TMI Blog2022 (6) TMI 9X X X X Extracts X X X X X X X X Extracts X X X X ..... regulate the procedure. Nowhere in the Sections or Rules, there is any provision to order execution of the proceedings. In this case, the discretionary power cannot be used since this is a case for execution of the decree which can be done by this Tribunal under Rule 57 of the NCLT Rules, 2016, if application to that effect is filed and that too after hearing the affected parties. Since this application has been filed under Section 60(5) and 67 of IBC, the second relief for enforcement and execution of the order/decree passed by this Tribunal in IA/IBC/27/KOB/2021 vide order dated 13.07.2021 also cannot be granted. Application dismissed. - MA (IBC) 07/ KOB/2022 in IA (IBC) 27 /KOB/2021 in IBA/133/2019 - - - Dated:- 18-5-2022 - Ashok Kumar Borah , Member ( J ) And Anil Kumar B. , Member ( T ) For the Appellant : Vinod P. V. , Advocate and Ashok Velamur Seshadri For the Respondents : Shankar P. Panicker , Advocate ORDER Ashok Kumar Borah , Member ( J ) 1. This Interlocutory Application has been filed under Sections 60(5) 67 of the Insolvency and Bankruptcy Code, 2016 ( IBC Code ) read with Rules 11 and 51 of the National Company, 2016 by Ms. Ashok V ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e present application has been filed by the applicant for a direction to the respondents to comply with the order of this Tribunal passed in IA/(IBC)/27/KOB/2021 dated 13.07.2021, failing which to pass appropriate orders under Section 424 of the Companies Act, for enforcement of the order/decree passed by this Tribunal. 6. The Respondents filed their reply and stated that the present application filed by the Liquidator is beyond his powers, as the Insolvency and Bankruptcy Code, 2016 do not give him the power to act as a Liquidator beyond the period of liquidation granted or unless the Extended period of Liquidation is granted by this Tribunal. The date of initiation of the Liquidation proceedings, is 10.01.2020 and the initial period of one year and the extended period of one year expired on 10.01.2022. Therefore, this application filed on 22.03.2022 is ultra vires to IBC 2016 and categorized as use of excess power by the Liquidator. 7. It is further stated that the Applicant/Liquidator is aware that the order sought to be enforced is under appeal before the Hon'ble NCLAT under Section 61 of the Code. Therefore, until the appeal is disposed of, seeking to execute an orde ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e Respondents were elusive and have hidden the facts of the assets owned by them with the Creditors or Liquidator. The question of liquidation of the personal assets of the Respondents arises only upon crystallization of an alleged claim. The recovery proceedings under SARFAESI Act is already initiated against the Respondents and any act of proceeding against the Respondents would have the effect of duplication of proceedings and hence the prayer for liquidating the assets of the Respondents can be made only after crystallization of the claim. 12. The learned counsel for the Respondents argued that the claim of Rs. 21.37 Crore would be crystallised only after the Respondents have exhausted all their statutory remedies under the IBC 2016, and that the claim of Rs. 21.37 Crore itself is being challenged before the Hon'ble Appellate Tribunal. The learned counsel further argued that the alleged figure of Rs. 21.37 Crore was as on 31/3/2018, whereas the Insolvency commencement date was 01.11.2019. 13. The learned counsel further stated that the Liquidator has not performed the duty cast on him to prepare the books of accounts as on the insolvency commencement date before makin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t a company, the registered office of the company is situate; or (b) in the case of an order against any other person, the person concerned voluntarily resides or carries on business or personally works for gain. 17. A reading of the above provision makes it clear that there must be an order by this Tribunal for execution. In this case, this Tribunal passed an order/decree in lA/IBC/27/KOB/2021 vide order dated 13.07.2021. Hence, we refer to the process of Execution as per Rule 57 of National Company Law Tribunal, 2016, which is as under: 57. Issue of process of execution.- (1) On receipt of an application under Rule 56 the Tribunal shall issue a process for execution of its order in such Form as provided in the Code of Civil Procedure, 1908 (5 of 1908). (2) The Tribunal shall consider objection, if any, raised by the respondent and make such order as it may deem fit and shall issue attachment or recovery warrant in such form as provided in the Code of Civil Procedure, 1908 (5 of 1908), as the case may be. 18. A conjoint reading of Section 424(3) of Companies Act, 2013 and Rule 57 of NCLT Rules, 2016, it is clear that for the purpose of enforcement of an ..... X X X X Extracts X X X X X X X X Extracts X X X X
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