2020 (8) TMI 641

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.... 2019 passed by the Adjudicating Authority, Chennai Bench in MA No. 830 of 2019 in Company Petition No. CP/1037/(I.B.)/2018. The Parties are represented by their original status in the company petition for the sake of convenience. 2. Brief facts of the case are as follows: 3. The Financial Creditor, Edelweiss Asset Reconstruction Company Ltd had filed a company petition under Section 7 of the IBC. The Adjudicating Authority admitted the petition and appointed the Resolution Professional, who has filed M.A No.830/2019 to cancel the encumbrance, which was created by the impugned Order of attachment, registered by the EPFO Vellore. 4. The Corporate Debtor filed MA No. 830 of 2019 through Resolution Professional of the Corporate Debtor to ca....

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....e immovable properties belonging to the Corporate Debtor, which were attached and under the legal custody of Recovery Officer, EPFO and only upon such information proceeded and passed the impugned Order. 8. We have heard the arguments of the learned counsel for the parties and perused the records. 9. The Adjudicating Authority has stated in its order that "during course of hearing a representation on behalf the Respondent that Reply has been filed today in the registry. Counsel for the Applicant brings it to the notice of the Tribunal that a delay of more than three weeks in filing the Reply hampers the CIRP of the Corporate Debtor prejudicially as the CIRP is to expire on 02nd November, 2019 and the CIRP is a time bound process. Pursuant....

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....y Officer in order to realise outstanding dues, attached the immovable properties belonging to the Corporate Debtor, in the exercise of powers vested in him under Section 8(B) of the EPF and M.A. Act, 1952, vide order of attachment EPFCP-16 bearing reference No. T.N./VL/6294/Recovery/2017 dated 04th August, 2017. On perusal of this letter (Annexure A-4), it is clear that Authorised officer, Regional officer, Vellore, issued a Recovery Certificate to the Recovery Officer, Regional Office, Vellore in exercise of powers conferred under Section 8(B) to 8(G) of the Employees Provident Fund and Miscellaneous Act, 1952. Copy of Order of attachment EPFCP-16 is also enclosed with the attachment order passed by the Recovery Officer, Employees Provide....

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....of encumbrance certificate about the property attached by EPFO Vellore, to put a restriction on the Corporate Debtor from alienating the property, already attached by the Recovery Officer for the dues of Employees Provident Fund, by Order dated 04th August, 2017. The Recovery Officer has also demanded the encumbrance certificate duly incorporating the attachment of EPFO. 16. It is also apparent that the Sub Registrar failed to incorporate the attachment in the register. Therefore, the Recovery Officer of EPFO issued a reminder on 10th May 2018 and 29th November 2019 for incorporating attachment of the immovable property in the record. The Respondent has filed the attachment order dated 04th August 2017, which shows that the attachment orde....