V. Jaisankar Vs Mahalingam Suresh Kumar (NCLAT Chennai)
NCLAT Chennai held that there would be no Security Interest which could be said to have been created in absence of there being any Registered Sale Deed. Thus, by not registering the MoDT, retention of title deeds of property of Corporate Debtor not justifiable.
Facts- The Appellant, in the instant Company Appeal has questioned the validity of the common Order dated 27.09.2024, by virtue of which NCLT, Chennai had proceeded to decide the three Interlocutory Applications IA(IBC)/415/2024, IA(IBC)/1701/2023 and IA(IBC)/1757/2023 in the principal Proceedings, in the name of IBA/870/2020 in which CIRP proceedings were being carried out against M/s. Ganga Foundations Private Limited, the corporate debtor.
Conclusion- Held that, since the property was never registered in his favour, in that eventuality, in the light of the Judgment rendered by this Appellate Tribunal in Company Appeal (AT) (CH) (INS) No. 254 / 2023 in the matters of K. Jayant Prabhu & Anr. v. Pankaj Srivastava, Liquidator, there would be no Security Interest which could be said to have been created in the absence of there being any Registered Sale Deed executed in favour of the Appellant or a legally valid registration of charge alleged to have been created by virtue of execution of an ̏Equitable Mortgage”, as per the MoDT dated 30.12.2020.
