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2019 (11) TMI 1367
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....Bankruptcy<br>B. S.V. Prakash Kumar, Member (Judicial) S. Vijayaraghavan, Member (Technical) For the Applicant Shri. R. Vidhya Shankar, For Shri. Srikanth Dwarakanath For the Respondent Shri. V. Anush Raajan, Ms. Krithika Jaganathan, Advocate ORDER B.S.V. Prakash Kumar, Member (Judicial) Heard and dictated in Open Court on 07.11.2019 It is an MA 1052/2019 filed by the Liquidator ....
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....ore BHEL has superior right over other creditors to whom this Corporate Debtor created charge of hypothecation. Based on this reasoning, BHEL Counsel says that it is entitled to seek relief under Section 52 of the Insolvency & Bankruptcy Code, 2016. 3. On hearing the submissions of either side and by seeing the relief sought by the Liquidator, it is evident that this Corporate Debtor erected it....
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.... in fact was created by the Corporate Debtor in favour of the Bankers (general hypothecation) wherein BHEL is not a party to that Hypothecation Deed, therefore, creation of charge in favour of the Bankers by the Corporate Debtor will not be binding upon BHEL. 7. In the backdrop of this, for there being an order from the Arbitrator stating that, BHEL has a lien on machinery lying at site as well....
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....ditors of the Corporate Debtor. 10. To say that charge is paripassu in nature, the Liquidator has to establish that the character of charge of lien created in favour of BHEL over the machinery entailed in this issue, and the character of hypothecation are of the same character. But, in the case of lien, it is deemed that the asset is lying with the lien holder, whereas in the case of hypothecat....