2025 (5) TMI 1029

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....r. Naresh Salecha] Member (Technical) And [Mr. Indevar Pandey] Member (Technical) For the Appellants : Mr. Arun Kathpalia, Sr. Adv. & Mr. K. Datta, Sr. Adv. with Sidharth Sethi, Shreya, Kunal Saini, Akhil Nene, Aditya, Adv. For the Respondent : Mr. Subodh Kumar Agrawal, AR Mr. Rajesh Lihala, RP For Appellants : Mr. Arun Kathpalia, Sr. Adv. & Mr. K. Datta, Sr. Adv. with Sidharth Sethi, Shreya, Kunal Saini, Akhil Nene, Aditya, Adv. For the Respondent : Mr. Dhananjaya Sud, Adv. for RP ORDER ( Hybrid Mode ) Per : Justice Rakesh Kumar Jain: (Oral) This order shall dispose of two appeals bearing CA (AT) (Ins) No. 1674 of 2023 (hereinafter referred to as the first appeal) and CA (AT) (Ins) No. 519 of 2024 (hereinafter refer....

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....application was contested by the Appellant on various grounds but the Tribunal allowed the application holding that the provisions of IBC shall prevail over the provisions of the Act and ultimately allowed IA(IB)No.1267 /KB/2022 filed by the RP. 6. In order to reach to this conclusion, the Tribunal relied upon a decision of the Hon'ble High Court of Patna rendered in the case of Bihar State Financial Corporation & Ors. Vs. Parmanand Kumar etc., 2008 SCC Online Pat 105 and has referred to paras 14, 17 and 21 of the said judgment which may also be referred again as under:- "14. In the context of the present controversy, sub-section (4) also assumes importance inasmuch as it provides that all the expenses incurred for taking steps ....

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....se that the sale can be concluded by the Corporation and the cost of conducting such transfer may be first adjusted against the realization. Only remainder can be appropriated towards the outstanding of the creditor Corporation in the first place. and thereafter towards other debts. The action of attempting to sale or transfer the asset of debtor is not depended on the debtor's will but is the action of Corporation vested with statutory authority to take such action." 7. Similar order was passed in the second appeal as well, therefore, the Appellant common in both the appeals, has preferred these two appeals in which it is submitted that since the possession was taken in the first appeal on 21.07.2016 and in second appeal on 05.10.20....