expired on 21.12.2020. It is not in dispute that no application was filed by any of the party to seek further extension in CIRP period in terms of section 123 of the Code. This bench further finds that right of secured creditor to realise security interest get suspended during CIRP period, but section 52 of the Code, allows exercise of such right by the secured creditor in the liquidation proceedings. There is no doubt that there was a vacuum from the expiry of the permitted CIRP period i.e. 21.12.2020 till the passing of order u/s 33(1) by this Tribunal i.e. 03.10.2022, this bench feels that provisions of the code should be read in a manner that furthers its objective. The provisions of the Code does not allow exercise of security interest by individual secured creditor during CIRP process, as such process is contemplated to be a collective process wherein the creditors, irrespective of their security interest, are mandated to decide on the resolution of the Corporate Debtor for its revival. On the contrary, there is no bar on realization of such individual security interest in liquidation proceeding where the object of the Code is to distribute the proceeds amongst the claimants in the matter provided in the code. Accordingly, this bench feels that the applicant, in the capacity of liquidator of the Corporate Debtor, cannot challenged the right of the Respondent to realise security interest u/s 52 of the Code.
