TMI Blog2022 (6) TMI 1216X X X X Extracts X X X X X X X X Extracts X X X X ..... ssets of the Corporate Debtor after the commencement of Insolvency Resolution Process. The transfer has the effect of putting such Creditor or surety or a guarantor in a beneficial position than it would have been in the event of a distribution of assets being made in accordance with Section 53. Moreover, while admitting the application moratorium has been ordered under Section 14 of the IBC. The RP cannot handover the possession of the four Apartments to the applicant. The applicant is to wait till the CIRP is concluded - Application dismissed. - IA(IBC)/98(KOB)/2022 IN IBA/11 (KOB)/2020 - - - Dated:- 23-6-2022 - Hon ble Mr. Ashok Kumar Borah, Member (Judicial) And Hon ble Mr. Anil Kumar. B, Member (Technical) For the Applicant ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... not complete the construction of the aforesaid four apartments and handed over it to the applicant, the said complaint was allowed by the Commission vide order dated 07/12/2017 directing the Corporate Debtor to complete the construction of the Apartments and handover the same to the applicant within six months from that date allowing interest at the rate of 10% per annum from 31/03/2012 till the date of delivery. 4. However, the Corporate Debtor has not so far handed over the Apartments to the Applicant. While so on 16/11/2021, this Tribunal admitted IBA/11(KOB)/2020 and appointed respondent herein as the Interim Resolution Professional (IRP). The IRP issued public notice dated 21/12/2021 and pursuant thereto applicant submitted his cla ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the four Apartments, which are not comprehended in the project thereof and subject to CIRP being not governing the project in which the subject four Apartments covenanted to be handed over to the applicant are comprised. In order to prove the veracity of his claim, he has produced various documents filed by him before the Corporate Debtor as also the agreement entered into between them. Hence, he has sought the following relief: Direct the respondent-Insolvency Resolution Professional under Section 60(5) of the Insolvency and Bankruptcy Code, 2016 to hand over possession to and in favour of Applicant, the 4 Apartments comprehended by Annexures A1 to A8 Agreements, being Apartment Numbers 2285, 2311, 2312 and 2302 in the multi storeyed ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... performed by the Corporate Debtor cannot be interpreted as done in the usual course of Business following the provisions of IBC. The RP has accepted the valid claims, prepared Information Memorandum and published the Expression of Interest. 8. It is also stated that during the pendency of the CIRP, the applicant cannot enforce the rights against the Corporate Debtor due to the specific prohibition of initiation of legal process as specified in Section 14 of the IBC. Every Creditor who has lodged claim has an equal opportunity to get the dues towards him by resolving the insolvency. This Tribunal has not acceded to the request for projectwise resolution of the insolvency in IA(IBC)/39(KOB)/2022 and IA(IBC)/51(KOB)/2022 filed by interve ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tions and for, one or more of the orders referred to in section 44. (2) A corporate debtor shall be deemed to have given a preference, if- (a) there is a transfer of property or an interest thereof of the corporate debtor for the benefit of a creditor or a surety or a guarantor for or on account of an antecedent financial debt or operational debt or other liabilities owed by the corporate debtor; and (b) the transfer under clause (a) has the effect of putting such creditor or a surety or a guarantor in a beneficial position than it would have been in the event of a distribution of assets being made in accordance with section 53 A reading of the above would make it clear that if the prayer of the applicant is allowed which ..... X X X X Extracts X X X X X X X X Extracts X X X X
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