ORDER

Per: Prabhat Kumar, Member (Technical)

1. This Application bearing IA No. 903/2023 is filed by Shaikh Mahboob Subani and Firoz Shaikh Subani (“Applicant”) in the Liquidation process of K.K. Welding Limited (“Corporate Debtor”) under the provisions of the Insolvency and Bankruptcy Code, 2016 (“Code”) seeking the following reliefs :

a) Direct the Liquidator to keep the said property of the Applicants as described in Para No. 1 outside the Liquidation Estate created by the Liquidator in respect of the Corporate Debtor.

b) Return the original documents of the said property lying in the possession of the Respondent/Corporate Debtor.

Brief Facts

2. Applicant No. 1 is the Proprietor of M/s Wed Enterprises and is in the construction business. Applicant No. 1 is the father of Applicant No. 2. Applicant No. 1 built the Ground Floor and First Floor in the building Flora Avenue being constructed on the non-agricultural land bearing CTS No. 1313(part), Plot No. 371/E-2, Scheme No. II, Taluka Kurla, Registration Sub-District Mumbai Suburban, Registration District Chembur ("the said property"). Applicant No. 1 agreed to sell Flat No. 001 on the Ground Floor and Flat No. 101 on the First Floor to