2019 (12) TMI 340

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....and Ms.Nidhi Saini, Advocates for Intervener JUDGEMENT 1. The present Appeal is preferred under section 61 (1) of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as 'the I&B Code, 2016') against the impugned order dated 03.05.2019 passed by National Company Law Tribunal, Single Bench, Chennai( hereinafter referred to as Adjudicating Authority ) under Section 33 of the I& B Code in MA/69/2019 in CP/233/IB/2017. 2. The issue raised by the Appellant in this appeal is that the direction given by the Adjudicating Authority (National Company Law Appellate Tribunal ), Single Bench Chennai in terms of the Impugned order dated 03.05.2019 to the extent that the Liquidator shall collect the amount of Rs. 5.95 Crores plus interest ....

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....uthority vide its order dated 21.11.2017 admitted the said application and initiated the Corporate Insolvency Resolution process against the Corporate Debtor by appointing the IRP. The Adjudicating Authority vide order dated 30.05.2018 appointed Mrs. Deepa Venkatramani as Resolution professional on application filed by one of the directors and promoters. 6. The Adjudicating Authority passed an order of liquidation of Corporate Debtor due to lack of receipt of Resolution Plan under Section 30 (6) of the I&B Code, 2016. X. "As regards the issue raised by the resolution Professional; in the Additional Affidavit filed on 01.02.2019, it is noted that section 35 (1) (b) and (d) of the I&B Code, 2016 contemplates that it is the duty of the Liqu....

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.... a secured asset, any secured creditor faces resistance from the corporate debtor or any person connected therewith in taking possession of, selling or otherwise disposing off the security, the secured creditor may make an application to the Adjudicating Authority to facilitate the secured creditor to realize such security interest in accordance with law for the time being in force. (6) The Adjudicating Authority, on the receipt of an application from a secured creditor under sub-section (5) may pass such order as may be necessary to permit a secured creditor to realize security interest in accordance with law for the time being in force. 9. The Adjudicating Authority failed to take the right of the Appellant of realizing the security int....