IN

C.P.(IB) No. 1340/KB/2018

An application under Section 60(5) of the Insolvency and Bankruptcy Code, 2016 read with Rule 11 of the National Company Law Tribunal

Rules, 2016.

IN THE MATTER OF:

Jindal Steel & Power Limited, having its registered office at O.P. Jindal Marg,

Hisar, Haryana-125 005.

… Financial Creditor

Verses

Bharat NRE Coke Limited, (in Liquidation)

…Corporate Debtor

And

IN THE MATTER OF:

Suraksha Asset Reconstruction Ltd., within the meaning of the Companies Act 2013, having its office at ITI House,36, 20^th Floor, A-wing Naman Mid Town,

Senapati Bapat Marg, Elphinstone Road, Mumbai 400013.

…Applicant

Verses

Varsha Bagri, the liquidator of Bharat NRE Coke Limited, appointed by this Hon’ble Tribunal having her office at P-273, Maniktala Main Road, CIT, Scheme-

VI, Kolkata-700054

…Respondent

Date of Pronouncement:13.03.2024

CORAM:

Smt. Bidisha Banerjee, Member (Judicial)

Shri. Balraj Joshi, Member (Technical)

IN C.P. (IB) No.1340/KB/2018 Appearances (via Hybrid Mode):

Mr. Joy Saha, Sr. Adv. ] For the Liquidator of Bharat NRE Coke Ltd.

Ms. Jayati Chowdhury, Adv. ] Mr. Tanish Gateriwala, Adv. ] Ms. Sucheta Mitra, Adv ] Ms. Varsha Bagri, Liquidator- ]

n-Person Mr. Abhrajit Mitra, Sr. Adv ] For the Applicant in IA (I.B.C)/1069(KB)2023 Mr. Chitransul A. Sinha, Adv. ] Mr. Jaskaran S. Bhatia, Adv. ] Mr. Rajib Ghosh, Adv. ]

Ms. Sristi Barman Roy, Adv ] For R-1 in IA (I.B.C)/971(KB)2022 Ms. Madhuja Barman, Adv. ]

Ms. Sweta Poddar, Adv ] For Jeju Metals Pvt. Ltd. in ] IA (I.B.C)/971(KB)2022, IA (I.B.C)/547(KB)2023 ] and IA (I.B.C)/1073(KB)2021 Ms. Farnaz Nasim, Adv. ] For the Applicant in IA (I.B.C)/1081(KB)2023 Mr. M.S. Tiwari, Adv. ] For Arun Kumar Jagatramka Ms. Shalini Basu, Adv. ] For the Liquidator

ORDER

Per: Bidisha Banerjee, Member (Judicial)

1. This Court is congregated through hybrid mode.

2. Ld. Senior Counsels/ Counsels were heard.

3. The applicant Suraksha Asset Reconstruction Ltd, has preferred this application to seek the following reliefs:

i. Allow the present application and quash the emails dated 29.05.2023 sent by the Liquidator for being unlawful.

IN C.P. (IB) No.1340/KB/2018 ii. Direct that no coercive action pursuant to such emails dated

29.05.2023 and/or any emails thereafter should be taken by the Liquidator of Bharat NRE Coke Limited (hereinafter referred to as BNCL) which may be prejudicial to the interest of the Applicant as a secured financial creditor; and iii. Pass any such other order(s) and further order(s) as this Hon’ble Tribunal deems fit and proper in the facts and circumstances of the present case.

4. Facts in a nut shell:

a. The applicant is Suraksha Asset Reconstruction Ltd. (in short “SARL”

aggrieved with steps taken by Ms. Varsha Bagri, the liquidator of Bharat NRE Coke Limited(“BNCL”). BNCL has ownership of 79.07 acres of land parcel situated at Dharwad, Karnataka out of which 47.07 acres of land is mortgaged exclusively to Suraksha Asset Reconstruction Ltd. (in short “SARL”

b. Pursuant to the liquidation of Bharat NRE Coke Limited (hereinafter referred to as “BNCL”) which commenced on 11.12.2019, on 10.01.2020, Suraksha Asset Reconstruction Ltd. (hereinafter referred to as “SARL”) intimated the Liquidator of BNCL under Section 52(2) of the Insolvency and Bankruptcy Code, 2016 (in short “the Code” read with Regulation 37 of the IBBI (Liquidation Process) Regulations,2016 its intention to realise its security interest under the SARFAESI Act

2002.

c. Thereafter, on 22.02.2020 a notice under Section 13(2) of SARFAESI Act was issued to the Liquidator and all Guarantors of BNCL for a total claim of Rs. 141 Crores.

d. This Tribunal passed an order dated 07.01.2021, in the said IA’s directing the Block and Land Development Officer of Dharwad to carry IN C.P. (IB) No.1340/KB/2018 out a survey to demarcate the land hypothecated to SARL, and upon such demarcation, the Liquidator of BNCL had to hand over the land to SARL. Demarcation was carried out and report dated 7.08.2021 was submitted to the liquidator by KIADB.

e. Thereafter, SAR