National Company Law Appellate Tribunal
Rajendran P R Resolution Professional ... vs Piramal Capital And Housing Finance ... on 12 April, 2024
NATIONAL COMPANY LAW APPELLATE TRIBUNAL
AT CHENNAI
(APPELLATE JURISDICTION)
Company Appeal (AT) (CH) (Ins) No.34/2024
(IA No.104/2024)
In the matter of:
Rajendran P R, RP of Asten Realtors Pvt. Ltd. ...Appellant
V
Piramal Capital & Housing Finance Ltd. & 2 Ors. ...Respondents
Present :
For Appellant : Mr. Vinod PV & Ms. D. Reetha, Advocates
For Respondents : Mr. Joseph Kodianthara, Senior Advocate
For Mr. Prashant Kumar, Ms. Nikita Menon &
Mr. Saurabh Nikalje, Advocates, For R1 & R2
Mr. N. Muthukrishnan, Advocate, For R3
ORDER
(Hybrid Mode) 12.04.2024:
Heard the Learned Counsel for the 'Appellant' / 'Resolution Professional', of M/s. Asten Realtors Pvt. Ltd. Also, this 'Tribunal', has heard the Learned Senior Counsel Mr. Joseph Kodianthara, appearing for the 'Respondent Nos.1 & 2', On-going through the 'Impugned Order', dated 05.12.2023 in IA(IBC)/345/KOB/2023 in CP(IBC)/54/KOB/2022 (filed by the M/s. Piramal Capital & Housing Finance Limited) 1st Respondent / 'Petitioner', under section 60(5) (b) of the Insolvency and Bankruptcy Code, 2016, whereby and whereunder the 'Adjudicating Authority', at Paragraph 23 came to a clear-cut conclusion, that the 'Applicant' / 'Petitioner', has a Lien over the receivable of the 'Corporate Debtor' and it cannot be formed as an Asset in the terms of 'Deed of Hypothecation' and 'Escrow Agreement' cannot be nullified by any subsequent event etc., As such, the 'Adjudicating Authority' / 'Tribunal', had restrained the 'Respondent Nos.1 & 2', Comp. App. (AT) (CH) (Ins) No. 34/2024 Page 1 of 3 (Appellant & Respondent No.3) before the 'Adjudicating Authority', from withdrawing / transferring any amounts from the account of the 'Corporate Debtor' viz Account Nos.57500000294844, 57500000294857, 57500000295198, 57500000294870, 57500000295376, 57500000294860, 57500000295389 and 57500000303881. The 'Adjudicating Authority', also directed the 'Respondent Nos.1 & 2' (Appellant & Respondent No.3), to re-transfer the amount withdrawn from the 'Account', within 'four weeks', from the date of receipt of the said order.
Moreover, the 'Adjudicating Authority' / 'Tribunal', in the 'Impugned Order', had directed the 'Respondent Nos.1 & 2', in IA(IBC)/345/KOB/2023 in CP(IBC)/54/KOB/2022 must abide by the order dated 22.01.2019 and 'allowed', the IA(IBC)/345/KOB/2023.
At this juncture, Mr. Joseph Kodianthara, the Learned Senior Counsel appearing for the 'Respondent Nos.1 & 2', brings to the notice of this 'Tribunal', that in the matter of Regen Powertech Private Limited Vs Giriraj Enterprises & Another (vide Order dated 25.09.2023 in Civil Appeal Nos.5985-6001/2023, the Hon'ble Supreme Court of India had observed in view of the facts and circumstances, the 'Resolution Professional', should not have filed the present 'Appeals' and etc and the said Judgment of the Hon'ble Supreme Court of India squarely applies to the facts of the instant 'Appeal', before this 'Tribunal'.
This 'Tribunal', after hearing the Learned Counsel for the 'Appellant', the Learned Senior Counsel for 'Respondent Nos.1 & 2' and also going through the 'Impugned Order', in IA(IBC)/345/KOB/2023 in CP(IBC)/54/KOB/2022 on the file of the 'Adjudicating Authority' / 'National Company Law Tribunal', Kochi Bench, is of the considered view that the 'Adjudicating Authority' / 'Tribunal', had rightly restrained the 'Respondent Nos.1 & 2', in IA(IBC)/345/KOB/2023 in Comp. App. (AT) (CH) (Ins) No. 34/2024 Page 2 of 3 CP(IBC)/54/KOB/2022 for withdrawing / transferring in amount mentioned Paragraph 23 of the 'Impugned Order', and in appropriate manner had directed 'Respondent Nos.1 & 2' (Appellant & Respondent No.3), to re-transfer the amount withdrawn from the 'Account', within 'four weeks', from the date of receipt of the order etc., Suffice it for this 'Tribunal', to succinctly point out, that this 'Tribunal', is in complete agreement with the view taken by the 'Adjudicating Authority' / 'National Company Law Tribunal', Kochi Bench, in the Impugned Order dated 05.12.2023 in IA(IBC)/345/KOB/2023 in CP(IBC)/54/KOB/2022. Viewed in that perspective and looking from any point of view, the instant Comp App (AT) (CH) (Ins) No.34/2024, filed by the 'Appellant' / 'Resolution Professional' of 'M/s. Asten Realtors Pvt. Ltd.', sans merits.
In fine, the instant Comp App (AT) (CH) (Ins) No.34/2024, is 'dismissed'. The connected Interlocutory Application No.104/2024 (For Stay) is closed. No costs.
[Justice M. Venugopal] Member (Judicial) [Jatindranath Swain] Member (Technical) VG/TM Comp. App. (AT) (CH) (Ins) No. 34/2024 Page 3 of 3