Case Note & Summary
The matter involved an application by the Appellants, Mahesh B. Khairnar & Anr., seeking interim relief to maintain status quo on a property during the pendency of their appeal in the insolvency proceedings. The Appellants contended that they were obligated to pay a significant amount under the Resolution Plan and that a portion of the land, measuring 57,438 sq. mtr., should be protected from being handed over to the Successful Resolution Applicant (SRA). They argued that previous orders had acknowledged their claim to this land. The Respondents, including the Resolution Professional, countered that the impugned order was merely an implementation of the approved Resolution Plan and that the Appellants were obstructing the handover of possession. The Tribunal noted that the issue had previously been addressed in another appeal, where it was directed that possession, if handed over, would be subject to the outcome of that appeal. The Tribunal also referenced a Writ Petition filed in the Bombay High Court, which directed the police to assist in taking possession of the property. Ultimately, the Tribunal dismissed the Appellant's application for interim relief, stating that it would contradict earlier orders from both the Tribunal and the Supreme Court. The appeal was scheduled for a hearing on 27.10.2026.
Headnote
A) Insolvency Law - Interim Relief - Application for interim protection - Insolvency and Bankruptcy Code, 2016, Section Not mentioned - The Appellant sought to maintain status quo on property possession pending appeal, arguing that part of the land belonged to them. The Tribunal held that granting such relief would undermine previous orders from the Tribunal and the Supreme Court, thus dismissing the application (Paras 1-6).
Issue of Consideration
Whether the application for interim relief to maintain status quo on property possession should be granted.
Final Decision
The Tribunal dismissed the application for interim relief, stating that granting it would contradict earlier orders from the Tribunal, the Supreme Court, and the Bombay High Court.
Law Points
- Insolvency proceedings
- interim relief
- resolution plan
- status quo
- possession of property
