9911796707
TMI Blog2021 (11) TMI 1095X X X X Extracts X X X X X X X X Extracts X X X X ..... ORDER Per: Shri H.V. Subba Rao, Member (Judicial) 1. The above application filed by Mr. Mohanlal Ayyapan Pillai who is the Managing Director of the Suspended Board of Corporate Debtor M/s Virgo Marine Shipyards seeking following reliefs: a. That the Hon'ble Tribunal be pleased to hold the sale of the MV. VM Hopper Barge H-107 from Respondent No. 2 Bank to Respondent No.3 as violative of the moratorium imposed under section 14 of the Insolvency and Bankruptcy Code, 2016. b. That the Hon'ble Tribunal be pleased to hold the sale of the MV. VM Hopper Barge H-107 from Respondent No. 2 Bank to Respondent No.3 as a Preferential, Undervalued & Fraudulent Transaction under the relevant provisions of the Insolvency and Bankruptcy Code, 2016 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pondent Nos. 2, 4 and 5 respectively. M/s Vyankatesh Engineers & Contractors Pvt. Ltd who is the auction purchasers of the M.V. VM Hopper Barge H-107 from the Respondent No.2 i.e. Nagpur Nagrik Sahakari Bank Ltd was arrayed as Respondent No. 3. 3. Except the Respondent No. 2 namely Nagpur Nagrik Sahakari Bank Ltd. the remaining respondents did not file their replies in the above I.A. The Respondent No.2 filed detailed reply opposing the above application contending that the applicant Mr. Mohanlal Ayyapan Pillai who is the Managing Director of the Suspended Board of the Corporate Debtor has no locus to file the above application. The Respondent No. 2 further contended as follows: a. The Respondent No.2 submits that the application filed b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... el on the same date. e. The Respondent No.2 further submits that the Applicant had filed Securitization Application before the Debt Recovery Tribunal-II, Mumbai against the possession notice. However, it is noteworthy to mention that there was no stay granted by the DRT to the actions taken by the Respondent under SARFEASI Act against the Corporate Debtor. Further, the Respondent No.2 attempted to sale the vessel and issued public notices for public auctions on various dates such as 19.12.2019. However, on the scheduled date of auction no interest buyer submitted its bid for the purchase of the vessel. f. The Respondent No.2 submits that the Respondent No. 3, after receipt of the 'Sale Confirmation Letter' issued by the Respondent No.2, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o be issued after whole payment of the bid had been made and the payment terms shall be as per the Auction Notice or as per the mutually agreed terms between the parties. In this case the Respondent No.2 had, on specific request of the Respondent No.3, extended the time limit for making the full payment as per its bid. And when the payment is made the Sale Certificate was issued and the possession of the Vessel was handed over however, the title of the Vessel was already vested with the Respondent No. 3 since 02.12.2019 and therefore, the averments made by the Applicant regarding the violation of Moratorium re no longer survives and the prayer to that regard be dismissed at very outset. j. Further, the Proviso to Section 43(3) provides th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... so not in a position to take any decision. 7. It is borne out from record that the Vessel HV. VM Hopper Barge H-107 against which the Respondent No.2 is having primary charge has been disposed of by Respondent No. 2 under SARFAESI proceedings to the Respondent No.3 out of liquidation process and the Respondent No.3 has already taken physical possession by paying the entire sale consideration and also obtained sale certificate in their favour from Respondent No.2. 8. It is also an admitted fact that the present Applicant had filed Securitization Application before the Debt Recovery Tribunal-II, Mumbai challenging the possession notice issued under the SARFAESI Act by Respondent No.2 and the matter is subjudice before the competent DRT and ..... X X X X Extracts X X X X X X X X Extracts X X X X
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