2025 (6) TMI 2133

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....he Corporate Debtor, against whom the proceeding under Section 9 of the I & B Code, 2016, stood initiated by M/s. Air Pack Gases, the Operational Creditor. The said proceeding under Section 9 of the I & B Code, 2016, was taken up by Ld. Adjudicating Authority and the Corporate Debtor was directed to be admitted into CIRP by the Ld. NCLT, by an order passed on it on 05.05.2020, appointing Respondent No.1 herein to act as an IRP and declaring a moratorium u/s 14 of the I & B Code, 2016. After having been appointed in the said capacity, Respondent No. 1 initiated the CIRP process, and made a public announcement under Section 15 of the I & B Code, 2016, on 11.05.2020 by carrying a paper publication, and after inviting claims and collating them,....

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....quested by letter dated 19.01.2022 the Appellant to withdraw the said charge, but the Appellant vide letter 03.02.2022 denied the same, claiming that they are secured creditors and they want to realize the security interest under the Revenue Recovery Act, 1864. Therefore, Respondent No.1 filed the Interlocutory Applications being IA No. 445/2022, before the Ld. Adjudicating Authority seeking directions to remove the encumbrance made over the aforesaid property. Ld Adjudicating Authority vide its order dated 11.01.2024 allowed the Application and directed the Appellant herein to remove the attachment in the schedule property within 2 weeks to enable the liquidator to deal with it. 4. The Respondent No.1 in his Application filed before the....

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....rty of the Corporate Debtor; b) That this Hon'ble Tribunal may be pleased to declare the 1 Respondent attachment in the scheduled property of the Corporate Debtor is null and void; c) That this Hon'ble Tribunal may be pleased to direct the 2 Respondent to remove the 1" Respondent's attachment in the Encumbrance Certificate of the scheduled property of the Corporate Debtor and declare the same is null and void; or d) To pass such other orders or further orders which may be deemed to be fit and proper in the interest of justice." 6. The said application came up for consideration before the Ld. Adjudicating Authority after being numbered as IA No.445(CHE)/2022, the Tribunal observed that the encumbranc....