O R D E R

IA(IBC) 1489/2023 Orders pronounced. In the result, this application is dismissed Ivn .P (IBC) 40/2023 in IA No 1489/2023 Since IA No 1489/2023 is dismissed, consequently this application becomes infructuous.

IA(IBC) 1404/2023 This IA No 1404/2023 also dismissed IA (IBC) 7, 732/2022 & IA (IBC) 176/2024 Matter adjourned to 11.03.2024 for hearing.

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MEMBER (T) MEMBER (J)

Swapna NATIONAL COMPANY LAW TRIBUNAL, BENCH-I, HYDERABAD Under Section 60(5) of the Insolvency and Bankruptcy Code, 2016 Between Triumph Global India Private Limited Through its Authorised Signatory Having registered office at:

Kochar Bliss, 4^th Floor, A8 & A9, TVK Industrial Estate, Guindy, Chennai, Tamil Nadu – 600032 And Corporate Office at:

8-2-293/82/C/16/A, 3^rd Floor, Plot No.16, Susheela Pride, Road No. 07, Jubilee Hills, Hyderabad, Telangana-500033 Email: rithish@tgpl.com.sg Mobile: 9573501501 …Applicant Vs.

Mr Naren Sheth Liquidator, Aster Private Limited Having Office at: Plot No.141/1, Phase-II, IDA, Cherlapally, Hyderabad, Telangana – 500051.

Mobile Number: 9891848886 email: cirp@asterco.in ; nvsheth@mvindia.com …Respondent DATE OF ORDER: 20.02.2024 Coram Dr. Venkata Ramakrishna Badarinath Nandula, Hon’ble Member (Judicial)

Shri Charan Singh, Hon’ble Member (Technical)

Parties/ Counsels present:

For the Applicant : Shri Vikram C. Puttapaga & Ms. Aakanksha Nehra, Counsel.

For the Respondent : Mr. Naren Sheth, Liquidator.

PER: BENCH

ORDER

1. This is an Application filed by the Applicant under Section 52(5) read with 60 (5) of the Insolvency and Bankruptcy Code, 2016 Read with Rule 11 of National Company Law Tribunal Rules, 2016 seeking to:

a. Restrain the Respondent from taking the following assets of the Corporate Debtor on which the Applicant has security interest (and has exercised its right not to relinquish the security interest under Section 52 of the Code) to form a part of the liquidation estate:

i. Leasehold rights held by Aster Private Limited (hereinafter referred to as the “Corporate Debtor”) Plot No.2 to 7/1, RS No 497/P, 498/P499/P and 500 part, Savli (Alindra), GIDC Industrial Estate, District Vadodara, Gujarat;

ii. Leasehold rights in the lands situated at Bhootpur Village and Gram Panchayat, Bhootpur Mandal, Mahbubnagar District, Telangana with the following Survey Nos. (hereinafter referred to as “Bhootpur Property”)

Hereinafter collectively referred to as the “Said Properties”.

b. Direct the Respondent to provide its estimates to the Applicant as per First Proviso to Regulation 21A(2) of the Liquidation Regulations in respect of the said Properties, extend the time period to comply with the Regulation 21A rea with first Proviso of Regulation 21A(2) of the Liquidation Regulations by a further period of 180 days from the date of providing of estimates by the Liquidator; and/or c. During the pendency of the captioned application, pass an ad-

interim ex-parte direction restraining the Respondent from taking any steps whatsoever in respect of the said properties.

2. Gist of the application:

a. It is averred that while the directions for commencement of liquidation process were passed by this Tribunal vide its order dated 22.09.2021 passed in IA No 259 of 2021. The said order was directed not to be implemented by the Hon’ble National Company Law Appellate Tribunal vide its order dated 22.11.2021. However, the same stood vacated in the light of the dismissal of the appeal by the Hon’ble NCLAT vide its Final Order dated 23.02.2023. For completeness, it is stated that the Applicant has filed its claim on 22.10.2022. However, the liquidator admitted the claim of the Applicant only on 16.04.2023 and intimated his decision in this regard.

b. It is averred that the applicant has thereafter requested the Respondent to permit the applicant to proceed with the realization of its security interest as required to be communicated by a liquidator as per Section 52 of the Code. However, only vide his email dated 26.04.2023 the Respondent stated as follows:

“ De