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Judgment
Ld. Counsel appearing on behalf of the Appellant submits that the Appellant had sold certain equipment to the 'Corporate Debtor' with the condition that the ownership continued to vest and reserved with the Appellant till full payment towards the equipments paid by the 'Corporate Debtor'. The 'Corporate Debtor' did not fully paid the Appellant's equipment, therefore, such equipments are not the asset of the 'Corporate Debtor'. The Appellant has filed the application before the 'Adjudicating Authority' in this regard. However, the 'Adjudicating Authority' has not decided the application and the 'Resolution Plan' has been approved by the impugned order. In the Plan the Appellant's equipments are included in the Corporate Debtor's asset. Therefore, the impugned order is prejudicial to the Appellant.
It is also submitted that the Appellant has a good case. Therefore, during the pendency of this appeal the liquidator may be directed not to create any third party right over the Appellant's equipments.
Ld. Counsel for the Respondent admits that the Appellant's application is still pending before the 'Adjudicating Authority'. However, the title has already been transferred to the 'Corporate Debtor'. For this purpose, he drew attention towards the claim submitted by the Appellant before the IRP on 04th July, 2019.
Issue Notice.
Ld. Counsel appearing on behalf of the Liquidator / Respondent accepts notice. He may file reply affidavit within ten days. Rejoinder, if any, may be filed before the next date.
Ld. Counsel for the Respondent is directed not to create third party interest on the equipments in question till the next date of hearing.
The same impugned order has been challenged before this Tribunal in Company Appeal (AT)(Ins.) No. 584/2021 and that matter is listed on 21st September, 2021.
Let the matter be fixed for 'Admission(After Notice)' on 21st September, 2021.