Possession of disputed insolvency property deferred until title deeds are examined and ownership is determined.

Physical possession of the disputed premises was deferred until the appellants produced the relevant documents and original title deeds before the Resolution Professional, who was to examine whether the property belonged to the appellants or to the corporate debtor. The Resolution Professional was directed to make a holistic determination on ownership on the basis of the documents furnished. Until that decision was taken, no coercive possession, including possession with police assistance, was to be taken.

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Issues: Whether the Resolution Professional could take possession of the premises claimed by the appellants, and whether he was required first to examine the original title deeds and decide the ownership status of the property.

Analysis: The appeals arose from directions for taking physical possession of premises asserted by the appellants to have been purchased under sale deeds. The Resolution Professional stated that the owners of the office and shop premises should produce the original title deeds so that he could determine the status of the subject property. The Court accepted this course and directed the appellants to approach the Resolution Professional within 15 days with the relevant documents and original title deeds, if not already furnished, so that a holistic decision could be taken on whether the property belonged to the appellants or to the corporate debtor. Till such decision, coercive possession was not to be taken either personally or with police assistance.

Conclusion: The Resolution Professional was restrained from taking possession of the disputed property until the appellants produced the relevant documents and he decided the question of ownership.

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