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2021 (8) TMI 987 - Tri - Insolvency and BankruptcyPrayer to direct the Respondent to unconditionally remit/refund the amount to the Corporate Debtor's account - HELD THAT - It is felt that arrangement of ₹ 32.50 lakhs immediately by an MSME may be difficult. Hence, his submission is accepted to the extent that the ICICI Bank, Chandrashekharpur, Branch Bhubeneswar is hereby directed to remit ₹ 32.50 lakhs to the CD's account immediately and thereafter the said account may be made free for the Respondent herein to operate the same. Since the matter is to be listed before the Hon'ble Supreme Court on 20.08.2021, the Respondent is hereby directed to send the copy of this Order to the ICICI Bank for immediate compliance and the Respondent is also directed to file compliance report of remittance of ₹ 32.50 lakhs by an Affidavit on or before 17.09.2021 - List the matter on 17.08.2021.
Issues: Application for direction to refund amount, Compliance with Supreme Court orders, Operation of account, Remittance of funds by bank, Compliance report filing
In this judgment by the National Company Law Tribunal, Guwahati Bench, the Resolution Professional filed an application seeking a direction for the Respondent to refund an amount of ?32.50 lakhs to the Corporate Debtor's account within 7 days, as per the Orders of the Hon'ble Supreme Court. The Supreme Court directed the NCLT to pass appropriate directions and allowed the Respondent to operate its account upon remitting the said amount into the Corporate Debtor's account. The Respondent, an MSME unit, expressed willingness to comply but faced difficulty as their funds were held by the ICICI Bank due to a lien by the RP. The Respondent requested the bank to remit the amount to the CD's account and sought assurance that the funds would not be utilized until related pending matters were resolved. The NCLT directed the bank to remit the funds immediately, allowing the Respondent to operate the account post remittance. The Respondent was instructed to send a compliance report to the bank and file an affidavit by a specified date. The RP was directed not to use the funds until further instructions due to ongoing proceedings. The matter was listed for further hearing on a specified date.
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