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2022 (3) TMI 991 - Tri - Insolvency and BankruptcySeeking revival of the BIFR - direction to Respondent No. 1 and 2 to release the FDR deposited by the applicant in terms of order passed AIFR - HELD THAT - It may be noted that respondent No. 4 and 5 (being Bankers) have been impleaded vide order dated 15.09.2021 by this Adjudicating Authority and the respondent No. 4 and 5 were directed to trace out the original record pertaining to FDRs. On 02.12.2021, it was stated by Mr. Gurpreet Singh, Branch Manager on behalf of respondent No. 4 5 that above said original FDRs are not available in the Bank record, however scanned copies of FDRs have been handed over to the learned counsel for the applicant. It can be safely concluded that original FDRs have been misplaced and are not traceable despite all efforts and sources. It is expedient in the interest of justice, that when the applicant is admittedly entitled to encash the said FDRs then respondent Nos. 4 5 are directed to prepare duplicate FDRs from scanned copies of FDRs and encash the said amount to be transferred to Bank account of applicant which in turn is required to be paid to Respondent No. 3. Application allowed.
Issues:
Revival of BIFR and AAIFR cases, Release of FDRs, Disbandment of BIFR and AAIFR, Settlement agreement for FDRs, Loss of original FDRs, Custody of FDRs, Tracing original FDRs, Preparation of duplicate FDRs. Revival of BIFR and AAIFR cases: The petitioner sought revival of BIFR case No. 342 of 2003 and case No. 45 of 2005, along with AAIFR Appeal No. 100 of 2015. The Hon'ble BIFR and AAIFR were disbanded with the promulgation of IBC, 2016, transferring pending matters to the Adjudicating Authority (NCLT). Release of FDRs: The petitioner requested the release of FDRs, deposited as per orders from BIFR and AAIFR, to be paid to the secured creditor, respondent No. 3. Despite efforts, the original FDRs were lost in the records. Respondent No. 1 directed respondent No. 2 to locate the FDRs, but they were unsuccessful. Eventually, the Bank was directed to prepare duplicate FDRs from scanned copies for encashment. Disbandment of BIFR and AAIFR: The BIFR and AAIFR were disbanded with the introduction of IBC, 2016, necessitating the transfer of pending matters to the Adjudicating Authority (NCLT), leading to challenges in resolving cases like the present one. Settlement agreement for FDRs: The applicant and secured creditor, respondent No. 3, reached a settlement for the withdrawal and encashment of FDRs, with the amount to be deposited with respondent No. 3. Efforts were made to locate the FDRs, involving correspondence and directions from various parties. Loss of original FDRs and Custody of FDRs: It was contended that the original FDRs were lost in the records, leading to challenges in locating them for encashment. Respondent No. 1 and 2 were indicated to have custody of the FDRs, but efforts to locate them were unsuccessful, necessitating the involvement of the Bank for resolution. Tracing original FDRs and Preparation of duplicate FDRs: Despite efforts, the original FDRs could not be traced, leading to the decision to prepare duplicate FDRs from scanned copies for encashment and transfer of the amount to the Bank account of the applicant for payment to respondent No. 3. The Tribunal allowed the application and disposed of the matter accordingly.
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