TMI Blog2021 (9) TMI 790X X X X Extracts X X X X X X X X Extracts X X X X ..... and the rights of title/ownership/possession has been passed on to the R3 vide a Registered Sale Deed executed on 10.03.2021. This Bench is of the considered opinion that the property has been validly transferred to the R3 vide Registered Sale Deed dated 10.03.2021 and that the R1 cannot link granting of NOC to its past dues. The transfer of property act contemplates transfer of title/ownership/possession, there can be no fetters attached to such transfers which have been conducted by a process of e-auction and it is held in catena of judgments that the claim of dues of the society amounts to be an Operational Debt and cannot be linked or claimed from the third party bonafide purchaser. Respondent No. 1 is directed to transfer shares ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... operty being Office No. 514, 5th Floor, Wing D, Floral Deck Plaza, Road Number 12, Sunder Nagar, MIDC, Andheri East, Mumbai - 400093, Maharashtra, India ( Andheri Property ) in the Respondent No. 1. The Andheri Property was mortgaged by the Corporate Debtor by way of equitable mortgage in favour of the Respondent No. 2, viz., State Bank of India ( SBI ). 5. After commencement of liquidation of the Corporate Debtor, the Respondent No. 2 relinquished its their security interest to the Liquidator u/s. 52 of the I B Code. The Liquidator, after relinquishment of security interest by SBI, conducted e-auction of Andheri Property on 01 March 2021 wherein the Respondent No. 3, viz., Mr. Arikkat T. Abraham was declared as the successful bidder f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... its claim with the Applicant under Form C of IBC, 2016. The said purported Form C was not signed and submitted by Respondent No. 1 and the same is not binding on it. The alleged Form C does not bear any stamp of Respondent No. 1 and no resolution of Respondent No. 1 has been annexed to it. The signatory of the alleged Form C, Mr. Vishal Kamble, is an employee (Manager) of Respondent No. 1, said Mr. Vishal Kamble did not have any authority on behalf of Respondent No. 1 to sign any such Form C or an affidavit in support thereof on behalf of Respondent No. 1. Rights of Respondent No. 1 are not abridged: 12. The Respondent claimed that the sale of the said property does not abridge their rights to claim dues of the society. The Respondent ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... email as well as speed post. Thus, there is no question of any misrepresentation whatsoever. 17. The Respondent No. 1/society is fully aware that its stand is legally devoid of any merits and is engaging in malicious mudslinging in place of making a cogent legal argument. The fact remains that the Respondent No. 1/society cannot extort an auction purchaser for its dues thereby circumventing the waterfall mechanism laid down in section 53 of the IBC. 18. The manager of the society claimed to have few prospective buyers. Thus, the manager asked the Liquidator to pay commission if the manager brings the buyer who purchases the property. However, the said manager insisted for private sale and not e-auction participation. A call recording ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sale and requested for issuance of NOC for electricity meter etc. to enable the R3 to start his business in the said premises. The R1 refused to grant the NOC on the ground that the dues of the R1 society still remained to be unpaid by the Corporate Debtor. 24. It is trite law, that the claims/dues of R1 society pertaining to the preadmission of CIRP, had to be filed before the Applicant and if these claims were not filed with the Applicant and these are not realizable unless the claims are filed with the Applicant. Be that as it may, the R1 society cannot exercise any lien/create encumbrance on the said property as the said property has been sold by way of e-auction and the rights of title/ownership/possession has been passed on to the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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