JUDGEMENT

(24^th July, 2023) JUSTICE RAKESH KUMAR, MEMBER (JUDICIAL) The present appeal has been preferred under Section 61 of the Insolvency & Bankruptcy Code, 2016 (hereinafter referred to as ‘IBC’) against an order dated 29.06.2022 passed in IA No.107/KB/2021 in CP (IB) No.438/KB/2018 passed by the National Company Law Tribunal, Kolkata Bench, Kolkata (hereinafter referred to as ‘Adjudicating Authority’). For better appreciation it is appropriate to reproduce the impugned order:-

“1. This Interlocutory Application being IA (IB) No. 107/KB/2021 has been filed by Mr.Niraj Agrawal, Resolution Professional/Applicant under section 45 readwithsection49 of the Insolvency and Bankruptcy Code, 2016 along with Rule 11 of the National Company Law Tribunal Rules, 2016 for the following reliefs:-

a. That this Adjudicating Authority be pleased to allow the present application;

b. An order be passed declaring the so called agreement dated 26.07.2019 between the Corporate Debtor and T-RMC Private Limited as void and reverse the effect of such transaction in accordance with the provisions of the Code;

c. An order be passed directing Respondent No. 1 (T- RMC Private Limited) to immediately vacate the said land (parcel of land admeasuring2.209acresin RS Dag No. 3203, 3205, 3206, and 3208 lying and situated at Narayanpur, Mouza and P.O. R-Gopalpur, P.S. Rajarhat, District-24- 3 Parganas (North), West Bengal out of which 1.90 acres is occupied by Respondent No.1) transferred as part of the transaction and the same be vested in the Corporate Debtor;

d. An order directing the respondents not to obstruct the sole and exclusive physical possession of the said land by the RP, the Applicant herein; Direction upon the local district administration being the of icer- in-charge of concerned police station Rajarhat a SRCM Road, Rajarhat and Bidhannager Police Commissionerate, to give proper assistance to the Applicant in taking possession of the said land so as to discharge his duties under the Code in furtherance of the CIRP of the Corporate Debtor;

An order be passed directing and/restricting to remove any material or assets which is kept at the said land of the Corporate Debtor;

e. An order directing the respondents to pay Rs. 292.40 lakhs in respect of benefits received by T-RMC Private Limited from the Corporate Debtor during the period from 27.07.2014 to Insolvency Commencement Dateon18.03.2020, to the Resolution Professional; f. An order under section 49 of the Code restoring the position as it existed before any so called rent agreement was entered into as if the transaction has not been entered into;

g. Such other order providing relief under section 49 of the Code protecting the interests of the creditors of the Corporate Debtor including Vijaya Bank (now Bank of Baroda) who are victims of such transaction;

2. This Interlocutory Application being IA (IB) No. 1302/KB/2020 has been filed by Mr.Niraj Agrawal, Resolution Professional/Applicant under section 18(1)(f)(ii) read with section 25(2) and 60(5)of the Insolvency and Bankruptcy Code, 2016 and under Regulation 30 of the Insolvency and Bankruptcy Board of India ( Insolvency Resolution Process for Corporate Persons) Regulation, 2016 for the following reliefs;

a. An order be passed directing the respondent to obey the order dated18thMarch, 2020 passed by this Adjudicating Authority in C.P.(IB) No.438/KB/2020 towards its implementation;

b. An order directing the respondent not to obstruct the sole and exclusive physical possession of the said property by the RP, the applicant herein;

c. Direction upon the local district administration being the officer-in- charge concerned police station Rajarhat at SRCM Road, Rajarhat Bidhannagar Police Commissionerate, to give proper assistance to the applicant in taking possession of the said property so as to discharge his duties under the Code in furtherance of the CIRP of the Corporate Debtor;

d. An order be passed directing and/restricting to rem