Harish Raghavji Patel & Anr Vs Ajit Gyanchand Jain (NCLAT Delhi)
NCLAT Delhi held that section 18(1)(f) of the Insolvency and Bankruptcy Code enables Resolution Professional to take steps for taking possession of assets owned by Corporate Debtor. Accordingly, appeal dismissed.
Facts- CIRP against the Corporate Debtor-Rajesh Cityspaces Private Limited commenced on 15.01.2024. Mr. Ajit Gyanchand Jain- Respondent No.1 was appointed as Interim Resolution Professional (IRP).
On 31.05.2024, the IRP has sent an e-mail to the Suspended Board of Directors including the Appellant requesting to handover the physical possession of the property admeasuring 20,881 sq. ft. at Nutan Kailash Nivas Co-operative Society, R.B. Mehta Road, Ghatkopar East, Mumbai. IRP thereafter filed an application seeking physical possession of the larger property. In the said application, notices were issued on 08.10.2024.
A reply was filed by Respondent No.2- Mr. Rajesh Raghavji Patel, suspended Director of the Corporate Debtor stating that Flat Nos. 601 and 1101 are in possession of the Appellants based on the arrangement recorded in the Board Resolution dated 14.09.2017. No reply was filed by the Appellant to the application.
Vide impugned order dated 22.04.2025, Adjudicating Authority has allowed the application directing the Appellant to handover the possession of the Flat Nos.601 and 1101 within 10 days from the date of the order. Aggrieved by this order, this Appeal has been filed by the Appellants.
