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Judgment
ORDER
CA-06/2024: The prayer made in the captioned appeal reads thus:
“a)Allow the present appeal.
b)Quash the Impugned Decision dated 09.01.2024 issued by the Respondent.
c)Direct the Respondent to realize the Secured Asset/Mortgage Property to the Appellant.
d)Direct the Respondent to not proceed with the sale the Secured Asset/Mortgaged Property till the disposal of the present Appeal.
e)Allow the Appellant to pay the liquidation cost or any other cost, if at all payable by the Appellant after final decision in the present Appeal.
f)Allow the Appellant 90 (ninety) days to make the payment of dues as per the Regulation 21 (A)(2) of IBBI (Liquidation Process) Regulations, 2016 from the date of realizing of the secured asset/Mortgaged Asset by the Respondent.”
As can be seen from the impugned decision dated 09.01.2024 communicated to the Appellant, by the Liquidator, the issue involved in the matter is regarding realisation of the security pledged with the Appellant and its liability towards the CIRP/liquidation cost as also the entitlement of the stakeholders in terms of the provisions of Section 53(1) of IBC, 2016 i.e. claim of EPFO and the gratuity of the workman.
The Ld. Counsels for the parties are ad idem that the Appellant would pay an amount of Rs. 1,07,00,000/- (Rupees one crores seven lakhs only) to the Liquidator within 60 days and in turn, the Liquidator would hand over the physical possession of the secured/mortgage assets referred to in para 5 of the application, immediately a payment of said amount. Para 5 of the application reads thus:
It is also agreed between the parties that the payment of balance amount i.e. payable in terms of the provisions of Regulation 21A of IBBI (Liquidation Process) Regulations, 2016 i.e qua gratuity and provident fund would be paid by the Appellant viz. Rs. 4,20,16,948/- towards gratuity of Rs. 1,02,54,531/-towards provident fund, as and when the secured assets/properties to be handed over by the Liquidator to the Appellant on payment of CIRP cost and the sale proceeds are received by the Appellant.
The CA stands disposed of.