IN THE NATIONAL COMPANY LAW TRIBUNAL MUMBAI BENCH, COURT-II CP (IB) 190 of 2018 Under section 60(5) of the Insolvency and Bankruptcy Code, 2016 IN THE MATTER OF ICICI Bank Limited BKC, Bandra East, Mumbai – 400051.

... Applicant V/s.

Mr. Hiten Mukundbhai Parikh Resolution Professional, Shrenuj & Co. Ltd. B-303, GCP Business Center, Navrangpura Ahmedabad, Gujarat 380009.

… Respondent No. 1 Mr. Ramdas Doiphode Court Receiver Padmaja Park, Near Lake Town, Bibvewadi, Pune.

… Respondent No. 2 Mr. S. M. Bansal Joint Receiver, c/o Bank of India Registerest Office, BKC, Mumbai, 400051.

… Respondent No. 3 IN THE MATTER OF Bank of India ... Original Petitioner V/s.

Shrenuj & Co. Ltd.

… Corporate Debtor Order delivered on :- 01.02.2024 Coram:

Hon’ble Shri Kuldip Kumar Kareer, Member (Judicial)

Hon’ble Shri Anil Raj Chellan, Member (Technical)

Appearances:

For the Applicant : Adv. Malhar Zatakia For the Respondent/Liquidator : Adv. Yahya Batatawala ORDER Per: - Kuldip Kumar Kareer, Member (Technical)

1. The present Interlocutory Application is filed by ICICI Bank Limited under Section 60(5) of the Insolvency and Bankruptcy Code, 2016 (‘the Code’) against the Respondent for the following reliefs:-

a. Directing Respondent No. 1 to take immediate physical possession of the Seized Assets lying in the Applicant’s premises at its safes in BKC and SEEPZ and transfer the same to any location.

b. Directing Respondent No. 1 to forthwith reimburse the Applicant for costs incurred for safe keeping of the Seized Assets amounting to Rs. 6,42,505.95 from 12.03.2019 to 31.08.2019 i.e.

during the CIRP period.

c. Directing Respondent No. 1 to forthwith reimburse the Applicant for any further costs that may be incurred for safe keeping of the Seized Assets at its premises after 31.08.2019.

d. The Tribunal may deem fit and proper in the facts and circumstances of the matter. e. Costs of this Application.

Submissions on behalf of the Respondent:

2. In reply Respondent No. 2 has denied each and every allegation, contention, claim, averment, statement made by the Applicant and nothing shall be deemed to be admitted unless specifically traversed or not.

3. It is further submitted that the Miscellaneous Application No. 3159 of

2019 filed by the Applicant is required to be amended as Liquidator of the Corporate Debtor is not the party to the proceedings. However, assuming that the Applicant shall carry out the amendment, still filed the present Affidavit in reply as Liquidator of the Corporate Debtor.

4. According to the Respondent No. 1 the Committee of Creditors in its meeting held on 04.11.2019 decided to take the Corporate Debtor into Liquidation on non-receipt of any Resolution Plan. Accordingly, the erstwhile RP filed an Application bearing IA No. 3992 of 2019 and IA

154 of 2020 for Liquidation of the Corporate Debtor. This Tribunal vide order dated 12.07.2019 allowed the said Applications and appointed the deponent as the Liquidator of the Corporate Debtor. Pursuant to his appointment as Liquidator of the Corporate Debtor, the Liquidator had sent a letter dated 03.12.2021 to the Respondent No. 2 i.e. DRT Receiver thereby requesting to handover the inventory in his possession to the Liquidator. Accordingly, Respondent No. 2 filed Receiver’s Report dated 04.12.2021 bearing No. 07 of 2021 in Transfer Original Application No. 407 of 2016 before DRT-I, Mumbai for seeking instructions from the Hon’ble DRT-I for handing over the seized inventories to the Liquidator. The Hon’ble DRT-I, Mumbai vide its order dated 19.04.2022, which was received on or about 23.06.2022, was pleased to direct the Respondent No. 2 to handover the seized assets to the Liquidator and thereafter Respondent Nos. 2 and 3 being the Court Receivers shall stand discharged from their functions.

5. It is further submitted that pursuant to receipt of the said Order dated

19.04.2022, Liquidator engaged an appropriate valuer and in coordination and availability of Respondent Nos. 2 and 3 and Stakeholders of the Corporate D