ORDER

MA/3(MP)2023 The case is fixed for pronouncement of the order.

The order is pronounced in open Court vide separate sheet.

Sd/- Sd/-

KAUSHALENDRA KUMAR SINGH MAHENDRA KHANDELWAL MEMBER (TECHNICAL) MEMBER (JUDICIAL)

A. Bhadauria BEFORE THE ADJUDICATING AUTHORITY NATIONAL COMPANY LAW TRIBUNAL In TP 60 of 2019 [CP(IB) 32 of 2017]

MA No. 3 of 2023 [An application under Section 60(5) & 52(5) of the Insolvency & Bankruptcy Code, 2016]

In the matter of SREI Infrastructure Finance Limited Financial Creditor Versus KS Oils Limited Corporate Debtor And In the matter of Phoenix ARC Private Limited Financial Creditor (Trustee of Phoenix Trust FY 15-15)

Versus Mr. Kuldeep Verma Corporate Debtor (Liquidator of KS Oils Limited)

Memo of Parties Phoenix ARC Private Limited (Trustee of Phoenix Trust FY 15-15)

Registered Office:

5th Floor, Dani Corporate Park

158, CST Road, Kalina, Santa Cruz (East)

Mumbai, Maharashtra-400098 Applicant Versus Mr.Kuldeep Verma (Liquidator of KS Oils Limited)

3, Jagbandhu Modak Road

4^th Floor, Shova Bazar Kolkata-700005 Respondent Order Pronounced on:16.02.2024 Coram: Mahendra Khandelwal, Member (Judicial)

Kaushlendra Kumar Singh, Member (Technical)

Appearance:

For the Applicant: Ld. Sr. Counsel Mr. Amit Singh Chadha a.w. Ld.

Counsel Ms. Soumya Dharwa For the Respondent: Ld. Sr. Counsel Mr. Vivek Sibal a.w. Ld. Counsel Mr.

Aditya J. Pandya

ORDER

1. This application is filed on 09.08.2023 under Section 60(5) of Insolvency & Bankruptcy Code, 2016 by Phoenix ARC Private Limited through its authorized representative Mr. Mahesh Malunjkar (applicant) - secured financial creditor and the member of the Stakeholders Consultation Committeee (having 27.24% voting share) of the corporate debtor-KS Oil Limited against Mr.Kuldeep Verma- liquidator (respondent) of the corporate debtor. The applicant seeks direction to set aside the sale notice dated 19.07.2023 issued by the liquidator in respect of Haldia property, also to set aside the communication dated 14.07.2023 sent by the liquidator & any consequential action taken by the liquidator in respect of Haldia property and to direct the liquidator not to interfere in respect of Haldia property.

2. The prayer in the captioned IA reads thus:

a) pass an order thereby quashing and setting aside sale notice dated

19.07.2023, issued by the Respondent/Liquidator in respect of Haldia property which is exclusively charged to the Applicant/Secured Creditor/Phoenix ARC and the security interest in respect of which has not been relinquished towards the liquidation estate, and;

b) pass an order thereby quashing and setting aside the communications dated 14.07.2023 sent by Respondent/Liquidator and any consequential action taken by the Respondent/Liquidator in respect of Haldia property which is exclusively charged to the Applicant/Secured Creditor/Phoenix ARC and the security interest in respect of which has not been relinquished towards the liquidation estae, and;

c) direct the Respondent/Liquidator, not interfere with the right of Applicant/Phoenix ARC to enforce its security interest on the Haldia property as only Applicant/Phoenix ARC has the exlusive right to realise its security interest through Haldia Property, and;

- 2 - | P age d) restrain the Respondent/Liquidator from dealing in any manner with the Haldia property as the security interest over the same is exclusively with Applicant/Phoenix AFC and has not been relinquished towards the liquidation estate, and;

e) restrain the Respondent/Liquidator from interfering in any manner with the right applicant/Phoenix ARC as exlusive charge holder who has not relinquished security interest in Haldia property in any manner whatsoever, as the right to sell the same remains exclusive with the Applicant/Phoenix ARC, and;

f) Pass any other further orders or reliefs as this Hon’ble Tribunal may deem fit and proper in the facts and circumstances of the present case.

3. The averments made by the applicant in the present application and as argued by the learned counsel are