IA No.708/2022
The compliance affidavit has been filed vide diary No.01131/4 dated 12.10.2022 and is taken on record. The short reply on the behalf of respondent
No.2 and No.3 are filed vide diary No. 01131/5 dated 09.11.2022 and is also taken on record.
The present application has been filed by Liquidator under Regulation 38 of IBBI (Liquidation process, 2016) seeking permission to distribute the
assets i.e. the building.
It is stated as no EOI/bid has been received the liquidator has decided to distribute the assets under Regulation 38 of IBBI (Liquidation process)
Regulation, 2016. The learned counsel for the dissenting bank stated that the impugned building cannot be sold without land as the building is
constructed on land owned by Suspended Directors/Promoter Mr. Krishan Kumar Gupta which was given on lease to the corporate debtor for a
period of 99 years. It is stated that thus, the building can’t be sold with freehold rights over the land.
The respondent No.2 i.e State Bank of India has filed reply stating that there is a practical difficulty in distribution of assets which is a building
structure and it cannot be distributed in portion to various stakeholders but rather can be sold as a whole. The code does not provide any procedure to
exercise their right over the distributed assets.
The Resolution Professional is directed to conduct a meeting of Stakeholder Consultation Committee within two weeks on the agenda for the
distribution of the land/building to the bankers of the Corporate Debtor. Financial Creditor-the respondent Banks will place all their issues before the
SCC for its consideration. The liquidator is directed to take appropriate steps as per advice of the SSC and in accordance of law. Thus IA
No.708/2022 is disposed of accordingly as per the aforesaid instructions.
IA No.454/2023
IA No.454/2023 is moved in IA No.14/2021 which is fixed for 14.03.2023. The present application is filed for impleading the LRs of deceased Krishan
Kumar Gupta. According to applicant there are only three LRs of deceased namely Smt. Kanta Gupta widow of Sh. Krishan Kumar Gupta and two
sons namely Mr. Amit Gupta and Mr. Sumit Gupta. The application is supported by an affidavit also. Death certificate of deceased is also annexed as
Annexure A1. Keeping in view the facts, the present application is allowed and LRs of Mr. Krishan Kumar Gupta be impleaded in IA No.14 of 2021.
Registry is directed to take out the amended memo of parties from IA No.454/2023 and place the same in IA No.14/2021 before the next date of
hearing in IA No.14/2021.
