2019 (5) TMI 479

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....quidation order was passed on 19-07-2018. Consequently, Mr. Anuj Bajpai was appointed as the Liquidator. 2. The present Miscellaneous Application has been preferred under section 35(1)(n) of I&BC by the liquidator, seeking order of this Tribunal to direct the State Bank of India (Financial Creditor) to defreeze the bank account of Corporate Debtor and enable the Liquidator to perform his duties towards Liquidation of the Corporate Debtor. 3. The Applicant/ Liquidator states that the Respondent ( SBI ) has taken custody of the immovable mortgaged assets of Corporate Debtor by locking the premises of 2 units of factory situated in Gujarat viz. Unit No. 1516 (Unit 1) and Unit No. 710/1 along with Unit No. 710/2 (Unit 2), GIDC, Ill Phase Um....

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.... the Corporate Debtor to handover the possession of the property so mortgaged with the bank for selling the aforesaid properties by following the due process of law. 7. It is further stated that the Insurance Company processed the claim for a sum of Rs. 1,17,18,339/- on 23.11.2017 towards adjustment of loss/ damage caused due to fire in the premises. The claim amount was transferred into the Bank account of the Respondent Bank on 09.01.2018 as the same was the asset of the Respondent being the insurance proceeds of the secured assets mortgaged to the Respondent Bank. The said amount was later transferred to an account opened by RP at SBI, Cuffe Parade Branch, Mumbai on the advice and specific instructions of the RP during the 3rd COC....

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....reon and all incomes and claim including the insurance claim, therefrom relate to the Respondent Bank. 11. Considering the background as narrated in this MA as well as in MA 1123 of 2018 decided on 08.04.2019, it is justifiable to direct the liquidator to place on record the remaining assets yet to be disposed off under liquidation process along with the information of liquidated value. On the basis of such detail now demanded, it can be ascertained that how much work is yet to be performed by the liquidator so as to determine the cost of liquidation as well as professional fees. Thereafter, this Bench shall decide that how much amount is required to be paid/ reimbursed to the appointed liquidator. Till then, the freezed account, although....