Court determined the appointment of a new Resolution Professional and the obligation of the Personal Guarantor to report on asset status under insolvency proceedings.

NATIONAL COMPANY LAW TRIBUNAL, MUMBAI BENCH

COURT III

116. I.A. 1924/2022, I.A.1722/2024, I.A. 4214/2024

In

C.P. (IB)/535(MB)/2022

CORAM: MS. LAKSHMI GURUNG, MEMBER (J)

SH. CHARANJEET SINGH GULATI, MEMBER (T)

ORDER SHEET OF THE HEARING OF MUMBAI BENCH OF THE NATIONAL

COMPANY LAW TRIBUNAL ON 30.01.2025

NAME OF THE PARTIES: SREI Infrastructure Finance Limited

V/s

Bhawani Shankar Sharma

Appearance

For Petitioner: Adv. Harshad Vyas i/b AVP Partners.

For RP In I.A.1722/2024: Adv. Yahya Batatawala.

For Applicant In I.A. 4214/2024: Adv. Nausher Kohli a/w Megha Gupta.

SECTION 95(1) OF THE IBC, 2016

__________________________________________________________________________

ORDER

Hearing Through: Virtually and Physical (Hybrid) Mode

I.A.1722/2024

This application has been filed by the petitioner in the main C.P. seeking the replacement of the RP, as the erstwhile RP, Mr. Jagdish Kumar G Pillai, has submitted his resignation vide email dated 04.03.2024. Since the RP has resigned and a new RP’s written consent and valid AFA has been extended upto 31.12.2025, we are inclined to appoint Mr. Rajeev Khurana as the RP in

Place of Mr. Jagdish Kumar G Pillai.

Accordingly, I.A. is allowed and stands disposed of.

I.A. 1924/2022

1. This I.A was initially filed by the RP, placing on record the stay granted by Hon’ble Supreme Court in the Personal Guarantor’s case. Thereafter, an additional affidavit dated 22.03.2024 was filed, placing on record the report of the RP u/s 99 of the IBC, wherein the postal receipt of the letter addressed to the Personal Guarantor is annexed, along with the tracking report showing that the consignment was delivered to the addressee on 02.03.2024.

2. Accordingly, Personal Guarantor has been served with the RP’s report under Section 99 of the IBC.

3. It is further noted that the Personal Guarantor, despite service, has not filed any reply to the RP’s report. One last and final opportunity is granted to Personal Guarantor to file reply, if any, within 02 weeks, failing which the right to file reply shall stand forfeited.

4. List this matter on 21.03.2025.

I.A. 4214/2024

1. This Application has been filed by Assets Care & Reconstruction Enterprises Ltd. seeking various prayers, inter alia, seeking disclosure of the current status of the properties which were mortgaged infavour of the Applicant, including the TDR attached of the said property. It is come to the knowledge of the Applicant that Respondent has illegally sold of the TDR to a third party without the consent or knowledge of the applicant.

2. The Personal Guarantor is not present today, despite being aware of the present proceedings, as he was present before this Court on 30.01.2024. If the Personal Guarantor has sold properties, including the TDR, during the pendency of petition u/s 95, the same will be viewed very seriously.

3. Therefore, we hereby direct the personal guarantor to disclose the current status of the mortgage assets and whether any sale has been made to a third party or not. The same shall be filed by way of affidavit, and a reply to this be filed within 2 weeks.

4. The applicant is directed to communicate this order to the Personal Guarantor as well as the counsel for the Personal Guarantor.

5. List for further consideration on 21.03.2025.

Sd/- Sd/-

CHARANJEET SINGH GULATI LAKSHMI GURUNG Member (Technical) Member (Judicial)

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