Ammeet Kamal Agarwal Suspended Director of Supreme Transport Organisation Pvt. Ltd Vs Axis Bank Ltd. & Anr

1. I.A. No. 4871 of 2023. This is an application praying for following reliefs:

“i. Allow the present Application; and

ii. Pass directions for clarifying the Order dated 15.09.2023 to the extent that as an alternative to depositing an amount of INR 10,49,26,262/- with the Respondent No. 1, the Appellant / Applicant be permitted to sell two unencumbered assets of the Corporate Debtor, details of which are as under, and be permitted to directly remit the sale proceeds to the Respondent No. 1 within four weeks:

a. Delhi Property situated at Khasra No. 22/23(0-12) & 39/3(0-9), Village Shahabad Daulatpur, Delhi – 110042 over land area of 885.28 Sq m;

b. Bengaluru Property bearing Municipal New No. 15/1, PID No. 88-245-15/1, Ward No. 88, situated at 9th A Main Road, Doddbanaswadi Village, K.R. Puram Hobli, Bangalore over plot area of 1780 Sq ft; and

iii. Pass directions for clarifying the Order dated 15.09.2023 to the extent that during the pendency of the present Appeal, the Committee of Creditors of the Corporate Debtor shall not be constituted; and

iv. Pass such other orders as this Hon’ble Appellate Tribunal may deem fit and proper given the facts and circumstances of the present case.”

2. By Order dated 15.09.2023, we allowed 30 days time to the Appellant to deposit the amount Rs. 10,49,26,262/- now the Appellant has come up in this  Application  seeking  permission  to  sell  unencumbered  assets  of  the Corporate Debtor. CIRP having commenced, no permission to sell any assets of the Corporate Debtor can be granted in this Appeal.

3. We thus are of the view that prayers made in the Application can not be accepted. The Application is rejected.

4. Learned  Counsel  for  the  Appellant  lastly  contended  that  time  as directed on 15.09.2023 be extended for further period of 30 days which is opposed by Learned Counsel for the Respondent.

5. We however in the ends of justice allow 30 days further time to make the deposit. We make it clear that if deposit is not made, the interim order shall stand vacated.

6. In view of the above, the Appeal shall now be listed on 20^th November, 2023.