NATIONAL COMPANY LAW TRIBUNAL,

MUMBAI BENCH

COURT II

Item No.30

IA 5895/2024 IA 1910/2023-19(2) IA 3440/2023-66(1) IA 4120/2024 IA 2471/2023 IA 4310/2023 IA 75/2025 IA 1425/2025 IN C.P.

(IB)/4455(MB)2019

CORAM:

SHRI SANJIV DUTT SHRI ASHISH KALIA

HON’BLE MEMBER (TECHNICAL) HON’BLE MEMBER (JUDICIAL)

ORDER SHEET OF HEARING (HYBRID) DATED 25.04.2025

NAME OF THE PARTIES : Bank of Maharashtra Vs Nanai Dairy Pvt.

Ltd.

For Liquidator in

IA 75/2005, IA 4120/2024,

IA 3440/2023, IA 1910/2023

IA 4310/2023 : Adv. Mily Ghoshal a/w Adv.

Shweta Thanekar

For the petitioner in IA

1425/2025 : Adv. Mily Ghoshal a/w Adv.

Shweta Thanekar

Reg. 15 of IBBI (Liq.) Regulation 2016 U/s 7 of (IBC)

_________________________________________________________________________

ORDER

IA 1425/2025

This is an application filed by the Suspended Directors of the Corporate Debtor for restricting execution of conveyance deed by the Liquidator as the matter is said to be under active consideration for compromise with the Bank of Maharashtra and the CKP Bank. An OTS proposal and offer letter were last submitted on 04.04.2024. However, till date, nothing has happened on the

side of the banks.

It is seen that the amount of Rs.15,00,00,000/- offered by the applicant vide OTS letter dated 26.03.2024 was against dues of Rs.6.59 Crore owed to Bank of Maharashtra and Rs.10.60 crore owed to the CKP Bank. This application is opposed by the other side. It is submitted that there is no such compromise offer placed on record. We are in agreement with the Counsel for the respondents. The duty of the liquidator is to take custody of the goods/assets of the Corporate Debtor and sell the same and utilise the proceeds for realisation of the dues of the bank.

Counsel for CKP Bank submits that there is no such proposal made to the CKP Bank. In view of the above, we find no merit in the present application. Hence, this application bearing IA No.1425/2025 is rejected.

IA 75/25 In this application, the Liquidator has sought certain documents from the respondent i.e., CKP bank, such as original sanction letter, loan agreement, details of disbursement, statement of loan, copy of application etc. Ld. Counsel for the respondent opposes this application and submits that their dues have already been adjudicated by the competent authority. In view of this, nothing survives in this application. This application is disposed of accordingly.

4120/24 This is an application filed by the Liquidator of the Corporate Debtor against the Liquidator of CKP Bank seeking stay on auction of land proposed to be conducted by the latter. On simple query put by this tribunal whether this auction can be put forth in terms of the Liquidation proceedings, Ld. Counsel for the respondent suggested at this stage that both the Liquidators should remain present. The suggestion so made to this bench is accepted. Both the Liquidators are directed to be personally present on the next date of hearing.

IA 5895/2024, IA 1910/2023,IA 3440/2023, IA 2471/2023, IA

4310/2023 Sd/- Sd/-

SANJIV DUTT ASHISH KALIA MEMBER (TECHNICAL) MEMBER (JUDICIAL)

JNK