TaxTMI 
TaxTMI 
2021 (6) TMI 487
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....BC with the following prayers: (a).to pass an order as per sub Section (3) of Section 19 of the Code and direct the Respondents to comply with the instructions of the Applicant. (b). To direct the Respondents to handover possession of the said Vehicles to the Applicant as the assets of the Company. (c). Pending the hearing and final disposal of the Application, the Hon'ble Tribunal be pleased: (i). to direct that no third party interest be created over the said Vehicles. (d). For interim and ad interim reliefs in terms of prayer (c) above. 2. The fact of the case is that GP(IB) No. 418 of 2018 was admitted vide order dated 15.01.2020 by this Adjudicating Authority filed under Section 7 of ....
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....he affairs of the Company by complying with the provisions of the Section 18 of the Code and handing over immediate possession of the said Vehicles without any protest or making hindrance. But despite sending several reminders and making requests, the Respondent did not pay any heed to any requests and continued to hold the possession over the said Vehicles. In view of such negligence of Respondent, the Applicant again informed vide letter dated 31.01.2020. 7. The Applicant further submitted that the Respondent instead of complying with the provisions of the Code along with the various requests and reminders, sent a letter on 07.02.2020 to the Applicant wherein the Respondents denied all the statements made by the Applicant in the letter....
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....ressed by the Corporate Debtor itself to the SKIL Group, copies of which are annexed hereto and marked as Exhibit "A" and "B". It is pertinent to mention that the aforesaid decisions were taken by the Corporate Debtor after due consultation and at the meeting of its board members. The decision is thus a decision of the company, and as such binding on the company. 11. A perusal of these letters also demonstrate that if at any point in time, the Corporate Debtor defaulted in making payment of the instalments due in respect of these vehicles to the respective finance company, the SKIL Group or any other of its group companies was required to make good such default and to retain the vehicle permanently. Further, the Corporate Debtor categori....
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....ency resolution process. The Resolution Professional merely steps into the shoes of management of the company upon passing of an order of admission by this Adjudicating Authority and declaration of commencement of corporate insolvency resolution process. There is no provision in the entire Insolvency and Bankruptcy Code which declares that all previous decisions taken by the management of the company become extinct or non-operative, particularly at the whim and fancy of the Resolution Professional, on commencement of the CIRP. 15. Heard the learned counsels of both sides and perused the documents filed by them. 16. The Applicant has argued that, the vehicles are registered in the name of Pipavav Defence and Offshore Engineering Limite....