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Tribunals and CommissionsFull Bench(2022) 08 NCLAT CK 0031

Vastustar Trading Pvt. Ltd vs Subramanian Natarajan Liquidator Of Marketing Times Automobiles Pvt. Ltd. & Ors

National Company Law Appellate Tribunal · Decided on 10 August 2022

HON’BLE JUDGES
Ashok Bhushan, Chairperson · Barun Mitra, Member (T)
RESULT
Disposed Of
CASE NUMBER
Company Appeal (AT) (Insolvency) No. 953 954 Of 2022 & I.A. No. 2698 Of 2022

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Judgment

6 paragraphs · 366 words
1.

Heard learned counsel for the Appellant as well as learned counsel for the Liquidator. Learned counsel for the Bank has also appeared.

2.

This Appeal has been filed against the order dated 10.06.2022 as well as order dated 10.05.2022. The Appellant has filed an application being I.A. No. 3524 of 2021 before the Adjudicating Authority praying for direction to the Liquidator to not to take possession of the immovable property which was in possession of the Appellant.

2.

I.A. No. 2173 of 2022 was filed by the Liquidator to take possession of the immovable property. The Adjudicating Authority in I.A. No. 2173 of 2022 passed an order on 10.05.2022 and fixed the matter on 10.06.2022. The Adjudicating Authority by the said order while issuing notice to the Appellant directed the Police Authorities to lend assistance to the Liquidator.

3.

By subsequent order dated 10.06.2022, I.A. No. 3524 of 2021 filed by the Appellant and I.A. No. 2173 of 2022 were adjourned to 26.07.2022. Learned counsel for the Appellant submits that now 15.09.2022 is the next date fixed.

4.

We have been informed that I.A. No. 2173 of 2022 has been withdrawn by the Liquidator since possession was handed over.

5.

In view of the fact that the application is pending and awaiting final decision, we are not inclined to entertain this Appeal. We, however, observe that I.A. No. 3524 of 2021 be considered and decided finally by the Adjudicating Authority. We further observe that I.A. No. 3524 of 2021 which was filed in 2021 needs to be considered on merits irrespective of the fact that possession has been taken by the Liquidator. We also observe that the Liquidator shall not auction the said property till decision of I.A. No. 3524 of 2021. Learned counsel for the Bank submits that the property was mortgaged in favour of the Bank prior to initiation of CIRP. It shall be open for the Bank to raise all its contentions before the Adjudicating Authority. We are of the view that till the application I.A. No. 3524 of 2021 filed by the Appellant is not decided, Liquidator shall not proceed to auction the property. Appeal is disposed of with these observations.