9911796707
TMI Blog2022 (10) TMI 932X X X X Extracts X X X X X X X X Extracts X X X X ..... or HDFC Bank JUDGMENT Justice Anant Bijay Singh ; The appellant preferred this Appeal being aggrieved and dissatisfied by the order dated 25.08.2021 passed by the Adjudicating Authority (National Company Law Tribunal, New Delhi, Court-II) in IA-3103/2020 in Company Petition No. (IB)-1018(ND)/2018 whereby and whereunder the Adjudicating Authority directed the Respondent No. 4 under whose possession the vehicle is at present, is directed to hand over the vehicle i.e. Mercedes Benz GL 350 CDI EXE, Chassis No. WDC 1668236M007698 Engine No. 64282641701034 with Registration No. HR26CQ0196 within a week from today to the Resolution Professional, who is directed to take the possession of the said vehicle, failing which the Resolution Professiona ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... g with interest and other charges thereof and it will be the sole liability of the Corporate Debtor to pay all liabilities. Pursuant to the said agreement the Appellant is regularly using the said Vehicle as its owner and is in possession of the same till date. iv) In the year 2018, certain disputes have arisen between the Appellant and other land owners with the Corporate Debtor and the Corporate Debtor had filed a suit for injunction before the Court of Ld. Civil Judge, Nuh, Haryana. Due to pendency of the said suit, the Corporate Debtor had not shown any interest in the transfer of the said Vehicle in favour of the Appellant. v) Further case is that the Appellant got to know that the Corporate Debtor had not paid the instalments to the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d 4 at any point of time. Further submitted that while passing the impugned order the Adjudicating Authority has failed to consider the judgment passed by the "Hon'ble Punjab and Haryana High Court in the case of Munni Ram V. Fakir Chand and ors. reported in MANU/PH/1118/2009" held hereunder: "5. The sale of motor vehicle is governed by the provisions of the Sale of Goods Act, 1930 (for short "the Goods Act") and not by the Transfer of Property Act, 1882. In Vasantha Viswanathan and others vs. V.K. Elayalwar and others, (2001) 8 SCC 133, Supreme Court has interpreted Section 19 of the Goods Act. It was held that if there is a contract for sale of specific or ascertained goods, the property in them is transferred to the buyer at such t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in his name, it may liable him for punishment in terms of Section 112 of the MV Act, 1939 and 177 of the MV Act, 1988 but the property in the vehicle will stand transferred in terms of Section 19 of the Goods Act, when it was intended, it being movable property....." 5. It is further submitted that in view of the above law settled by the Punjab and Haryana High Court, the impugned order is fit to be set aside and the Appeal be allowed. Submissions on behalf of the Respondent No. 2 / RP 6. The Ld. Counsel for the Respondent during the course of argument and relying on his reply affidavit, submitted that the Respondent No. 2 is the Resolution Professional appointed for the Corporate Debtor vide order dated 14.01.2019 and after going throug ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rporate Debtor- Homestead Infrastructure Development Pvt. Ltd. After adjustment of the payments made by the Corporate Debtor to the Respondent Bank, a sum of Rs. 25,84,123 submitted by the Bank as its claim payable by the Corporate Debtor as on 23.02.2019 which has been admitted by the Resolution Professional. Therefore, apparently, Respondent Bank has exclusive charge in the nature of hypothecation over the said vehicle. 10. It is further submitted that as without obtaining No Due Certificate from the Respondent Bank, which had lien on the aforesaid vehicle, the Appellant cannot make any claim of purchase of the said vehicle, therefore, the Adjudicating Authority has rightly passed the impugned order. There is no merit in the Appeal, the ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
