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HC allowed the petition and declared the encumbrance entry on...
Liquidator's vesting bars third-party claims; encumbrance entry declared ineffective; liquidation and distribution under IBC S.33(5), S.53 and S.247 upheld
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HC allowed the petition and declared the encumbrance entry on the corporate debtor's property ineffective. The court held that following the NCLT's liquidation order and appointment of a liquidator under the IBC, assets vested with the liquidator and third-party proceedings against the corporate debtor were barred by S.33(5). The liquidator's admission of the tax claim and the subsequent sale free of encumbrances rendered the red-entry charge in the revenue record nugatory. The petition was permitted to give effect to liquidation administration and distribution in accordance with S.53 of the IBC, noting the available efficacious remedy by appeal under S.247 of the Maharashtra Land Revenue Code to the SDM.
HC allowed the petition and declared the encumbrance entry on the corporate debtor's property ineffective. The court held that following the NCLT's liquidation order and appointment of a liquidator under the IBC, assets vested with the liquidator and third-party proceedings against the corporate debtor were barred by S.33(5). The liquidator's admission of the tax claim and the subsequent sale free of encumbrances rendered the red-entry charge in the revenue record nugatory. The petition was permitted to give effect to liquidation administration and distribution in accordance with S.53 of the IBC, noting the available efficacious remedy by appeal under S.247 of the Maharashtra Land Revenue Code to the SDM.
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