TaxTMI 
TaxTMI 
2022 (4) TMI 886
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....n filed by the Liquidator by issuing direction to the Respondent (New Okhla Industrial Development Authority) to transfer the plot in question in the name of auction purchaser and in event the Respondent Authority intends to recover any of its prior dues, it may prefer its claim in appropriate Form before the Liquidator. The Adjudicating Authority further directed that auction purchaser shall be liable to pay the ground rent and interest thereon and other charges, if any, to the Respondent arising after the date of auction of the purchase of the said institutional property. 2. The facts and sequence of events giving rise to this Appeal are: (i) The Appellant had allotted the Plot No.02/2 admeasuring 4615.13 sq. mtrs located at Sector 154, Gautam Buddh Nagar, Noida in favour of Corporate Debtor M/S Mega Soft Infrastructure Pvt. Ltd. (ii) The Adjudicating Authority in Company Petition filed by Neelam Singh against the Corporate Debtor initiated the Corporate Insolvency Resolution Process ("CIRP") by an order dated 23.08.2017. The Adjudicating Authority vide order dated 28.02.2018 ordered the liquidation of the Corporate Debtor and appointed the Respondent as Liqu....
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....n terms of provisions of IB Code, 2016 and the IBBI (LP) Regulations. b. Respondent authority if it intends to recover any of its prior dues may prefer its claim in appropriate Form before the liquidator. c. The auction purchaser shall be liable to pay the Ground Rent and interest thereon and other charges, if any, to the Respondents arising after the date of auction purchase of the said institutional property." (viii) The Appellant aggrieved by the said direction has come upon in this Appeal. 3. We have heard Shri Sourav Roy, learned Counsel for the Appellant and Shri Mrityunjay Kumar, learned Counsel for the Liquidator. 4. Learned Counsel for the Appellant submits that there is Policy namely "The Policy & Procedure for Institutional Property Management - March, 2009" for transfer of Institutional Properties, under which an appropriate Application made by an Applicant/ Appellant, the Respondent is bound to consider the request for transfer. Learned Counsel further submits that Adjudicating Authority by impugned order has used the expression "shall transfer the said plot in the name of the auction purchaser", which ties the hand of the Appellant to even c....
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....n the name of auction purchaser. 6. We have considered the submission of the learned Counsel for the parties and have perused the record. 7. The Appellant in the Appeal at paragraph 7.26 of the Appeal has come up with a case: "7.26 That the Appellant filed its Reply in the aforesaid Application submitting that as per the Policy and Procedure for the Institutional Property Management ("Policy"), the transfer of the institutional property is permissible only after fulfilling the formalities as enshrined under the said Policy. The Appellant further submitted an amount of Rs. 41,43,922/- (Rupees Forty-One Lacs Forty-Three Thousand Nine Hundred and Twenty-Two only) with respect to the Plot is due and payable to the Appellant as on 31st May, 2015 and the same is accruing on daily basis. The Appellant also stated that it has no objection in transferring the Plot in case the Respondent makes an application in compliance of the terms and conditions of the Policy after adopting the procedure to be followed as per the said Policy. A true copy of the Reply filed by the Appellant in IA No.1612 of 2021 is annexed herewith and marked as Annexure A - 15." 8. Insofar as the dues o....
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....ater Mumbai Act, 1888 ("MMC Act"), which was the provision governing the disposal of municipal property. Section 92 of the MMC Act provided that with sanction of the corporation, the Commissioner may by lease, sell or otherwise convey any immovable property to the corporation. The Hon'ble Supreme Court after considering the provision of Section 238 of the IBC, laid down following in paragraph 42 and 43: "42. Now, this Court proposes to deal with the contention that the provisions of the Code override all other laws and hence, that the resolution plan approved by NCLT acquires primacy over all other legal provisions. Facially, this argument appears merited. Section 238 enacts that: "238. Provisions of this Code to override other laws.-The provisions of this Code shall have effect, notwithstanding anything inconsistent therewith contained in any other law for the time being in force or any instrument having effect by virtue of any such law." 43. The scope of this provision has been the subject-matter of debate in several judgments of this Court. In Employees Organization v. Jaipur Metals & Electricals Ltd. [Employees Organization v. Jaipur Metals & Electric....
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.... The Hon'ble Supreme Court further held that Section 238 cannot be read as overriding Municipal Corporation of Greater Mumbai's right in its public duty to control and regulate how its properties are dealt with. In paragraph 47, following has been laid down: "47. In the opinion of this Court, Section 238 cannot be read as overriding MCGM's right-indeed its public duty-to control and regulate how its properties are to be dealt with. That exists in Sections 92 and 92-A of the MMC Act. This Court is of the opinion that Section 238 could be of importance when the properties and assets are of a debtor and not when a third party like MCGM is involved. Therefore, in the absence of approval in terms of Sections 92 and 92-A of the MMC Act, the adjudicating authority could not have overridden MCGM's objections and enabled the creation of a fresh interest in respect of its properties and lands. No doubt, the resolution plans talk of seeking MCGM's approval; they also acknowledge the liabilities of the corporate debtor; equally, however, there are proposals which envision the creation of charge or securities in respect of MCGM's properties. Nevertheless, the authori....