limited / Financial Creditor . In the result, Corporate Debtor is released from the rigor of the Corporate Insolvency Resolution Process . All actions taken by the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... plication to the Applicant Bank; (iii) The Hon ble Appellate Tribunal may be pleased to pass an order directing the Resolution Professional to maintain Status Quo with regard to the property described in para 2 of the Application till the disposal of the present Application. (iv) Ad-interim orders in terms of the prayer (iii) above. (v) The Hon ble Appellate Tribunal may be pleased to pass any such further or other order(s) as this Hon ble Appellate Tribunal may deem fit and proper in the facts and circumstances of the case to grant justice to the Applicant. 5. Heard Learned Counsel for the Applicant on I.A. No. 966 of 2021. Learned Counsel for the Applicant made the following submissions which read as hereunder. i) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... payment of financial facilities availed from the Applicant Bank. Considering the defaults committed by the Corporate Debtor in its repayment obligation, the applicant bank invoked the securities provided by the Corporate Debtor and its promoters. After invocation of securities, the Applicant Bank took actions under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 and took symbolic possession of the Land in question along with Bank of Baroda on 22.09.2015 in accordance with Section 13(4) of the Act read with Rule 9 of the Security Interest (Enforcement) Rules, 2002. v) Thereafter, in the year 2018, a Petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 was filed by Li ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed for the handing over of the properties and assets of the Corporate Debtor. The Report of RP informing the Adjudicating Authority about the steps taken till 16.04.2021 is annexed herewith and marked as Annexure A-5. ix) In between, when the RP brought the order dated 03.03.2021 to the knowledge of members of COC, SBI initiated a communication channel with the RP and informed him that ;(i) the Land is owned by Late Mr. Durga Prassad Agarwal (now it is owned by his legal heirs) and Mrs. Sangeeta Agarwal; (ii) the lease deed by which the Land was leased to the Corporate Debtor came to an end on 31.03.2015 in terms of the lease deed dated 31.03.2010; (iii) symbolic possession of the Land has already taken by the bank in terms of SARFAESI A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... operty. xii) It is humbly submitted that the Applicant has already taken symbolic possession of the Land on 22.09.2015 in accordance with the SARFAESI Act, 2002. Further, the Lease Deed dated 31.03.2010, by virtue of which the Corporate Debtor was enjoying the Land in question has already expired on 31.03.2015. xiii) Further, it has been verified by the RP that there is no fresh lease deed on record of the Corporate debtor, which give it any right to enjoy the property as Lessee. Hence, the Corporate Debtor has no right or title over the Property, accordingly the Land does not form part of the assets and properties of the Corporate Debtor. xiv) In light of the facts mentioned herein above, it is clear that the land does not form pa ..... X X X X Extracts X X X X X X X X Extracts X X X X
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