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IN THE NATIONAL COMPANY LAW TRIBUNAL

KOLKATA BENCH-I

KOLKATA

I.A. (IB) No.294/KB/2022

In

C.P.(IB) No.45/KB/2018

An application under regulation 60(5) of the Insolvency and Bankruptcy Code 2016

In the matter of

Indian Overseas Bank

…

Financial Creditor

Versus

In the matter of

DC Industrial Plant Services Private Limited…

Corporate Debtor

and

In the matter of

Karnveer Singh Yadav Enterprises Private Limited, a company within the meaning of

the Companies Act, 2013 and having its registered office at Q/2, 2^nd Floor, Grand

Chandi Vyapar Bhawan, Exhibition Road, Patna-800001

…

… Applicant

Versus

1. Ram Ratan Modi, Liquidator of DC Industrial Plant Services Private Limited,

having his office at Merlin Links, 2^nd Floor, Room No.2F, 166B, S.P. Mukherjee

Road, Kolkata-700026.

2. Kolkata Municipal Corporation, No.5, S.N. Banerjee Road, Kolkata-700013.

3. Department of Land and Land Reforms, Department of Land Records, Survey, 35,

Survey Building, Gopal Nagar Road, Kolkata-700027.

… Respondents

Date of hearing: 20.04.2022

Date of pronouncement: 18.05.2022

Coram:

Mr. Rajasekhar V.K

:

Member (Judicial)

Mr. Balraj Joshi

:

Member (Technical)

Appearances (through video conferencing);

For the Applicant

:

Mr Shaunak Mitra, Advocate

Mr Sayantak Das, Advocate

Mr Amardeep Singh, Advocate

IN THE NATIONAL COMPANY LAW TRIBUNAL

KOLKATA BENCH-I

IA (IB) No.294/KB/2022

in C.P.(IB) No.45/KB/2018

___________________________________________________________________________________

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For the Respondent No.1

:

Ms. Urmila Chakraborty, Advocate

For Respondent Nos.2 & 3

:

No representation

O R D E R

Balraj Joshi, Member (Technical)

1. This is an application filed under section 60(5) of the Insolvency and

Bankruptcy Code, 2016 filed by the successful purchaser of the corporate

debtor viz., Mr. Karnveer Singh Yadav Enterprises Private Limited

(Successful Purchaser or Applicant) seeking the following reliefs:

(a) Order be passed directing the Respondent No.1 to assist the Applicant and

take necessary steps in procuring Valid Factory License and Valid Fire

NOC for the Corporate Debtor by making payments from the Sale

Consideration received by the Applicant;

(b) Order be passed directing Respondents No.2 to extinguish Property Tax/

Municipal Tax dues qua Corporate Debtor’s properties located in

Anandapur, Kolkata accruing before 11.08.2021 against the Applicant and

the Corporate Debtor and directing Respondent No.2 to accept Property

Tax/ Municipal Tax dues accruing from 11.02.2021;

(c) Order be passed directing Respondent No.3 to extinguish Land Revenue

Tax dues qua Corporate Debtor’s Factory Land and on its other

properties located in Ganganagar, Madhyamgram, West Bengal accruing

before 11.08.2021 against the Applicant and the Corporate Debtor and

directing Respondent No.3 to accept Land Revenue Tax dues accruing

from 11.08.2021;

(d) Order be passed directing Respondents No.2 and Respondents No.3 to

refund the Tax/Municipal Tax and Land Revenue Tax for period before

11.08.2021 in case the Applicant/Corporate Debtor is compelled to pay

the same for period before 11.08.2021 under protect to expedite the BG

formalities;

(e) Order be passed directing the Respondent No.1 to bear all the liabilities

relating to the ongoing and/ or closed projects as per clauses 17 and 18 of

the sale certificate accrued on or before 11.08.2021;

IN THE NATIONAL COMPANY LAW TRIBUNAL

KOLKATA BENCH-I

IA (IB) No.294/KB/2022

in C.P.(IB) No.45/KB/2018

___________________________________________________________________________________

Page 3 of 7

(f) Ad-interim orders in terms of prayers above;

(g) Such further orders or directions be passed as this Hon’ble Tribunal may

deem fit and proper.

2. The Liquidator who is Respondent No.1 in the application has filed his reply

affidavit in the matter whereas the Respondent No.2 and R