JUDGMENT :

SUDHANSU JYOTI MUKHOPADHAYA, J.

A Corporate Insolvency Resolution Process was initiated against ‘M/s Cethar Limited’ (Corporate Debtor) when Mr. V. Nagarajan was appointed as Resolution Professional. In the said resolution process CA/65/IB/2018 was filed by ‘M/s Dynepro Pvt. Ltd.’ (Appellant in Company Appeal (AT) (Insolvency) No. 229 of 2018) with following prayer:-

“(a) Direct the Resolution Professional i.e., the Respondent herein who is representing the Corporate Debtor to release the materials received by the Corporate Debtor vide Inward Inspection Certificate dated 05.05.2017 vide IR No. 1/U5/R/001 to 007 to the Applicant herein;

(b) To restrain the Resolution Professional (i.e.) the Respondent herein from acting as the Resolution Professional in respect of the Corporate Debtor (M/s Cethar Limited) in so far as the Applicant is concerned without the leave of this Hon’ble Tribunal pending disposal of the criminal complaint lodged against him before the Inspector of Police, Law and Order, Cantonment – Tiruchirappalli under CSR No. 29/2018. ”

2. It was submitted on behalf of the Applicant ‘M/s Dynepro Pvt. Ltd.’ that the material belongs to them which was sent to the Corporate Debtor who is ‘M/s Cethar Ltd.’ for doing job work at the instance of the Applicant Company and therefore the material in question do not belong to the Corporate Debtor. The application preferred by ‘M/s Dynepro Pvt. Ltd.’ was rejected by the Adjudicating Authority (National Company Law Tribunal), Single Bench, Chennai by order dated 24th April, 2018.

3. In the said Corporate Insolvency Resolution Process against ‘M/s Cethar Ltd.’ another CA/127/2018 was filed by ‘M/s IU International Holdings PTE Ltd., Singapore’ (Appellant in Company Appeal (AT) (Insolvency) No. 262 of 2018) which was filed through ‘Uttam Sucrotech International Pvt. Ltd.’ with following prayer:-

“a. Direct the Corporate Debtor to hand over custody of the Materials as defined under Paragraph 4 of the Instant Application to the Applicant,

b. Restrain the Insolvency Resolution Professional from alienating and/or creating any third-party interest in the Materials as defined under Paragraph 4 of the instant Application.

c. Pass any other order, relief/relief’s, directions as deems fit for grant, in the interest of justice and equity.”

4. In the said application also giving references to the same purchase order similar prayer was made and plea was taken that the steel plates were supplied to the Corporate Debtor for fabrication of the steam and mud drums. The said application has been also rejected by the Adjudicating Authority by another order dated 25th April, 2018 which is under challenge in Company Appeal (AT) (Insolvency) No. 262 of 2018.

5. Before deciding the issue it is desirable to notice the position of the parties as per counsel for the Appellants. According to the Appellants, ‘M/s IU International Holdings PTE Ltd.’ supplied the material to ‘M/s GB Company Appeal (AT) (Insolvency) No. 229 of 2018 and 262 of 2018

Engineering Enterprises Ltd.’, who in its turn supplied it to ‘M/s Dynepro Pvt. Ltd.’ and ‘M/s Dynepro Pvt. Ltd.’ in its turn further supplied the steel plates to ‘M/s Cethar Ltd.’ (Corporate Debtor) for manufacture of boilers steam drums.

6. The case of ‘Dynepro Pvt. Ltd.’ is that it is engaged in the manufacture, supply, erection and commissioning of boiler/power plants and other products connected thereto. The Appellant Company is taking orders from third parties and the orders are executed based on the specification and requirements of the end users. In the process, the Appellant Company has engaged several other companies for doing job work which is used in the completion of boilers. Further, case of ‘M/s Dynepro Pvt. Ltd.’ is that one of the customer ‘M/s G. B. Engineering, Trichy’, has placed orders for manufacturing boilers steam drums by its order dated 18th April, 2017 as amended on 20th April, 2017. In order to execute the works, the Appellant ‘M/s Dynepro Pv