ORDER

I.A. No.35/MB/C-V/2026

1. The Present Application has been filed by Solvenza Advisory LLP, (“Applicant/ Liquidator”), the Liquidator of Loyal Auto Globe Private Limited (“Corporate Debtor”) under section 60(5) read with section 33(5) of the Insolvency and Bankruptcy Code, 2016 (“IBC/ the Code”) read with Liquidation Regulations, seeking approval under section 33(5) of the Code to the Applicant Liquidator of the Corporate Debtor, for instituting necessary Application/s in main CR No. 91/2011 in MPID Special Case No. 1/2011 before the Ld. Sessions Court, Mumbai against the Respondent/s seeking for releasing/lifting MPID attachment placed upon Scheduled Properties of Corporate Debtor vide MPID Notification dated 01.02.2012 under Section 4 of the Maharashtra Protection of Interest of Depositors (In Financial Establishments) Act, 1999, as detailed in Schedule-I of this Application.

Description of Parties :

2. The Applicant in his official capacity as Liquidator of the Corporate Debtor, has preferred the present Application seeking the permission of this Tribunal to institute appropriate legal proceedings as per Section 33(5) of the Code against the Respondents.

3. The State of Maharashtra at the instance of Senior Inspector in Charge, EOW through Public Prosecutor, High Court, Bombay (“Respondent no.1”), The Competent Authority (“Respondent no.2”), the Central Bank of India (“Respondent no.3/ Financial Creditor”), Mr. Radheshyam Shyamlal Gupta (“Respondent no.4”) and Mr. Sharad S. Gupta (“Respondent no.5”), the Suspended directors of the Corporate Debtor are all the Respondents in the present matter.

Facts as per the Application, in brief :

4. The Corporate Debtor was admitted into CIRP vide the Order of this Tribunal dated 12.03.2019 in C.P. NO. 4216(IB)/MB/2018 (“main Petition”) filed under Section 7 of the Code. By virtue of the CIRP Admission Order, Respondent No.5 and Ms. Leena Sharad Gupta have been rendered as the Suspended Directors of the Company.

5. After the Resolution Professional was appointed, he came to know the following facts:

a. MPID Notification dated 01.02.2012 had been issued under the Maharashtra Protection of Interest of Depositors Act, 1999, (“MPID Act”) and it was passed against the Respondent no.5 and not the Corporate Debtor.

b. A plain reading of the said Notification shows that it was directed against the Respondent No.5; however, the seal and lock were placed on immovable assets of the Company, not of that of the Respondent No.5.

c. The Notification dated 01.02.2012 attached the Company’s property at Item No. 4 (Shop No. 21). The final report of the Special Designated Court, Sessions, Mumbai, lists sealed properties, including Shop Nos. 22, 10-A, 21, and Plot No. 53, sealed by Police, Juhu, Mumbai.

d. The details of the Corporate Debtor’s immovable properties are set out in Schedule – I of the Petition below :

i. Shop No. 21, Ground Floor, Bonanza Arcade, Amboli, S. V. Road, Andheri admeasuring approximately 150 sq. ft. build-up area. (“Shop No.21”)

ii. Shop No. 22, Ground Floor Bonanza Arcade, Amboli, S. V. Road, Andheri admeasuring approximately 150 sq. ft. build-up area. (“Shop No.22”)

iii. Shop No. 10-A, Ground Floor, Bonanza Arcade, Amboli, S. V. Road, Andheri admeasuring approximately 227 sq. ft. build-up area. (“Shop No.10-A”)

iv. Plot No. 53, Sector-l, near Jui Nagar Railway Station, Navi Mumbai- 400706, Maharashtra. (“Plot No.53”)

6. The Applicant submits that the above four properties (“Scheduled Properties”), are owned by the Corporate Debtor, which can be demonstrated from the following documents:

a. The Corporate Debtor owns Shop No. 10-A, pursuant to an Agreement for Sale dated 16.08.1998 in favour of Rubina Arif Ali and a subsequent Agreement for Sale dated 15.06.2001 executed in favour of the Corporate Debtor (formerly known as Laxmi Auto Globe Pvt. Ltd.).

b. The Corporate Debtor owns Plot No. 53 under a Sale Deed and Lease Deed executed in favour of the Corporate Debtor.

c. The Corporate Debtor owns