2019 (10) TMI 455

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....MAR, JUDICIAL MEMBER For The Respondent : Mr V. Rama Krishnan, Sr. Adv. and A.K. Rajaraman ORDER 1. It is an MA filed by the IRP u/s.19(2) of the Insolvency and Bankruptcy Code, 2016 (the "Code") against one of the Financial Creditors (R6), which is an Asset Reconstruction Company, taken over possession of the asset (34 acres of land along with factory, building, plant and machinery) of t....

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....ith whom it is lying. 3. By seeing the documents placed before this Bench, though it appears that the custody of the asset lying with R5 basing on the Assignment Agreement aforementioned through R6, which earlier taken over the possession of this asset from the Corporate Debtor under SARFAESI proceedings, it is evident till date ownership of the asset lying with the Corporate Debtor, whereby, t....

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....Accordingly, this application is hereby allowed. 6. As to second relief for production of the records of the Corporate Debtor from the erstwhile Directors (R1 to R4), the erstwhile Directors have come with vague submissions saying that the company records not lying with them because the asset was taken by R6 and then by R5, as the asset was taken over by R6 in the year 2015 itself, the counsel ....

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....he Corporate Debtor from the Suspended Directors till date. On there being no undertaking from these Respondents to provide records of the Company to the RP, this RP is entitled to seek assistance from the Chief Metropolitan Magistrate/Chief Judicial Magistrate/District Collector as contemplated under Section 19(2) r/w 429 of the Companies Act, 2013 for availing the required documents from these S....