IN THE NATIONAL COMPANY LAW TRIBUNAL

DIVISION BENCH- II, CHENNAI

IA/(IBC)917(CHE)/2021

In

CP/1515/(IB)/2018

(filed under Section 60(5) of the Insolvency & Bankruptcy Code, 2016)

In the matter of Victory Transformers & Switchgears Limited

MR. CHINNAM POORNA CHANDRA RAO

Liquidator of Victory Transformers & Switchgears Ltd.

Flat no 101, TVS Mahathi Apts, Lanco Hills Road,

Opp to Sampoorna Super Market, Behind SR Digi School,

Manikonda, Hyderabad,

Telangana - 500 089

…Applicant

-Versus-

1. MR. ASHOK SETHIA

Director, Anjani PRS Blends Private Limited Plot No 69, II Floor, Paigah Colony, SP Road,

Begumpet, Hyderabad,

Telangana-500003

2. ANJANI PRS BLENDS PRIVATE LIMITED

Plot No 69, II Floor, Paigah Colony, SP Road,

Begumpet, Hyderabad,

Telangana-500003

…Respondents

In the matter of

State Bank of India … Financial Creditor

-Versus-

M/s. Victory T ransformers & Switchgears Ltd. … Corporate Debtor

Order Pronounced on 22nd March, 2024

CORAM

SHRI JYOTI KUMAR TRIPATHI, MEMBER (JUDICIAL)

SHRI RAVICHANDRAN RAMASAMY, MEMBER (TECHNICAL)

Appearances:

For Applicant : Mr. K.K. Vijay Vigneshwar, Advocate For 2nd Respondent : Mr. Rites Goel, Advocate For 1st Respondent : Mr. Dehaleesan, Erstwhile Resolution Professional

ORDER

1. Under consideration is an Application filed under Section 60(5) of the Insolvency & Bankruptcy Code, 2016 by Mr. Chinnam Poorna Chandra Rao, Liquidator of Victory Transformers & Switchgears Limited, seeking reliefs as follows, a. Issue such suitable directions to the Respondents to pay the outstanding due of Rs.10,27,082.35 /- (Rupees Ten Lakhs, Twenty Seven Thousand and Eighty Two and Thirty Five Paisa Only) pending to the CD, i.e. Rental Dues, TDS and interest till the date of filing of this application.

b. To pass such other orders or further orders which may deem to be fit and proper in the interest of justice.

2. The Learned Counsel for the Applicant submitted that the Applicant herein is the Liquidator of Victory Transformers & Switchgears Limited. The Corporate Debtor was admitted into Corporate Insolvency Resolution Process vide order dated 01.05.2019 passed by this Adjudicating Authority. Liquidation of the Corporate Debtor was ordered by this Adjudicating Authority vide order dated 24.10.2019. The Learned Counsel for the Applicant submitted that, he had effected a public announcement on 29.10.2019 in accordance with Regulation 12 of the IBBI (Liquidation Process) Regulations, 2016 calling for claims from the creditors of the Corporate Debtor and fixed the last date for receipt of claims as 24.11.2019.

3. The Learned Counsel for the Applicant submitted that, in response to the Public Announcement, several claims have been received and the Applicant has made compliances under Regulations 13, 15 & 34 of the IBBI (Liquidation Process) Regulations, 2016 by filing of the Preliminary Report and Asset memorandum on 09.01.2021 and also Quarterly reports regularly.

4. The Learned Counsel for the Applicant submitted that, the Applicant is carrying on the liquidation process which is beneficial to the Corporate Debtor as mandated U/s 35 (1)(e) of the Code by collecting rents till the property is sold under E- Auction.

5. The Learned Counsel for the Applicant submitted that, the 1st Respondent is the Lessee of the asset VTSL3 i.e. Industrial Plot No. D-52 on piece of land admeasuring 1357.10 sq. yards with a structure thereon and he is liable to pay the rent of INR 1,28,400/-

plus GST at the rate of 18% every month.

6. The Learned Counsel for the Applicant submitted that, the 1st Respondent has remitted the rent for the month of December, 2019 lastly and thereafter defaulted in paying the rent from the month of January, 2020 and there is arrears of rent along with the interest that has swelled up to the tune of the amount calculated below as on 30th June 2021 and also a sum of Rs. 25,359/- were deducted towards TDS on the rental dues paid for the months of April, May and June which the 1st respondent failed to deposit with the Income Tax Department till date as foll