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ALLAHABAD BENCH, PRAYAGRAJ IA No. 485 of 2023 IN CP(IB)No. 55/ALD/2017 (An application filed under Section 60(5) and Section 53(1) of the Insolvency and Bankruptcy Code, 2016 read with Rule 11 of the NCLT Rules, 2016).

IN THE MATTER OF:

M/S POSITRON BIOGENICS PRIVATE LIMITED CIN: U24290HR2020PTC086287 Registered Office at House No. 1, Block 18, 2nd Floor, Spring Field Colony, Sector-30/31 Faridabad Faridabad HR 121003 IN Through Its Director Ms Bhavya Shukla DIN 0008109363 Email: positronbiogenics@gmail.com ……Applicant Versus Uttar Pradesh State Industrial Development Authority (UPSIDA)

Through Shri Vinod Kumar, Regional Manager UPSIDC Complex A-1/4 Lakhanpur Kanpur: 208024 Uttar Pradesh, India Email: rmkanpur@upsidc.com ….. Respondent No. 1 Mr. Arun Gupta, Liquidator, M/s. L.M.L. Limited IBBI Registration No. IBBI/IPA-002/IP-N00051/2016-2017/10095, Office at: A-57 Sector 30, Noida 201301 UP India Email: arungupta2211@gmail.com, Iml.liquidator@gmail.com …… Respondent No 2 AND IN THE MATTER OF:

M/s. L.M.L. Limited (IN LIQUIDATION)

….. Corporate Debtor Order Pronounced on: 02.09.2026 Coram:

Sh. Praveen Gupta : Member (Judicial)

Sh. Ashish Verma : Member (Technical)

Appearances:

Ms. Babita Jain, Adv. : For the Applicant Sh. Shubham Agarwal with : For Res./ Liquidator Sh. Rahul Kr. Jadaun, Advs.

ORDER

1. The instant application has been filed on 08.10.2023, by M/s Positron Biogenics Private Limited (hereinafter referred as “Applicant/ Auction Purchaser”) under section 60(5) and Section 53(1) of the Insolvency and Bankruptcy Code, 2016 (“IBC/Code”) read with Rule 11 of National Company Law Tribunal Rules, 2016 against Uttar Pradesh State Industrial Development Authority (hereinafter referred to as “Respondent No.1/UPSIDA”) and the Liquidator (hereinafter referred to as “Respondent No.2”) of M/s L.M.L. Limited i.e., Corporate Debtor.

The Applicant inter alia seeks the following prayers:

a) Allow the present application;

b) Kindly pass an order to the Respondent No.1 Uttar Pradesh State Industrial Development Authority (UPSIDA) to Transfer the Part of Parcel A,B & C, Site-03, Panki Industrial Area, Kanpur and Refund an Amount of Rs 82, 53,013.37 (INR Eighty Two Lakhs Fifty Three Thousand Thirteen and Paise Thirty Seven Only) to Applicant which paid UNDER PROTEST towards the dues of Respondent No 2 i.e. LML Limited to avoid the delay in implementation of the Project;

c) Pass an order declaring that Respondent No.1 Uttar Pradesh State Industrial Development Authority (UPSIDA) is not entitled to claim any dues of Respondent no 2 over the property of the Applicant;

d) Pass such other or further order(s) as may be deemed fit and proper the facts and circumstances of the instant case.”

2. The brief facts as submitted by the Applicant are as follows:

a. The Corporate Debtor i.e., M/s L.M.L Limited was admitted into Liquidation on 23.03.2018, on an application filed by the Resolution Professional.

b. Pursuant to the issuance of Public Announcement in Form-A, the Respondent No.1 has filed a claim to the tune of Rs. 2,77,12,397/- , which has been admitted in toto by the Resolution Professional under the category of ‘Operational Creditor’.

c. Subsequently, the Liquidator issued an auction notice dated

07.09.2022 for sale of assets of the Corporate Debtor and thereafter, E-auction was held on 04.10.2022. The Applicant herein was declared as the successful bidder for Property No. Parcel A, B and C, Site-III, Panki Industrial Area, Kanpur. A sale certificate was executed ‘as is where is basis’, ‘no recourse basis’

on 28.12.2022, and possession of the aforesaid property was handed over to the Applicant on 30.12.2022.

d. However, on application for transfer of the aforesaid plot to the Applicant being the auction purchaser, the Respondent No.1 rejected the transfer and raised a demand of Rs. 82,53,013.53 being the rental dues for the year 2000-2008 in order to execute the transfer of the aforesaid plot. Detailed distribution of