2025 (6) TMI 1885

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....roperty. It is submitted that M/s. Heera Constructions Pvt. Ltd., was the subject matter of proceedings before the Company Law Tribunal under the provisions of the Insolvency and Bankruptcy Code and a resolution plan has now been approved in respect of M/s. Heera Constructions Pvt. Ltd. It is submitted that the joint venture with the petitioner is also a part of the resolution plan and therefore the respondent bank cannot proceed against the property of the petitioner under the provisions of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (hereinafter referred to as the SARFAESI Act). 2. The learned counsel for the petitioner placed reliance on the judgment of the Supreme Court in ....

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....rty which is the subject matter of mortgage with the respondent bank is mentioned in the resolution plan of M/s. Heera Constructions Pvt. Ltd., the petitioner cannot contend on the strength of the judgment of the Supreme Court in Ghanashyam Mishra and Sons Pvt. Ltd (supra) that the property cannot be proceeded against by the bank under the provisions of the SARFAESI Act. The Supreme Court in Ghanashyam Mishra and Sons Pvt. Ltd (supra) holds thus:- "95. In the result, we answer the questions framed by us as under: (i) That once a resolution plan is duly approved by the Adjudicating Authority under sub-section (1) of Section 31, the claims as provided in the resolution plan shall stand frozen and will be binding on the Corpo....