IN THE NATIONAL COMPANY LAW TRIBUNAL

KOCHI BENCH

KOCHI

IA(IBC)/318/KOB/2022

IN

IA(IBC)/167/KOB/2022

IN

TIBA/07/KOB/2019

(Under Section 60(5) of the Insolvency and Bankruptcy Code, 2016 read with Rule 11 of

NCLT Rules, 2016)

In the matter of:

Mr. V.K. Abdul Rahim, Shareholder, Financial Creditor & Suspended Managing

Director of M/s. Sargam Builders Pvt. Ltd., 28/3858-D, Sargam House, Kochi- 20

and residing at Sargam, Water Land Road, Elamkulam, Kochi- 682 020. Email:

rahimnaina@gmail.com.

…Applicant

-Versus-

C.A. Jain Jose, Resolution Professional/Liquidator, M/s. Sargam Builders (P)

Ltd., 28/3858/D, Sargam House, Water Land Road, Elamkulam, Kochi- 682 020.

IBBI Registered Address: Ponmattam, Madassery, Mookkanoor P.O., Angamaly,

Kochi- 683 577. Email: jasinjoseponmattam@gmail.com.

… Respondent

In the matter of:

The Federal Bank Limited;

… Financial Creditor

-Versus-

Sargam Builders Pvt. Ltd.

…Corporate Debtor

Coram:

Shri. P. Mohan Raj :

Member (Judicial)

Shri. Satya Ranjan Prasad :

Member (Technical)

Parties/Counsel present (through video conference):

For Applicant

:

M/s. Babu Karukapadath,

Mr. P.U. Vinod Kumar,

IN THE NATIONAL COMPANY LAW TRIBUNAL

KOCHI BENCH

IA(IBC)/318/KOB/2022

IN

IA(IBC)/167/KOB/2022

IN

TIBA/07/KOB/2019

In re: The Federal Bank Limited Vs. Sargam Builders Pvt. Ltd.

Page 2 of 13

Mrs. Arya Raghunath,

Mr. T.M. Muhammed

Musthaq,

Mr. Ajwin P. Lalson,

Mr.

Wazim

Babu

Karukapadath, Advocates

For Respondent

:

Mr. Harikumar G. Nair,

Mr. Akhil Suresh,

Mr. Anu Balakrishnan

Nambiar,

Mr. Athul M.V., Advocates.

Order reserved on: 30.11.2022

Order pronounced on: 23.12.2022

O R D E R

1. The present application is filed by the Suspended Managing Director of the

Corporate Debtor namely, Sargam Builders Pvt. Ltd, under Section 60 (5) of

the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as the

"Code") read with Rule 11 of NCLT Rules, 2016 seeking the following reliefs:

-

➢ To modify the order dated 21.09.2022 in IA(IBC)/167/KOB/2022 in

TIBA/07/KOB/2019 of this Tribunal to the extent it directs the applicant to

hand over the files relating to M/s. Silpa Projects and Infrastructure (I) Pvt. Ltd.

to the Respondent and further direct the Respondent to expeditiously pursue the

Arbitration Appeals 29, 30 and 53 of 2017 pending before the Hon’ble High

Court of Kerala by a counsel of the Applicant’s choice, with whom the files are

to be entrusted and to pay the necessary fee from the Corporate Debtor’s account

under liquidation to the said advocate.

IN THE NATIONAL COMPANY LAW TRIBUNAL

KOCHI BENCH

IA(IBC)/318/KOB/2022

IN

IA(IBC)/167/KOB/2022

IN

TIBA/07/KOB/2019

In re: The Federal Bank Limited Vs. Sargam Builders Pvt. Ltd.

Page 3 of 13

2. The facts as narrated in the application and explained by the Applicant

are summarized hereunder:

i.

The Applicant is the major shareholder and the Suspended

Managing Director of the Corporate Debtor. It is stated that the

respondent liquidator in collusion with the operational creditor

namely M/s.Silpa Projects and Infrastructure (I) Pvt. Ltd