TMI Blog2023 (1) TMI 549X X X X Extracts X X X X X X X X Extracts X X X X ..... Resolution Professional against the Appellant and their agents for their attempts to enter the premises of the Corporate Debtor. The Resolution Plan was approved by the Adjudicating Authority vide an order dated 03.01.2022 which is almost a year after the lodging of the initial FIR. Be that as it may, this Tribunal does not have jurisdiction to decide the title of the land more so when a Civil Suit has already been preferred by the Appellant herein and they have already opted for seeking a remedy before the Civil Court. Having regard to the fact that the main issue raised in this Appeal is with respect to the Dispute regarding the Title of the Subject Land which the Appellant claims was erroneously included in the assets of the Corpora ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s, 2016 seeking approval of the Resolution Plan of ACE Urban Developers Private Limited (hereinafter referred to as the Resolution Applicant ) as duly approved by the Committee of Creditors (CoC). The Adjudicating Authority , while approving the Resolution Plan has observed that the Resolution Plan value of Rs. 107.10 Crores is higher than the Liquidation Value of Rs. 91.35 Crores and the Resolution Plan has been approved by the CoC in the 16th CoC Meeting with 100% votes in favour of it. It is also observed in the Impugned Order that the Resolution Plan also satisfied the requirements of Section 30(2) of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as the Code ) and Regulation 37, 38, 38(1A) and 39(4) of the R ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ty. It is submitted that the land of the Appellants Predecessor and that of the Corporate Debtor are adjoining each other and the land of Appellants Predecessor is demarcated by a compound wall. Dr. K.V.Srinivas, 4th Respondent got an First Information Report (FIR) registered in Banjara Hills Police Station, Hyderabad on 04.02.2021 while the Appellants Predecessor was conducting activity in their property. The 4th Respondent who is the Resolution Professional , brought this fact to the knowledge of the Adjudicating Authority but did not get any survey done demarcating the property of the Corporate Debtor with that of the Appellants Predecessor. It is submitted that the Resolution Professional also kept the Resolution Applic ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Senior Counsel drew our attention to Writ Petition No.17412 of 2022 preferred by the Appellant herein before the Hon ble High Court for the State of Telangana, wherein the Hon ble High Court has dismissed the Writ Petition finally holding that there was no ground to grant any relief. It is observed from the Writ Petition (supra) that the 1st Respondent is State of Telangana , A.P.Gems and Jewellery Park Private Limited, has been arrayed as the 2nd Respondent and the Successful Resolution Applicant as the 3rd Respondent. It is also submitted by the Learned Senior Counsel that a CMA has been filed and orders were reserved in August, 2022 and that the Corporate Debtor was always in possession of the subject land. Assessment : 7. I ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... may not bring as much recognition as was expected from an International Standard Showroom-cum-Marketing Complex for Gems and Jewellary, but would definitely create jobs. Kindly note that we are not expecting any subsidized rate for the acquisition of the land and would be witling to pay the best price possible to the Government apart from compensating A.P.Gems Jewellary Park Private Limited for the money they had spent as stated above. Hope for earliest response so that this proposal can be properly evaluated and further negotiated 4.The request of the petitioner is to cancel the allotment of land made in favour of the Respondent No.2 and for allotment of the same in favour of the petitioner. Either in the said representat ..... X X X X Extracts X X X X X X X X Extracts X X X X
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