TaxTMI 
TaxTMI 
2025 (11) TMI 1106
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....tor declined to recognise the Appellant's claim as secured relying on the judgment of this Tribunal Volkswagen Finance Private Limited Vs. Shree Balaji Printopack Pvt. Ltd. 2020 SCC Online NCLAT 729. Challenging the decision of the liquidator C.A. IB No. 20/2021 was filed by the Appellant which came to be dismissed by the impugned order, aggrieved by the order 20.02.2025 this appeal has been filed. 2. Learned Counsel for the Appellant submits that the vehicles with regard to which claim was filed has been registered in the Vahan Portal e- Services which registration was made reflecting the HDFC Bank as Financer. It is submitted that the Registration in Vahan Portal has to be treated Registration under SARFAESI Act 2002 by virtue of integration of Registration system in Vahan Portal consequent to the notification issued by Central Govt. dated 03.05.2019 which was issued in excercise of power under sub- Section 2 of Section 20 of the SARFAESI Act, 03.05.2019 was fixed as date of integration system of the registration system of Central Registry with the Vahan National Register. He submits that her clarification has also been issued by Reserve Bank of India on 04.10.2019 with regard....
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....gulation 21 which provides as follows: "21. Proving security interest- The existence of a security interest may be proved by a secured creditor on the basis of- (a) the records available in an information utility, if any; (b) certificate of registration of charge issued by the Registrar of Companies; or (c) proof of registration of charge with the Central Registry of Securitisation Asset Reconstruction and Security Interest of India." 7. The board has provided provision for proving security interest under Regulation 21 and one of the mode under sub clause (C) is the proof of Registration of charge with Central Registry and Assets Reconstruction Security India is one of the accepted board of probing the charge. The submissions advance by both the parties are divergent in so far as nature of Registration and consequence of Registration on the e-Vahan Portal is concerned. 8. Section 20A provides for integration of Registration System with Central Registry Section 20A is as follows: ^1[20A. (1) The Central Government may, for the purpose of providing a Central database, in consultation with State Governments or other authorities operat....
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....harges under SARFAESI Act, 2001 Clarification by GOI 1. Registration of Vehicles on CERSAI. As per the notification issued by DFS on 03.05.2019 about integration of the VAHAN motor vehicles registry with CERSAI, registration of charges relating to motor vehicles is to be made only on the VAHAN registry and not on the Central Registry (CERSAI). Any Vehicle registered with the VAHAN registry shall be deemed to be registered with the Central Registry for the purposes of the SARFAESI Act, 2002. 11. The submission Counsel for the Liquidator has been that the Registration as per the clarification issued by the Government of India is that the Registration is for the purposes of SARFAESI Act and cannot be relied in the Liquidation Proceedings. 12. As noted above, Regulation 21 of Sub Clause C provides proving of Security interest by Registration under the SARFAESI Act when integration of Registry under Vhan e-Portal has been provided by notification dated 03.05.2019 and is contemplated by Section 20A, we see no reason to not accept the registration under e-Vahan Portal as a registration within the meaning of SARFAESI Act 2002. When the Section 20A, sub section 2 uses the ....
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....th the Information Utility'; nor under Section 125 of the Companies Act, 1956/Section 77 of the Companies Act, 2013; no Application was preferred under Section 87 of the Companies Act, 2013; 'Charge' was not registered in the Securitisation Asset Reconstruction and Security Interest of India, we are of the opinion that Section 52(3)(b) of the Code and Regulation 21(b) of the (Liquidation Process), Regulation, 2016 are not complied with and the ratio laid down by the Hon'ble Apex Court in Kerala State Financial Enterprises Ltd. (Supra) and this Tribunal in India Bulls Finance Ltd. (Supra) is squarely applicable to the facts of this case. Hence, we hold that when in present matter 'Charge' was not registered as per the provisions of Section 77(1) of the Companies Act, 2013 and as envisaged under the Code, the Creditor cannot be treated as a 'Secured Creditor" 13. Thus, in the Volkswagen Finance Private Limited Case there was no claim for registration under SARFAESI Act hence the said judgment does not lead to any assistance in the present case with the case of the Respondent more so this Tribunal in Volkswagen Finance Private Limited was not considering....