NATIONAL COMPANY LAW TRIBUNAL

COURT-V, MUMBAI BENCH

208. IA/5773/2023 IA/3273/2023 IA/3352/2024 C.P. (IB)/115(MB)2021

IN THE MATTER OF

Axis Bank Limited

VS

Maharashtra Theatres Private Limited

Section 7 of the Insolvency and Bankruptcy Code, 2016

Order Delivered on 01.04.2025

CORAM:

SH. SUSHIL MAHADEORAO KOCHEY SH. CHARANJEET SINGH GULATI

MEMBER (J) MEMBER (T)

Appearance through VC/Physical/Hybrid Mode:

For the Applicant in IA/3352/2024:- Adv. Aniruth Purushothaman G. (PH)

For the Respondent in IA 3273/2023:- Adv. Aniruth Purushothaman G. (PH) (R2)

For the Applicant RP in

IA/5773/2023 IA/3273/2023:- Adv. Ayush J. Rajani (VC)

________________________________________________________________

ORDER IA 3273/2023:-This is the Application filed by the RP under Section 19(2) against the Suspended Directors as well as the Statutory Auditor where R1, R2 are the Suspended Directors and R3 is the Statutory Auditor. There are as many as 14 different items that has been sought by the RP in the IA. The Respondent no. 1 and 2 in their Affidavit have stated that all the details and documents have forcibly been taken away by Dena Bank and it is in their possession. He further states that they have not been provided list of inventory or Panchnama by the Dena Bank. We further note that vide order dated 10.05.2024, the Respondents were directed to file an Affidavit giving details and availability of balance sheet for the financial year 2019-20 for which time was given till June 2024. Despite the lapse of more than 11 months since then the respondents have not complied with the said order so far. Under these facts and circumstances, we direct the physical presence of the R1 and R2 in the Court on the next occasion as also learned counsel for the Respondents is directed to file an Affidavit in compliance of the order dated 10.05.2024 within a week. The learned counsel for R1 and R2 has further submitted that they have handed over the tally data and other details which were available with them and they are ready to assist the RP in preparing the accounts. In respect of the primary documentation of the transactions and business the learned counsel undertakes to seek further instructions from his clients. List for further consideration on 29.05.2025.

IA 5773/2023:- This is the IA filed by the Resolution Professional of the Corporate Debtor against the two respondents viz. District Collector (through Tehsildar), Bandra East Mumbai and District Collector (through Tehsildar) of Andheri West, Mumbai. It is seen that in this case notice has not been issued. The learned counsel for the Applicant submits that the name of the Corporate debtor has since been struck of from 7(12)

extract and he seeks restoration of their name in the land records.

Notice of motion:- Registry as well as Petitioner is directed to serve notice upon the Respondents and to submit service report/ affidavit of service along with notice copy sent to Respondents, postal receipt, track report/acknowledgement at least 7 days before

the next date of hearing.

Upon service, the Respondents are directed to file the reply within a period of 3

weeks, by serving an advance copy upon the Counsel opposite. Adjourned to

29.05.2025 for further consideration.

IA 3352/2024:- This IA has been filed by Mr. Anubhav Agarwal and others who are the Suspended Directors/Promoters of the Corporate Debtor against Indian Bank (Earlier Allahabad Bank) with following prayers:-

“A. To Direct the respondent to remit an amount ofRs.2,50,00,000/- (Two Crore Fifty Lakhs only) deposited by the Applicants in the 'No Lien' account of SAM Branch of the Respondent;

B. Pass ad-interim or interim orders in terms of Clause A;”

It is seen from the record that earlier notice was issued to the Bank, however, the bank has not filed any reply and no one is present today. The learned counsel for the Applicant submits that they had deposited Rs. 2.5 Crores in a no-lien account of SAM Branch of the Respondent pursuance to some settlement talks which were going on b