(2022) ibclaw.in 862 NCLAT

In this case, the vehicle in question was taken on loan granted by HDFC Bank by Corporate Debtor – Homestead Infrastructure Development Pvt. Ltd. and said vehicle used by the Appellant and further taking into fact that the loan amounting of Rs. 25,84,123/- has not been paid and the claim of the HDFC Bank which is admitted by the Resolution Professional. Adjudicating Authority directed the Respondent No. 4 under whose possession the vehicle is at present, to hand over the vehicle i.e. Mercedes Benz within a week from today to the Resolution Professional, who is directed to take the possession of the said vehicle, failing which the Resolution Professional is at liberty to take the legal recourse.

NCLAT held that the Adjudicating Authority has rightly passed the impugned order.