IN THE NATIONAL COMPANY LAW TRIBUNAL

MUMBAI BENCH, COURT-II

IA No. 2266/2022

CP (IB) 190/MB/2018

Under Section 60 (5) of the Insolvency and

Bankruptcy Code, 2016

Rexnord Electronics & Controls Limited

92-D, Govt. Ind Estate, Charkop Kanidvli

(W), Mumbai, MH – 400 067.

... Applicant

V/s

Brijendra Kumar Mishra

Flat No. 202, 2^nd Floor, Bhoj Bhavan, Plot No. 18 – D, Shivpuri, Sion-Trombay Road,

Chembur (East), Mumbai – 400 071.

….. Respondent

IA No. 1838/2023

In

CP (IB) 190/MB/2018

Under Section 60(5) of the Insolvency and

Bankruptcy Code, 2016

Rexnord Electronics & Controls Limited

92-D, Govt. Ind Estate, Charkop Kanidvli

(W), Mumbai, MH – 400 067.

... Applicant

V/s

Brijendra Kumar Mishra

Flat No. 202, 2^nd Floor, Bhoj Bhavan, Plot No. 18 – D, Shivpuri, Sion-Trombay Road, Chembur (East), Mumbai – 400 071.

….. Respondent IN THE MATTER OF Bank of India ... Financial Creditor V/s Shrenuj & Co. Ltd.

… Corporate Debtor Order delivered On :- 15.10.2024 Coram:

Anil Raj Chellan Kuldip Kumar Kareer Member (Technical) Member (Judicial)

Appearances:

(IA No. 2266 of 2022 & IA No. 1838 of 2023)

For the Applicant : Mr Manoj Kumar Mishra, Counsel For the Respondent : Mr Yahya Batatawala a/w Meghna Rao, Counsel ORDER Per: Anil Raj Chellan, Member (Technical)

1. The Applicant has filed two separate applications in respect of the same set of facts relating to the premises - Industrial Land and Building situated at Plot No. 47, MIDC Estate Street No. 5 Cross Road Marole Industrial Estate, Mumbai – 400 093 (hereinafter referred to as ‘the said Premises’). Both the applications are heard together and are proposed to be disposed of by this common order as similar questions of fact and law are involved in these IAs.

2. I. A No. 2266 of 2022 is an application filed by Applicant, the auction purchaser under Section 60(5) of the Insolvency and Bankruptcy Code, 2016 (the ‘Code’) seeking the following reliefs against the Respondent/Liquidator appointed in the case of Shrenuj & Company Limited (hereinafter referred to as the ‘Corporate Debtor’):

i) directing the Respondent to either handover the premises within a stipulated deadline;

ii) on the failure of the Respondent to handover the premises, pass an order directing for the cancellation of the deal and the refund of the entire EMD of Rs. 1,10,00,000/- (Rupees One Crore and Ten Lacs Only) along with an interest @ 12% p.a.

3. IA No. 1838 of 2023 is also an application filed by Applicant, the auction purchaser under Section 60(5) of the Code seeking the following reliefs against the Respondent/Liquidator:

i) Seeking directions against the Respondent not to charge any interest from the Applicant, after the payment of the entire sale consideration by the Applicant, in view of delay due to factors beyond the control of the Applicant;

ii) Directing the Respondent to handover the vacant and peaceful possession of the premises from the illegal occupant to the Applicant on the payment of the entire sale consideration;

iii) Pass an order excluding the period from the date of issuance of LOI i.e., 13.04.2022 till the date of actual handover of the vacant and peaceful possession of the premises by illegal occupant through the Respondent to the Applicant, for the purpose of calculation of the interest;

iv) Pass an order directing the Respondent to consider the 30 days time period from the date of issue of LOI afresh, in view of the exclusion prayed for in prayer Clause (iii) and for the purpose of calculation of interest.

Facts of the Case:-

4. The Respondent in his capacity as liquidator of the Corporate Debtor published an auction notice on 16.03.2022 for the sale of various premises of the Corporate Debtor including the said Premises. The Applicant participated as one of the interested bidders for the said premises in the e-auction which was carried out on 06.04.2022 and deposited an Earnest Money Deposit (‘EMD’) of Rs. 1.10 Crore.

5. The Applicant was declared as the successful bidder for a consideration of Rs. 11 Crore. As per the auction notice issued by t