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The HC dismissed the petition. The court held that following initiation of CIRP a moratorium and public announcement are mandated and that liquidation ordered by the CoC brought the Corporate Debtor into liquidation under the Code. The 1st Respondent was recognised as a secured creditor under Section 3(30) and Section 52; its security interest could not be defeated by the impugned attachment or the subsequent sale registration. The auction sale and sale certificate are quashed insofar as they impair the secured creditor's rights. The liquidator must assist in recovering amounts paid to other claimants and, upon full payment to the secured creditor, the attachment shall be vacated.
The HC dismissed the petition. The court held that following initiation of CIRP a moratorium and public announcement are mandated and that liquidation ordered by the CoC brought the Corporate Debtor into liquidation under the Code. The 1st Respondent was recognised as a secured creditor under Section 3(30) and Section 52; its security interest could not be defeated by the impugned attachment or the subsequent sale registration. The auction sale and sale certificate are quashed insofar as they impair the secured creditor's rights. The liquidator must assist in recovering amounts paid to other claimants and, upon full payment to the secured creditor, the attachment shall be vacated.
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