2025 (9) TMI 1167

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....ed NCLT, Chennai, in which, CIRP Proceedings had been initiated in the matters of M/s. Orion Water Treatment Private Limited, being the proceedings which were being carried under Section 10 of the I & B Code. 2. In the application, thus preferred by the Respondent herein, i.e., the Interim Resolution Professional (IRP), relief as prayed for was to the effect that, the Respondents to the IA, the Appellant herein may be directed to extend cooperation in managing the affairs of the Corporate Debtor and simultaneously, to vacate and hand over the control and custody of the premises of the Corporate Debtor to the IRP / Applicant or his authorised representative. Besides that, the IRP sought for possession of the inventories valuing about Rs. ....

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....e CIRP proceedings stood initiated by way of CP(IB)/263(CHE)/2022, and the application was admitted by an order passed on 18.10.2024 marking commencements of CIRP proceedings. Commencement of CIRP will entail appointment of IRP under Section 13(c), imposition of moratorium under Section 13(a) and making of a public announcement under Section 13(b) of the Code. Further, as per Section 17(a) of the Code, the IRP will take over the management of the affairs of the Corporate Debtor and take control and custody of the assets of Corporate Debtor as per Section 18(f) of the Code. 4. The Learned Counsel for the Appellants has pressed for handing over the symbolic possession of the assets of the Corporate Debtor, in the light of the consequences ....

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....ship of assets as elaborated under various sub-clauses contained under Sub-Clause (f) of Section 18 of the I & B Code. Since Section 18 is clear in its mandate that, it is rather the responsibility of the IRP to take control over any asset over which the Corporate Debtor has ownership rights, there cannot be any reason as such for handing over of a symbolic possession of such assets as being prayed by the Appellants. Thus, the nature of the relief sought for in the IA i.e., IA(IBC)/913(CHE)/2025 and consequently in this instant Company Appeal, is alien to the concept of the CIRP Proceedings under Section 10 of the I & B Code which could not have been granted by Learned NCLT and which cannot be granted by this Appellate Tribunal under the I ....