2026 (1) TMI 1353

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....2024 filed by the Punjab Small Industries and Export Corporation Ltd. In the present case, CIRP comments against the Corporate Debtor on 23/02/2023. The claim was not filed by the Corporation within the time allowed in the publication. The information memorandum was issued by the Resolution Professional. In 19th Committee of Creditors (COC) meeting held on 06/03/2024 the Resolution Plan submitted by M/s Kadhvi enterprise has been approved by sole member IOB. RP has filed an application for approval of the Plan. The Corporation filed it claim on 19/07/2024 which was rejected by the Resolution Professional on 24/07/2024. Thereafter the Corporation filed an I.A. No 2234 of 2024 seeking direction to consider the belated claim. 3. The Adjudic....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ed the submissions of the Counsel for Appellants and perused the record. In Paragraph 9, 10 and 11, the Adjudicating Authority has made following observations. "9. It is relevant to point out here that asset in question, Industrial Plot No. 116, is public property allotted on a 99-year leasehold basis. And the Ownership remains vested in the Applicant Corporation in terms of clause as stated supra. Therefore, the Corporate Debtor never had absolute ownership; it held only a leasehold right, which was defective and encumbered by its failure to pay the enhanced compensation-a demand that was first raised in 2015, long before the CIRP. As stated supra, the Applicant was in correspondence with Financial Creditor. When the Property in q....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ted : "Note: The land of the corporate debtor at 116-117, Leather Complex, Kapurthala Road, Jalandhar is situated in the industrial estate of PSIEC. It is understood that the PSIEC has made claims in respect of enhancement of land rates. However such claims have not be en received by and are not in the knowledge of the RP at the time of the issue of this document. The RP has requested PSIEC, vide emails dated 15.07.2023, 19.07.2023 and 16.08.2023, to submit their claims, if any, immediately. However, no response has been received till this date. The prospective resolution applicants are advised to make their own inquiries in respect of any claim of PSIEC as described above. The RP shall not be responsible for any consequen....