2022 (8) TMI 708

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....This application has been moved by the Liquidator for extension of liquidation period by one year. We have gone through the application and heard the Ld. Counsel appearing for the Liquidator. After hearing the Ld. Counsel for the Liquidator, we grant six months extension of the liquidation period. The Liquidator shall complete the liquidation process within the extended period and file an application for dissolution of the Corporate Debtor. (b) IA(IBC)/621(KB)2022 stands disposed of accordingly. 3. IA(IBC)/550(KB)2021 (a) This application has been filed by Mr. Birendra Kumar Tripathi, Liquidator, appointed in M/s. Prism Infracon Ltd. against seven respondents u/s. 35(1)(n) and 66 of the Insolvency and Bankruptcy Code, 2....

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.... Hon'ble Tribunal. In spite of paper publication, none of the other Respondents have appeared to oppose this Application. (e) The learned Advocate appearing on behalf of the Liquidator makes submissions in support of grant of prayers made by the Liquidator in this Application. It is submitted that the original Title Deeds are all lying with the Debenture Trustees being the Respondent Nos. 5 to 7 and such original Title Deeds ought to be returned to the Liquidator. It is also submitted that all the Trust Deeds, more particularly, mentioned in the Application along with Deed of Mortgages created in respect of subject properties, more particularly, described in Annexure "G" in the Application be declared null and void. It is submi....

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....he Company [in Liquidation] are sold at a maximum realizable value expeditiously enabling expeditious and judicious liquidation of the Company. This Tribunal is mindful that the original Title Deeds of several properties of the Company [in Liquidation] including the properties mentioned in the Annexure "G" of the Application have not been traced or found. The Liquidator has furnished a list of land and properties belonging to the Company [in Liquidation] and the details are given below: i. All that piece and parcel of land admeasuring 8 Acres 86 Satak more or less in Mouza - Brindakhali, J.L.-129, P.S. - Baruipur, District - South 24 Parganas ii. All that piece and parcel of land admeasuring 1 Acres 98 Satak more or less i....

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....dhiana, Punjab ix. Any other immovable property belonging to the Company [in Liquidation] (i) The Respondents appearing before us has submitted that no original Title Deeds of any of the properties of the Company [in Liquidation] are in their possession and are unable to provide any answers as to the whereabouts of the original Title Deeds of any of the properties of the Company [in Liquidation]. (j) Considering the prayers made in the Application and in view of the facts that the original Title Deeds in respect of the several properties of the Company [in Liquidation] are not traceable or found, this Hon'ble Tribunal thinks it fit to pass the following orders:- i) The Liquidator shall make a paper pu....