TaxTMI 
TaxTMI 
2022 (12) TMI 1202
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.... April 2017 and July, 2017 as accommodation loan with an interest @ 9.75% per annum and was secured by pledge of original share certificates of 77,500 equity shares in the petitioner's company held in the name of the respondent. The principal amount of Rs. 6.30 crores has repaid by the respondent on 31.03.2018 and subsequently again in the month of April, 2018, the respondent had availed loan of Rs. 10.20 crores with an agreement that the said loan amount shall be repaid within 3 months with an interest of 9.75 % and the pledged shares shall continue with the petitioner as security and further security in the form of mortgage by deposit of title deeds of certain immovable properties by the respondent. The respondent had paid Rs. 25 lacs to the petitioner as part payment towards the interest on the earlier loan of Rs. 6.30 crores. In the month of June, 2018, the respondent handed over original title deeds of three lands parcels, admeasuring 10.08 acres of non-agricultural lands of Tajpur to the petitioner as additional security against the loan of Rs. 10.20 crore along with the accrued interest. In the month of December, 2018, the petitioner has filed an application under Section....
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....he respondent. By an email dt. 06.06.2022, the Liquidator had denied the security interest of the petitioner over the pledged shares as well as the Tajpur land. After the appointment of the Liquidator, the petitioner has filed an application being GA 2 of 2022 praying for amendment in the cause title in CS 54 of 2019 for bringing the Liquidator as defendant in place of the respondent for the purpose of proceeding with the said suit as well as for service of writ of summons upon the Liquidator. Vide order dt. 29.07.2022, this Court has allowed the application filed by the petitioner. The erstwhile promoters of the respondent who are also the suspended Director of the respondent had preferred an appeal before the NCLAT against the order dt. 06.04.2022 passed by the NCLT but the said appeal was dismissed and accordingly the promoters of the respondent are claiming that they have preferred an SLP before the Hon'ble Supreme Court. The Liquidator has refused to recognize the petitioner as secured creditor or to allow the petitioner to sell the pledged shares towards the partial satisfaction of the claim of the petitioner against the respondent. As per the submission of the petit....
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.... (b) *** (c) *** (d) *** (e) assets subject to the determination of ownership by the court or authority; (f) *** (g) any asset of the corporate debtor in respect of which a secured creditor has relinquished security interest; (h) *** (i) *** (4) *** 52. Secured creditor in liquidation proceedings. - (1) A secured creditor in the liquidation proceedings may - (a) relinquish its security interest to the liquidation estate and receive proceeds from the sale of assets by the liquidator in the manner specified in Section 53; or (b) realise its security interest in the manner specified in this section. (2) *** (3) *** (4) *** (5) *** (6) *** (7) *** (8) *** (9) *** 60. Adjudicating Authority for corporate persons. - (1) The Adjudicating Authority, in relation to insolvency resolution and liquidation for corporate persons including corporate debtors and personal guarantors thereof shall be the National Company Law Tribunal having territorial jurisdiction over the place where the registered office of the....
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....on filed by the petitioner under Section 7 (1) of the IBC, 2016 was admitted by the NCLT on 18.09.2019 and subsequently on 23.09.2019, the petitioner has submitted the claim before the Interim Resolution Professional being the Principal amount of Rs. 10.20 crore along with interest @ 9.75%. Total amounting to Rs. 11.9393206/- in the said claim, the details of the security held by the petitioner is mentioned as follows : 8. Details of any security held, the value of the security, and the date it was given a) 77,500 equity shares of Rs. 10 each of Alliance Broadband Services Private Limited held by Corporate Debtor pledged with Financial Creditor on 12th April, 2017. b) The Corporate Debtor has deposited the original title deeds of land parcels, ad measuring 10.8 acres of non-agricultural land situated at Mouza Tajpur, P.S Ramnagar, Dist. Purba Medinipur, WB on June, 2018. Vide Order dated 06.04.2022, the NCLT has appointed Mr. Kuldeep Verma as Liquidator of Manthan Broadband Services Private Limited the respondent company herein. On 06.05.2022, the petitioner had submitted the proof of claim to the Liquidator wherein the petitioner has claimed the total liquidation amoun....
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....l dispute which has arisen dehors the insolvency of Corporate Debtor. In the absence of the jurisdiction over the dispute, NCLT could not have imposed an ad interim stay on the termination notice. Learned Counsel for the Liquidator has relied upon the unreported Judgment passed by this Court in the case of C. Surendra Trading and Investment Private Limited vs. Aditi E-Oil Private Limited & Anr. dt. 24.11.2022 wherein this Court held that the suit filed by the plaintiff cannot be proceeded further and the suit was dismissed. Though the petitioner has filed the suit prior to the appointment of Liquidator but after the appointment of Liquidator, the petitioner has field his claim of Rs. 14,47,32,521/- against the respondent before the Liquidator in the form prescribed under the I&B Code, 2016. In the present application, the petitioner is apprehending that the respondent will wrest the control and possession of the pledged shares of the petitioner which is subject-matter of the suit. NCLT and NCLAT are constituted under Section 408 and 410 of the Companies Act, 2013 but without specifically defining the power and functions of NCLT. Section 408 of the Companies Act states t....