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Judgment
Virendra Kumar Gupta, Member (Technical)
In this application, the applicant is seeking release of the assets of the Corporate Debtor, which are being claimed to have been attached wrongly by
Directorate of Enforcement in proceedings against another company namely Rotomac Global Private Limited as the assets allegedly belonging to the
Corporate debtor were lying at the site and the location of the said Rotomac Global Pvt. Ltd. It is further claimed that in such attachment proceedings,
the applicant is not a party.
During the course of hearing of this matter on earlier occasion i.e., 16th November 2021, this Adjudicating Authority had directed the Liquidator-
Applicant to provide necessary documents regarding ownership of the said moveable assets to the satisfaction of Directorate of Enforcement to
establish the fact that the property is in question actually belonged to the corporate debtor. However, as transpired during the course of hearing today,
the applicant has not been able to trace the documents of purchase of such assets by the corporate debtor and has claimed ownership only on the
basis of assets being shown in the balance sheet of the corporate debtor.
On a pointed query whether these assets, which are being claimed as belonging to the corporate debtor, have specifically and independently shown
in the balance sheet, the Ld. Counsel for the applicant could neither give an affirmative reply nor produced balance sheet. The corporate debtor on
whose behalf the applicant is claiming the ownership is a corporate entity and therefore, such entity is liable to maintain necessary records of its assets
under the provisions of the Companies Act, 2013 or Companies Act, 1956 Act, as the case may be. Accordingly, it does not sound logical to say that
the purchase records/invoices, which are required to prove its ownership in a conclusive manner before the Directorate of Enforcement cannot be
made available. Even otherwise no other documentary evidence has been provided on the basis of which Directorate of Enforcement can take a call
as regard to the actual ownership of such moveable assets being of the Corporate Debtor.
In the absence of documentary evidence to justify its claim, we reject the prayer of applicant as regard to giving direction to Enforcement of
Directorate to release the said properties to Corporate Debtor.
Accordingly, this application i.e. CA No. 102/2019 stands dismissed.